Wednesday, December 03, 2014
North Dallas project that stalled during recession is about to kick off with new construction
A sprawling North Dallas redevelopment project that has been stalled for more than five years is about to see a flurry of construction.
The pending projects will be the first development in the 83-acre Midtown Park, which was started almost 10 years ago on Meadow Road just east of North Central Expressway.
Two development sites in the project have just sold to builders and several more transactions are about to close.
“We have basically sold everything,” said Leon Backes, head of Provident Realty, which is development partner with Missouri-based Kroenke Holdings, which owns the land. “This time next year there will be a huge amount of construction going on over there.
“It will transform that whole area.”
Kroenke Holdings bought the vacant blocks in December 2011 after a foreclosure.
Starting in 2004 and 2005, investors has bought up almost nine blocks along Meadow and Manderville Lane located just north of Texas Health Presbyterian Hospital. The properties had more than 2,500 aging apartments, which were knocked down.
After building new streets and planning the development, the ambitious plans fell through during the recession.
Kroenke and Provident Realty bought the property for a reduced price and have been working since them to resurrect the development.
A San Antonio-based developer Embrey Partners just purchased 15 acres in the Midtown Park project where it will construct a large rental community.
And Houston-based developer Hines has purchased another tract for more than 250 urban townhomes.
Backes said other development sites are being sold for a medical office development, a surgery center and memory care facility.
“We in the spring are going to start an apartment project ourselves over there,” he said. “And we have a major retirement village property under contract.
“There will be 80 acres of development happening over there all at once,” Backes said. “People have kind of forgotten about it.”
The property was previously zoned for a construction of almost 4,000 apartments, 500,000 square feet of retail space and 1.25 million square feet of office space. It’s one of the largest empty development tracts in the North Central corridor.
Kroenke Holdings and Provident Realty are already developing another huge project in North Dallas.
Their Preston Hollow Village mixed-use development is under construction at the northwest corner of North Central and Walnut Hill Lane. The 42-acre development includes a shopping center, office space and apartments.