The Stretford at the Cascades emerges as Tyler’s luxury high-rise condo complex

Published 2:31 pm Tuesday, May 24, 2016

The Stretford at the Cascades rises above the rolling East Texas hillside, overlooking peaceful piney woods on one side, and a graceful golf course on the other. At 14 stories, it’s the region’s only high-rise luxury condominium complex.

And in recent months, it has also risen out of financial trouble brought about by the Great Recession and what residents say was mismanagement. But a new owner, and an infusion of as much as $7 million in capital improvements, has The Stretford once again standing strong and selling condominium homes.

“We’re a real estate investment firm, and this is what we do – we look for undervalued properties,” said Reagan Shanley of Connecticut-based Weslin Capital, one of the new owners of The Stretford.

The Stretford, located at The Cascades but owned separately, was built in 2008, but construction was phased. The structure and the first few floors were completed initially, for an estimated $13 million, and the company filed another building permit request for an additional $5 million.

But that was November 2008 – the start of the Great Recession. Developers soon found themselves in financial difficulty and many of those additional improvements were never made.

In 2009, however, former Sheriff J.B. Smith bought a home there, as he neared retirement. He said he bought it on faith.

“It was only 40 to 50 percent complete when I bought my unit,” Smith said. “But I loved it. I loved the concept, I loved the security it provides, I liked the people.”

It fit his lifestyle, Smith explained. He moved to The Stretford from his ranch near Starrville.

“It’s truly a joy to look out at beautiful land that I don’t have to mow,” he said. “To be honest, as I’ve gotten older I’ve gotten more accident prone. I don’t need to be up on a tractor all day. It’s just physically demanding to keep that kind of property up, and I didn’t need to be doing that anymore.”

Smith now has a busy speaking schedule, and travels a good deal. The “lock-and-leave” concept works well with his new lifestyle, he said, and when his wife isn’t able to travel with him, he’s glad for the extensive security the building provides.

Yet the financial difficulties experienced by the developers soon became evident.

“There were problems with the upkeep,” Smith said. “The developer had installed a facing on the building that was peeling off, and that’s just one example.”

Homeowners called the developers, but got no response, Smith said. Eventually, homeowners sued the developers, with Smith as the lead plaintiff.

That all began to change in 2013, when Shanley’s company stepped in. Weslin Capital purchased the remaining units for an undisclosed price and immediately began improvements. In November 2014, the company filed for a $6.2 million building permit for improvements including exterior cladding and sheathing.

During that time, the new owners paused sales, “even though we had some offers,” Shanley noted.

“The building needed to be restored to its original grandeur,” he said. “Or (more exactly), the original vision, since it was never really completed.”

That’s taken a couple of years, but now sales have resumed and property owners are eager to share their lifestyle and the advantages of living at The Stretford.

It’s an important development for the Tyler area, says Tom Mullins, president and CEO of the Tyler Economic Development Council. That’s because of Tyler’s designation as a Certified Retirement Community.

“Tyler is fortunate to have a high quality residential product like the Stretford,” Mullins said. “It is the type of lifestyle option typically only seen in major markets.”

LIFESTYLE

For Patrick Matthews, The Stretford seems like home – at least, the home he was most used to as an airline pilot.

“I was always traveling and always staying in nice hotels,” he said. “When I retired, I was living on about 52 acres in East Texas, and it was a lot of work. This is better for me; it’s closer to what I’m comfortable with and what I enjoy.”

On-site sales agent Kim Houser says The Stretford tend to appeal to retirees and empty-nesters.

“A lot of our homeowners are people who are retiring to Tyler, coming from elsewhere, sometimes for the medical community,” she said. “We also have a lot of people who don’t have children living at home anymore and are ready to downsize.”

Grandchildren are certainly welcome, she said, and they particularly enjoy the heated pool. But The Stretford is adult, luxury living with the kind of amenities aimed at seniors.

There’s a concierge on duty 24 hours a day, seven days a week. There’s full-time security, plus housekeeping staff available to help residents.

Membership in The Cascades Country Club is available, but not mandatory.

For Smith, it’s all about the relaxing view.

“I’ve looked at high-rises in other cities, and what you see when you look out of your window is air conditioning units on other buildings,” he said. “The views here, on the other hand, are beautiful. I don’t play golf, but I do like to look out an think about how I don’t have to get out there and do a thing.”

Units in the building start at $240,000. Floor plans start at 1,962 square feet and go up to 2,329 square feet.

“We’ve built these to fine-home standards, not apartment standards,” Shanley said. “I think that kind of quality is evident.”

Homeowners pay an additional fee, ranging from $473 to $570 a month. That covers services, taxes and some utilities.

The principle broker is Cindi Featherston-Shields with The Property Shoppe. An on-site sales office is open seven days a week at 2801 Wexford Drive.