Uptown’s Stoneleigh condo tower ‘selling lots in the sky’

DALLAS – The 22-story Residences at the Stoneleigh off of Maple Ave. will be ready for its first residents by summer 2013. The project consists of 75 large condos, which average around 3,700 sf. The units will average more than $1 million for the unfinished shell.

Announced in mid-2005, the $100 million project was one of a handful of Uptown residential towers. When the recession hit and the home market went bust, developers had only about 12 floors of the structure finished.

The current owner — Mehrdad Moayedi — paid $4.55 million to buy the development out of Chapter 11 bankruptcy. He then took out a $25.3 million construction loan to finish the project.

Condo sales were up 17 percent last year in North Texas. And median condo sales prices rose 12 percent from 2011 in the Realtors’ multiple listing service.

The Residences at Stoneleigh is likely to be the only new condo high-rise coming on the market in Uptown for several years — no other projects are under construction.