Friday, February 12, 2016

Provident Realty gets big corporate interest in $500M Preston Hollow Village

As Dallas-based development firm Provident Realty Advisors begins the next phase of North Dallas' Preston Hollow Village mixed-use development, CEO Leon Backes said he's getting some big corporate interest on the parcel fronting North Central Expressway.

The tract sits north of the new Trader Joe's grocery store at the northwest corner of Walnut Hill Lane and North Central Expressway and could accommodate a headquarters or big office operation, said Backes, who recently gave the Dallas Business Journal a tour of Preston Hollow Village, which has landed some new retail and office tenants.
Preston Hollow Village could include some office towers to bring a big corporate tenant to this part of North Dallas.

"We were pleasantly surprised with the response we got with the smaller office building we built at Preston Hollow Village and there has been increased interest in the Central Expressway corridor," he told the DBJ."I think this could be a good addition to the rest of the development and could be a way to get more daytime population into the project for restaurants."

So far, Preston Hollow Village has seen some hefty leasing activity on office and retail space in the mixed-use development, which is expected to cost $500 million at build out.

The office portion of Preston Hollow Village is already 84 percent leased after being completed last year, with Pediatric Associates slated to open in June and a Ross Perot Jr. affiliated company — Access Healthcare — recently moving into its new office on the property.

Link to full article here

By Candace Carlisle for Dallas Business Journal