Fast Sales Pace for Tower Residences at The Ritz-Carlton, Dallas Conveys New Uptown Dallas Success Story

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67% early sell-through of phase 2 Tower Residences at The Residences at The Ritz-Carlton, Dallas follows August hotel opening and fall '07 groundbreaking for the unprecedented second luxury tower. Empty nesters, families and design/architecture buffs pre-purchase the Tower Residences, conveying one more success story for booming and eclectic Uptown Dallas.

More than two thirds of The Tower Residences at The Ritz-Carlton, Dallas have sold, signifying robust market appeal for the new 4.9-acre Ritz-Carlton neighborhood in Uptown Dallas.

The Tower Residences broke ground in late 2007 following the sell-out and completion of the project's Phase I, concurrent with the opening of The Ritz-Carlton, Dallas hotel and Fearing's Restaurant. Prices for the 96-unit Tower Residences range from $700,000 to over $6 million, with remaining availability for 35 homes offering one-to three-bedroom and penthouse floor plans.

"The early sales success of The Tower Residences, in terms of both price and pace, demonstrates the appeal of the new Ritz-Carlton neighborhood to sophisticated and demanding home buyers," said Bill Mabus, Vice President, Development for project owner Crescent Real Estate Equities Company. "It is easily gratifying to see that our homebuyers are largely Dallasites, indicating that a branded, concierge-serviced lifestyle is appealing to local individuals, families and empty-nesters alike."

The Tower Residences will offer state-of-the-art features and coveted amenities including an outdoor resort-style swimming pool with lush landscaping and gardens, wine-tasting room, private fitness center, manicured grounds with private pet lawn, air-conditioned Residents' walkway into The Ritz-Carlton Hotel and legendary Ritz-Carlton service. Residence owners will enjoy the hotel's signature restaurant, Fearing's, rated America's 2007 new "Restaurant of the Year" by Esquire Magazine. Residents will also enjoy the hotel's opulent 12,000-square-foot spa, 24-hour valet and concierge service, private underground parking and 24-hour in-room dining and housekeeping. Completion of the 23-story Tower Residences is scheduled for summer 2009.

On the heels of the current Tower Residences release, the neighborhood's final sales introduction scheduled for later this year will offer stunningly unique Regency Row manor homes. The comfort and privacy offered by these free-standing brownstone-style manor homes -- along with The Ritz-Carlton brand's legendary standard of service -- will make Regency Row the most desirable address in Dallas.

With spectacular views of either downtown or The Crescent mixed-use development complex with its array of fine restaurants, clubs, galleries and shops, The Residences at The Ritz-Carlton, Dallas are located at the heart of the city's vibrant Uptown district. Residence owners live a stone's throw from Dallas' most desirable venues, including the Central Business District, American Airlines Center, Dallas Convention Center, historic West End, Dallas Market Center and the Apparel District. The Residences also offer an easy walk to the city's 17-block Arts District, featuring the celebrated Dallas Museum of Art, Meyerson Symphony Center, Nasher Sculpture Center and such anticipated new venues as the Dallas Center of Performing Arts, Winspear Opera House and expanded quarters for the famed Booker T. Washington High School for the Performing and Visual Arts.

Delivering a projected completed value of over $300 million in residential sales, the Regency-style Residences at The Ritz-Carlton, Dallas are the culmination of a massive creative effort uniting Crescent with such global talents as Robert A.M. Stern Architects, acclaimed Chef Dean Fearing, Hayslip Interior Design Company, HKS Architects, awarding-winning landscaper James D. Burnett and The Ritz-Carlton Hotel Company, L.L.C. In addition to The Residences at The Ritz-Carlton, Dallas, the developer Crescent Real Estate Equities Company has been instrumental in the planning and management of the forthcoming Woodall Rodgers Park, a five-acre urban park that will connect Uptown, Downtown and the Arts District. For more information, please visit http://www.theresidencesdallas.com.

Editor's Note: Images available upon request.

Contact:
Bonnie Crail
Crail Communications
bcrail@crailcommunications.com
(702) 882-9722

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Bonnie Crail

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