Vero Sade pours $15M into Uptown apartments as foreclosure looms

Vero Sade is giving a makeover to its apartment-high rise in Uptown Dallas, while facing a looming foreclosure threat from its lender.

The Houston-based firm is in the midst of a $15 million renovation of 3700M, a 21-story luxury apartment tower at 3700 McKinney Avenue, the Dallas Morning News reported. Philadelphia-based design firm Good City Studio is a partner in the project. 

The renovation could be a last-ditch effort to increase revenue and stave off foreclosure, as an auction has been scheduled for July 2. Vero Sade obtained a $121.5 million loan from Column Financial upon acquiring the building in 2022.

That the loan amount comes to $317,600 per unit.

Despite financial troubles, the company is “deeply committed to maintaining our ownership of this property and have been working diligently with our lender over the course of several months to resolve this matter,” said co-founder Dan Bassichis. 

The project’s main focus has been enhancing the building’s seventh floor, transforming it into a 6,700-square-foot amenity space. Following the work, the floor now features a rooftop pool with cabanas, summer kitchens, a coffee shop, yoga studio, fitness center and an outdoor terrace for fitness programming.

In addition, Vero Sade has converted the lobby into a two-story, 6,000-square-foot multipurpose space designed for residents and the public. The area functions as an event venue and coworking space, offering private offices for rent.

The firm is also working on upgrades to the tower’s 381 units, which range from studios to two-bedrooms, spanning between 560 to 1,480 square feet. The apartments will receive cosmetic improvements and new appliances, along with additions such as bath tubs, walk-in closets and balconies for select units. About 10 one-bedroom units are reserved for short-term rentals, catering to those needing accommodations for at least a week.

Renovations have been completed on 91 units. Prices start at $2,200 for studios and $4,000 for two-bedroom apartments. 

—Quinn Donoghue

Read more

Development

Dallas

Crescent adding apartment tower to Uptown

Development

Dallas

Hines hops on development train in steaming Uptown Dallas 

Residential

Texas

Alamo Manhattan eyes $130M resi tower in Uptown Dallas