High-rise heaven
With his 1505 Elm project half filled, developer Sam Ware is turning his
attention to new opportunities in downtown Dallas
Christine Perez
Staff Writer
DOWNTOWN DALLAS -- A year ago, maverick real estate developer Sam Ware raised
eyebrows when he announced his plan to transform an obsolete downtown office
building into the central business district's first luxury high-rise condominiums.
The critics are quiet today, with the project nearly finished -- and already
half occupied.
Ware, president and CEO of Lazarus Property Co., paid the Greater Dallas Chamber
about $5 million for the 17-story, 171,000-square-foot former home to Dallas
Federal Savings at Elm and Akard streets in 2001. After a costly and "excruciating"
renovation, the project now has a value of $24 million to $25 million, said
Steve Everbach, chief operating officer at Lazarus.
"If it were an easy thing to do, someone else would have done it," he said.
Nine of the 14 residential floors are now occupied, with four condos per floor. The old bank vault has become a wine cellar, and on-site managers and valet parking attendants are in place.
Construction of a pet run, putting green and outdoor pool, which sit atop an adjacent five-story parking garage, and a 20-seat movie theater and fitness facilities will be completed within 60 days.
"It's like we've taken Frankenstein, brought in the top plastic surgeons in the country and turned him into Brad Pitt," Ware said.
The condos range in size from 1,300 square feet to 2,040 square feet and in price from $188,000 to $450,000. An 8,800-square-foot penthouse, with a separate 2,000-square-foot terrace and a 17-foot-high wall of windows on three sides, is available for $2 million, unfinished.
Buoyed by the success of 1505 Elm, Ware is eyeing a couple of other downtown buildings for similar redos. The next time around, though, he will pursue economic incentives from the city of Dallas, he said.
Steve Habgood with Coldwell Banker Residential said the downtown residential market is starting to mature.
"It began with the renters coming in and getting a taste of what living in downtown Dallas would be like, and now we're starting to see the evolution of for-sale properties," he said. "What 1505 Elm has done is combine all of the elements, with beautiful, above-average finishes, fit into an existing downtown mid-rise.
"The mix of residents at 1505 is surprisingly broad," Habgood added. "It has attracted an awful lot of reverse commuters who want to live downtown and take DART to work. I would have guessed just the opposite."
Ware is known for tackling ambitious projects. He currently is redeveloping former Gov. Bill Clements' 2,400-acre cattle ranch near Forney into a masterplanned community called Travis Ranch, and is planning a similar venture at The Lakes of Arlington, a 1,950-acre tract south of the Trinity Rail Express between FM 157 and State Highway 360.
He said 1505 Elm has been particularly rewarding.
"We're pirates, so we went into this venture to make money," Ware said. "But it has evolved into a mission of rejuvenating downtown Dallas and saving a building that otherwise would not have another life. Its success is very gratifying."
Contact DBJ writer Christine Perez at cperez@bizjournals.com or (214) 706-7120.