Thursday, March 16, 2017

An inside look at Preston Hollow Village’s $165M high-end, high-rise living

The development group behind Preston Hollow Village is in the midst of building out a $165 million highly-amenitized three-community project, which will bring about 520 high-end apartments to this part of North Dallas.

Along with bringing luxury residences to the 42-acre mixed-use development, Dallas-based Provident Realty Advisors — backed by capital from LA Rams owner Stan Kroenke — will also bring 25,000 square feet of ground-floor retail space to the northwest corner of Walnut Hill Lane and North Central Expressway.
"In keeping with the name of the project, Preston Hollow Village, we are naming the individual residential buildings in the project after landmarks or streets in Preston Hollow," Leon Backes, the developer and president of Provident Realty Advisors, told the Dallas Business Journal.

"Hopefully, the homes will have names everyone is familiar with that have a good connotation," he added.

The three distinct apartment communities include The Preston, The Douglas and The Royal.

At build out, Preston Hollow Village — a $750 million project — is expected to have 1,200 residences with 140 townhouses, 300,000 square feet of office and retail space and a 3-acre park designed by The Office of James Burnett of Houston (who also designed Klyde Warren Park).

The high-rise apartment communities will have luxury amenities with a variety of options for would-be tenant. With six different options for living, Backes said he wanted to appeal to the different tastes for living.

"We will have a lot of units, but we have a unique situation where you will have people who might've lived in Uptown or people coming out of large homes," Backes said. "We will be able to accommodate just about every demographic on this site.

"We've seen more and more that affluent baby boomers want to live in an urban experience — and, here, you really haven't left the neighborhood," he added.
With more than 400 workers on the construction site, Preston Hollow Village's residences are expected to be available for occupancy this year. Turner Construction is the project's general contractor.

"This is a legacy project that we (Kroenke and Backes) want to be in our families for generations and we have put in the extra quality into the project," Backes said. "We are building 100-year quality concrete buildings instead of wood frame buildings. There's nothing like this around here. We have raised the bar and taken it up several notches."

The three distinct apartment communities include:
  • The Preston: The most luxurious community — with 120 residences — sits to the west overlooking the proposed 3-acre park. This tower will include a lobby with concierge service, a two-story amenity area overlooking a pool deck. The resident lounge will be Wi-Fi accessible and include an adjacent conditioned wine storage and bar area to entertain guests. The homes will be priced at $2.40 per square foot to $2.50 per square foot — or market cost. The average apartment size is 1,700 square feet with wireless speakers built into the homes. The Preston also have penthouse units overlooking the park. Residents of The Preston will have the ability to use amenities at The Douglas and The Royal.
  • The Douglas: The high-end community — with 180 units — has a massive fitness center with 15 pieces of cardio equipment with a yoga room and spin studio. The fitness center will serve the entire community. There will also be a demo kitchen for residents. The average apartment size is 1,100 square feet.
  • The Royal: This luxury community — with 226 units — will include a golf simulator for residence to play golf against players from throughout the world. The average apartment size is 900 square feet — which is roughly the average apartment size in North Texas.
Each of the communities will have a unique pool (The Preston’s pool and amenities are exclusive to its residents). The developer is also building three guest quarters throughout the property to give residents a place to put out-of-town guests.

The homes will also sit adjacent to a courtyard with a massive water fountain that is expected to have reflections and special effects. The ground-floor retail space will open up to the courtyard.

Provident Realty Advisors has a number of letters-of-intent out to would-be retailers. The existing retail at Preston Hollow Village is 85 percent occupied.
One of the new retailers: A boutique Walgreen’s at the front of the mixed-use development.

Candace Carlisle/Dallas Business Journal.