An inside look at Mehrdad Moayedi’s first $250M luxury high-rise tower
The Dallas Business Journal recently covered one of our latest developments, the Residences at the Stoneleigh. See what they had to say here:
“It’s taken a little bit longer to finish the $250 million luxury residential tower, the Residences of the Stoneleigh at the southwest corner of Maple Avenue and Wolf St. behind the hotel, but developer Mehrdad Moayedi says he hopes it was worth the wait. “It took awhile, but I think we got it right,” Moayedi, president of Carrollton-based Centurion American Development Group told the Dallas Business Jour nal as he gave us a preview tour of the tower, which opens to invited guests this evening. “We took our time with it,” he added. “We wanted the building to be something that stands out and is here for awhile.” At build-out, the 22-story condominium project will house about 70 residences that will be custom built by custom home builders, such as Crescent Estates Custom Homes, an affiliated company of Centurion, and Mickey Sharif’s Dallas-based Sharif Munir Custom Homes. Yates Construction is the general contractor for the project.
The average home is 3,500 square feet, with many homeowners seeking to enlarge their footprint and taking double units or more square footage.
The condo prices range from $350 to $800 per square foot, depending on the customized build-out of the home. Right now, the tower is roughly 25 percent to 30 percent occupied on a per-square-footage basis, Moayedi said. The Dallas Design Group designed the interior and common rooms within the tower, which include a theater room, a bar area, a lobby, a full kitchen, dining room that seats 100, game room, workout facility, and conference rooms. The workout facility includes a steam room and sauna room in both the men’s and women’s changing rooms. The Stoneleigh tower also includes a 30,000-square-foot park — larger than most condo towers — an infinity pool, cabana area and a hot tub. Moayedi says the tower has done well as Dallas-Fort Worth continues to add companies and jobs to the region. “We have a pretty good clientele that’s moving in,” he said, although he declined to disclose names. But the Residences at the Stoneleigh weren’t always an easy bet. In 2009, the tower was abandoned when its then-owners landed in bankruptcy court. Moayedi — one of North Texas’ largest residential developers, but who had yet to work on a condo tower — bought the project out of bankruptcy for $4.55 million in 2010, which was an usual move for Moayedi at the time. The tower was something Moayedi always wanted to do. And now, it’s a good thing as his company gets ready to redevelop The Statler Hilton.”-Candace Carlisle