Dallas may not be thought of as a hot bed of frenzied real estate development, but it is now attracting developers bringing established luxury residence hotel brands to this growing metropolitan area.

The latest entrant is the St. Regis, which will build a both a hotel and residences in Dallas not far from the famed luxury hotel, the Mansion on Turtle Creek. The $200 million project will include a 150 room St. Regis hotel and 70 or 80 condominiums. Room rates will start at around $375, but no word yet on the price tag for the condominiums.

A benchmark for the residences at the St. Regis will be the Ritz-Carlton Residences, which opened in Dallas last summer. That luxury project is now selling its second phase of condominiums ranging from $700,000 to $8 million a pop. This next round includes, 95 units in a high-rise tower. All but 34 of the condos, ranging from one- to three-bedrooms and topping out at over 4,000 square feet, have been reserved by buyers. Units in that tower will finish construction in 2009.

Hotel residences have seemingly escaped much of the bad buzz that has trailed condo-hotel projects. Condo-hotels differ from hotel residences in one key manner: usage. While condo-hotel buyers can roll their units into a hotel rental pool—in fact they may be restricted from using their unit on a full-time basis— hotel residence owners don’t face such usage restrictions and don’t buy units to add them to a hotel’s rental inventory. Instead, such residences are meant as pure primary or vacation homes and among the big luxury players including Ritz-Carlton, St. Regis, Four Seasons and Shangri-La it is increasingly standard practice to add some type of ownership option to new hotel and resort projects.