Monday, November 10, 2014

New North Dallas mixed-use project nears February opening, plans $150 million second phase

The first phase of Preston Hollow Village opens in early 2015. (Provident Realty)
Developers of the new Preston Hollow Village on North Central Expressway have already leased more than half of the North Dallas mixed-use project.
The first phase of the project under construction at Walnut Hill Lane and North Central opens in February with a 14,000-square-foot Trader Joe’s grocery store.
Also 75,000 square feet of retail space and a 60,000-square-foot office building will be ready early next year.
“It’s been well received,” said Leon Backes, CEO of developer Provident Realty Advisors. “If we had just taken anybody we could have filled it up four times over.
“We are trying to get the right mix,” Backes said. “We have some other tenants we’re close on we’ve held out some of the prime space.”
Included in the new retail tenants will be restaurants including Blue Sushi Sake Grill, Modmarket, Pakpao Thai and Verts Kebap. Retail tenants so far include Tangerine SalonsOrangetheory Fitness and Eighteen Eight Fine Men’s Salons.
Frost Bank will also have a location in the project, which is being built in partnership with Kroenke Holdings.
“We will be finished with construction of this phase by the end of the month,” Backes said. “Hopefully sometime in December we will start the second phase.”
The next major part of the 42-acre project. Will include three 7-story apartment buildings to be constructed just north of the shopping center, which will house 513 rental units.
“The next phase will be close to $150 million in development,” he said.
Along with some retail space on the ground floors of the apartment buildings, Provident is also planning an elaborate signature fountain at the center of the urban village.
Retail Street Advisors is renting the retail space and Stream Realty Partners has been hired to market the office building.