Building Excitement

$100M Azure On Its Way to Sellout

by Jennifer D. Duel

Azure, a 31-story luxury condo that will be the tallest building in Dallas’ Uptown neighborhood, is three-quarters of the way to being sold out. Centex Construction Co. is scheduled to top out next month.

The 31-story Azure condominium tower in Uptown Dallas is only halfway finished, but the $100 million high-rise is 75 percent sold out and prices have increased more than 50 percent since marketing began in mid-2005.

"The Dallas market is ripe for this kind of luxury condo product," said Bill Hilburn, senior vice president of development for Harwood International, the Dallas-based firm that is developing Azure. "Homeowners are finding that Azure is a product that they can identify with as they become more concerned about the environment in which they live."

Azure, which is being built by Dallas-based Centex Construction Co., will offer 202 condo units ranging from 881 sq. ft. to more than 5,000 sq. ft. It is the first residential development by Harwood International's new resident arm, Harwood Living.

Hilburn attributed Azure's success to the quality design and construction, as well as the luxury materials such as imported stone for the exterior and custom cabinetry inside. "We are focused on quality, and we have a quality-control process to make sure that our homeowners receive a product that they expect to receive," he said.

Harwood, which brought on experts to manage complex issues such as waterproofing and window-wall construction, is part of a growing group of high-rise developers that is bringing on third-party consultants to provide oversight during the design and building process and to ensure quality construction.

By using consultants, many developers are hoping to avoid future lawsuits from homeowners associations.

"The key [to avoiding litigation] is building correctly," Hilburn said. "People who try to cut to cut corners will be found out."

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Modern Design Stands Out Azure, which is one of the first luxury high-rise condominium developments to go up in the Dallas area, will be the tallest building in Uptown at 375 ft. Located on 1.3 acres at Wolf and McKinnon streets, the project stands out from the other condo buildings in the area.

Azure's glass façade creates a sleek, recognizable silhouette, while the interior features upscale finishes such as custom cabinetry from Germany.

Harwood has partnered with Westbank, a Vancouver, B.C.-based real estate developer, to develop Azure. James KM Cheng Architects Inc. also of Vancouver, and Gensler Architects of Houston were in charge of the design.

Most buyers have been enthralled with Azure's architecture and views. "The design is what really sets Azure apart," said Tony Linker, project manager with Centex Construction. "Other condos are more traditional with brick and precast concrete façades, while this project has a more modern look."

Azure's huge terraces, rectangular lap pool and private garages within the six-level underground parking garage also differentiate the project. "The individual garages are pretty neat," Linker said.

Azure is on schedule to top out next month, and move-in will begin in late summer 2007.

The lack of rain throughout most of the construction process has been a boon to Centex, Linker said. Additionally, working with only one subcontractor rather than multiple firms to complete the building's all-glass skin has made the process easier.

As of late September, the tower's 23rd floor was about to be poured and the all-glass building skin was being fabricated. The interior frame-out of the lower levels was well under way, and all of the interior materials were being fabricated or had already been delivered.

"We've been pleasantly surprised at how well the market has accepted this project," said Julie Morris, president of Harwood Living. "We expected a longer sellout and lower prices, but we're ahead of budgeted sales and prices have gone up quite a bit."

For example, the price for a one-bedroom unit was just under $300,000 when Harwood first started marketing the project last summer. Now it's $460,000.

Hilburn said that he expects Azure to sell out before the final units are finished.

Morris said that most of Azure's buyers plan to live in the high-rise rather than buying units as investments. "When we first started selling the units we thought that we would attract investors as is the case with many condo projects in cities such as Las Vegas and Miami, but we don't have as many investors as we thought we would," she added.

Another surprise was the number of young professionals and second-home buyers who have gravitated to the project, Morris said. She said that Harwood expected empty nesters to be the target market for Azure because of the convenience of in-town living.
"The level of diversity with our buyers has been somewhat unexpected," Morris added.

She said that buyers can now go up in the building and get an idea of what their units will be like. "When they see the building and the views, they're just awestruck," Morris added.

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