One Uptown apartment high-rise on McKinney Avenue had announced a conversion to condos in May.
A luxury Uptown high-rise that began converting to condominium homes has shifted back to rentals.
The owners of One Uptown residential tower on McKinney Avenue had announced in May that they would convert the 20-story building into condominiums.
With prices starting at around $250,000, the 4-year-old high-rise began selling units.
But now managers of the building have signaled that the property is again for lease.
“One Uptown is excited to announce we are resuming as a for-lease building,” Caitlin Tyner, resident services director for the property, said in an email to apartment rental firms.
With 196 apartments, the One Uptown tower was the largest Dallas rental building in years to make the switch from apartments to condos. In August, more than 30 buyers had signed up to purchase units in the tower, which was 95% leased.
None of the buyers had completed purchases yet.
“Unfortunately, the sales velocity didn’t meet the original targets,” said Rick Cavenaugh, who developed the building. “Given the strength of the apartment market in Dallas, our decision was to remain as an apartment building at this time and refocus on leasing it back up as one of the premier residential buildings in Uptown.”
The turnaround is a surprise in a market that is overrun with homebuyers. And demand for condominiums is growing even faster than for single-family homes.
Dallas-Fort Worth condo sales increased 41.2% to 4,558 sales from July 2020 to June 2021, according to the Texas Realtors association. D-FW condo buyers paid an average of $223 per square foot and purchased $1.3 billion in properties during the year ending with June of this year.
With condos priced at almost $2 million for the most expensive units, the One Uptown building has a sky lounge for residents, two swimming pools, fitness center, resident lounges, guest suites, a coffee bar and an outdoor private dog park.
The property also has a ground-floor restaurant.
The units range from a 570-square-foot studio to an almost 2,000-square-foot penthouse.
The smallest units rent starting at about $1,575 a month.