Turtle Creek tower sites go to one of Dallas area’s top developers

Centurion American Development Group plans two high-rises in Oak Lawn.

By Steve Brown — August 4, 2021

Two high-rise building sites in Dallas’ Turtle Creek corridor have sold to one of the area’s top developers.

Centurion American Development Group has purchased the two tracts at Turtle Creek Boulevard and Fairmount Street from a Canadian developer that had owned the sites for years.

Centurion American, which is one of North Texas’ busiest community builders, acquired the sites to build two high-rises.

“We are going to build exactly what is approved — multifamily,” said Centurion CEO Mehrdad Moayedi.

Moayedi said he hopes to start both buildings early next year with units in one for sale and rentals in the other.

“I’m working on a concept with something really unique with just 10 condo buyers,” Moayedi said. “It’s going to be as exclusive as it gets — probably $1,300 to $1,500 per square foot.”

The condo building will be on Fairmount around the corner from the larger property Centurion American purchased. Moayedi said the plan is for the condo units to each have a small swimming pool.

The 1-acre Oak Lawn corner of Turtle Creek Boulevard and Fairmount Street was sold by Canada-based Great Gulf, which had planned a high-rise condo.

Great Gulf had proposed a $225 million, 20-story condo tower for the corner. Moayedi said he will use the same zoning on that property to build a rental high-rise. He said both of the projects together would be more than $200 million.

Commercial property firm Jones Lang LaSalle’s Jonathan Carrier and Michael Swaldi marketed the Turtle Creek properties for sale.

Centurion American has made its buy at a time when activity in the Turtle Creek corridor is ramping up.

Developers just announced plans for a $750 million Four Seasons Hotel and condo tower a few blocks away at Turtle Creek and Cedar Springs Road. The mixed-use project would be a development of Boston-based Carpenter & Co. and Dallas’ Perot family.

Also on Turtle Creek, a Houston developer — MarketSpace Capital — plans to start work later this year on a 17-story residential project overlooking Oak Lawn Park.

Centurion American made its Turtle Creek buy following its purchase of more than 3,000 acres near the town of Celina.

The developer plans to use the Denton County land for a new residential community called Legacy Hills with more than 10,000 homes and apartments.

Via The Dallas Morning News.

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