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Prescott Realty Group and Apollo Real Estate Advisors Planning
 to Spend $100 million on Adding a Condo Tower and
 Renovating The Stonleigh Hotel in Dallas

By Steve Brown, The Dallas Morning News
Knight Ridder/Tribune Business News

Jun. 8, 2005 - After almost two years of planning, the Stoneleigh Hotel is getting some company. Developers unveiled plans Tuesday for the 21-story condo tower that will adjoin the landmark hotel.

Work will start early next year on the tower, and the condos will start at just under $400,000. The hotel is getting a complete redo as part of the project but will stay open during the renovations.

Prescott Realty Group

The brick and stone high-rise will be tied to the Stoneleigh Hotel with a garden and courtyard.

Prescott Realty Group of Dallas and New York's Apollo Real Estate Advisors said they're planning to spend about $100 million on the project.

The residential tower on Wolf Street just west of Maple Avenue "won't be identical to the hotel, but we didn't want it to be," said Prescott's president, Jud Pankey.

The brick and stone high-rise was designed by architect Gromatzky Dupree & Associates and will be tied to the hotel with a garden and courtyard.

The developers predicted that the landmark hotel will give them an edge in Uptown's crowded high-rise residential market.

"You can't replace history," said real estate agent Allie Beth Allman, whose firm has been hired to market the condos.

It should take about two years to build the tower and renovate the Stoneleigh, which was built in 1923. A marketing center for the condos will open in the hotel next month.

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To see more of The Dallas Morning News, or to subscribe to the newspaper, go to http://www.dallasnews.com.

Copyright (c) 2005, The Dallas Morning News

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