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Condos Sales Brisk at the Metropolitan in Downtown Dallas

The Metropolitan, downtown Dallas’ most successful high-rise condominium property at 1200 Main Street, has seen a steady increase in sales since the beginning of the year, according to Christine Lutz, senior vice president at Garrison Partners.

Residents and the sales team at The Metropolitan attribute the increase in sales to a combination of factors including affordable prices, upscale amenities, modern finishes, great views, and convenient location. Converted from a 1970s office skyscraper, The Metropolitan underwent a $50 million renovation to give the building an upscale, residential feel. The construction included a new six-story garage with a pool deck on top, and balconies were cut into the glass façade of the tower, enhancing the panoramic views of the downtown skyline.

Most condos at the Metropolitan are priced close to $250 per sq. ft. compared to $400 to $500 per sq. ft. at most condo conversion and newly constructed properties in the downtown and Uptown area. The lower price point, combined with the Metropolitan’s close proximity to downtown businesses, nightlife, retail, and public spaces, have kept it an attractive option for residents wanting to live, work, and play in the same area. “With the increased population growth and more companies coming to Dallas, the real estate market has been active since January 1, 2008,” said Keith Walker, senior vice president at DTZ Rockwood LLC. “People continue to walk into the sales office at The Metropolitan, see the amenities and the views, and sign contracts. They realize the value, see the growth and potential downtown, and buy.” Robert Romero and his wife, Christina, were some of the first residents to move into the building in May 2007. After selling their home in Bluffview in the fall of 2005 and traveling around Europe for a year, the Romeros settled into their condo at The Metropolitan and haven’t looked back. Robert credits a combination of value, investment, opportunity and location for their decision to buy at The Metropolitan. “The value of the condos at The Metropolitan, for the location, view and amenities is top shelf,” said Romero. “It has a great mid-century modern look and feel that is very appreciated by the residents. We wanted to be in a growing and vibrant urban area and felt that Main St. had a few basic things already in place and a lot of room to grow. We watched the early phases of the downtown reinvestment and wanted to contribute to the process and see the revitalization build all around us. We wanted to be able to walk to dinner, simply lock our door and leave town when we felt like it, and surround ourselves with other people who shared those same feelings.”

Residents at The Metropolitan have some of the best views of downtown architecture, overlooking the Davis Building, the Magnolia Hotel, the Mercantile Building, Reunion Tower, the SPG Building, the Wilson Building, the Santa Fe Building, and more. Residents will have another added convenience this summer with the addition of 12,000 sq. feet of retail space. Located on the ground floor of the building on Field between Main and Commerce, the new retail development will include a neighborhood Italian restaurant and an upscale, urban 7-Eleven. Plans for the remainder of the space are still in development, but the restaurant and convenience store are slated to open in the fall of 2008. The Metropolitan has also added numerous community amenities on the 6th floor, including a rooftop pool with waterfalls and a hot tub, an outdoor terrace and garden with stainless barbecue grills, a state-of-the-art fitness center, a business center and conference room, and a guest suite available for rent for overnight stays.

Additionally, the building has a private clubhouse, complete with flat screen TV and adjoining catering kitchen, and a custom movie-screening room with theater seating and surround sound, available to residents. “Life at The Metropolitan has really taken off,” said Liz Jackson, general manager at The Metropolitan. “Since opening, residents have enjoyed Super Bowl and Academy Award parties in the theater, a doggie fashion show, happy hours and barbecues on the pool deck, and monthly gatherings at popular downtown establishments. It has really become a thriving urban community in the heart of downtown.” Wells Fargo Home Mortgage is underwriting The Metropolitan property as a preferred lender and continues to offer a wide variety of financing options for potential buyers. The 283 one, two, and two-bedroom plus den condos at The Metropolitan are outfitted with European-style kitchens, stainless steel appliances, granite countertops, wood and bamboo flooring, stone tile bathroom suites and showers, sunken bathtubs, spacious closets, and more.Units range from 700 to over 2,100 sq. ft. with prices from the $180s to the mid $500s. For more information, please call 214.749.1200 or visit www.TheMetropolitanDallas.com . # # # The Metropolitan, downtown Dallas’ first upscale high-rise condominium, is located at 1200 Main Street, Dallas, TX 75202.

The property is comprised of 283 luxurious one, two and two bedroom plus den condominiums featuring contemporary design and urban convenience at affordable prices. Units range from 700 to over 2,100 sq. ft. with prices from the $180s to the mid $500s. The Metropolitan team includes: DTZ Rockwood LLC; Turner Construction; Dallas-based Corgan Associates, Inc.; Garrison Partners Consulting; and United Commercial Realty. For more information and to reserve a space at The Metropolitan, please call 214.749.1200, email info@themetropolitandallas.com, or visit the Web site at www.TheMetropolitanDallas.com

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