Stoneleigh Heritage Gets Help From P.O’B Montgomery
P. O’B Montgomery & Company, a respected Dallas real estate and development firm, is now working with the Prescott-Apollo partnership that owns the on-hold Stoneleigh-Heritage Residences. (Or whatever they are now called.) Mission: figure out what to do with that sad residence shell looming behind the Maple Avenue hotel. Early December, Prescott brought Montgomery into the picture to study all market options as an advisor, not investor. Apollo and Prescott have sought financing for the Stoneleigh project since their credit source ran dry in the fall due to the Wall Street financial meltdown.
“We are looking at doing whatever makes sense,” Phil Montgomery told me today, when asked if the residences would resume construction. “The market has clearly changed.”
Prescott’s Jud Pankey says the garage is complete and open, and construction attention will now focus on the courtyard. This month’s Architectural Digest feature on the hotel and colorful designer, Carleton Varney and his mentor, Dorothy Draper, has generated national interest in the project; Varney is coming back to Dallas in the spring to create more buzz.
If another developer were going to be engaged for this project, the most likely time would be when construction financing is being negotiated, said Pankey by email.
“Phil Montgomery introduced me to Apollo almost ten years ago, and we all try and assist each other when faced with a challenge,” wrote Pankey.
What we are doing, said Montgomery, is fairly routine.
According to sources, Al Coker is no longer handling marketing for The Stoneleigh Heritage Residences; Cynthia Pharr is handling media relations.
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As a homeowner living across from the unsighlty “shell”, we are beseiged with employees parking on our street in front of our homes. They leave their trash and prevent our visitors from parking there.
The fire alarm in the parking gagrage goes off several times a week…. for hours!!! We have yet to have a phone call returned from the Stoneleigh manager. Last night it went off and continues.