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DALLAS-Metropolitan Development Group has reached a construction milestone with the topping out of the Vendome, a $58-million luxury high-rise in Dallas’ historic Turtle Creek neighborhood.

The 21-story tower is 80% sold at a per sf rate of $450 per sf, reportedly the highest price ever pulled in Dallas. The 118 residences will deliver in summer 2002.

New York City-based Alayo Architects’ track record “to take advantage of every square inch” played out in the Uptown/Oak Lawn project. Gromatzky Dupree & Associates of Dallas is the local architect. The high-rise is positioned so that every for-sale unit, ranging in size from 2,500 sf to 4,000 sf, has a view of the downtown Dallas skyline. “In New York, land is so extraordinarily expensive that no architect lets anything to waste,” says John Conroy, Metropolitan Development Group partner.

The developer obtained a $31-million construction loan from Corus Bank for the undertaking at 3505 Turtle Creek Blvd. Under construction since late 2000, the Vendome is positioned right across the street from another developing luxury high-rise the Mayfair at Turtle Creek, Framamerica and SunAmerica’s 24-story tower. Top-of-the-line price tags, supported by five-star amenities, are sure tickets for both projects’ developers to ensure only the most affluent will take up residence.

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