Monday, February 22, 2010

Carrollton developer buys Stoneleigh condo tower in Uptown

CTMGT LLC, an affiliate of Centurion American Development Group, beat a group of bidders trying to acquire the unfinished Heritage at the Stoneleigh residential high-rise on Wolf Street near Maple Avenue.

Work stopped on the building in 2008, and creditors seeking almost $5 million forced the project into bankruptcy in May 2009.

About 12 of the more than 20 floors planned for Stoneleigh tower were constructed before work halted.
View larger Photography Photo store A Carrollton developer has purchased a partially built Uptown condo tower.

Work stopped on the Heritage at the Stoneleigh in 2008, leaving a concrete shell with 12 floors and a parking garage standing on Wolf Street.
The bankruptcy court recently approved the sale of the project for $4.55 million to CTMGT, headed by developer Mehrdad Moayedi.

Moayedi said his firm will finish the project.

"I'm going to do the same thing they originally planned, but with a lower [cost] basis," he said Tuesday.

The Stoneleigh tower is only a concrete shell – about 12 of the 20-plus planned floors and a parking garage were built before work halted.

"We hope to start work on the 10 stories that are missing in the next six months," Moayedi said.

The high-rise project adjoins the landmark Stoneleigh Hotel, which was recently remodeled and has separate ownership.

"We are going to make some bigger units in the building and custom finish them," Moayedi said. "Because of our lower basis in the project, we will be able to take our time."

He said the developers already have more than a dozen prospective buyers who want units ranging from 2,500 to 8,000 square feet.

Moayedi said his firm has reached an agreement with original contractor Turner Construction Co. to complete the exterior of the high-rise. Two custom homebuilders will do the interiors.

Centurion American had plans a few years ago to build high-rise residential properties in Dallas' Uptown neighborhood but didn't get them off the ground before the recession hit.

Since then, high-rise condo sales in Dallas and most other markets have stalled.

According to bankruptcy court records, CTMGT beat a $4 million bid for the property by Hayman Woods LLC.

Real estate broker Newt Walker worked with CTMGT on its successful bid for the Stoneleigh property.

Moayedi's Centurion American Development Group was formed in 1990 and has been involved in developing more than 40 residential and mixed-use projects in North Texas, according to the company's Web site.

In December, the company bought more than 400 lots for custom homes in the Fort Worth area from builder and developer Steve Hawkins

Dallas Morning News

1 comment:

  1. BUT - nobody actually wants to live there.