Industry News
Nov 9, 2007
By: Gail Kalinoski, Contributing Editor
Provident Realty Advisors and Red Sea Group are planning a $300 million to $400 million mixed-use development for a 42-acre site near one of Dallas’ most prestigious neighborhoods that will combine luxury housing, office, retail, restaurants and possibly a hotel and senior residences.
The Glen at Preston Hollow will eventually have 175,000 square feet of retail and restaurants; 100,000 square feet of Class A office space; up to 1,100 multi-family units and 104 luxury single-family homes built in a 17-acre gated community on the most western portion of the property. Located about 15 minutes from downtown Dallas, the site is at the northwest corner of Central Expressway and Walnut Hill Lane. The development will be built to fit in with the nearby Preston Hollow neighborhood.
Scott Rodgers, director of development, told CPN today that the project was designed to “draw from that neighborhood and hopefully become a kind of downtown Preston Hollow.”
Provident and Red Sea Group bought the site three years ago, said Avner Papouchado, president of the Los Angeles-based Red Sea Group. It is currently occupied by an 857-unit apartment complex built in 1968 and a 50,000-square-foot shopping that are being demolished. Rodgers said demolition and asbestos abatement should be completed by late
spring. Site development, including grading and installing utilities, should last about four to five months with the first of the development’s buildings under construction by late summer or early fall, he added.
The first phase, which should be completed the summer of 2010, will include about 100,000 to 125,000 square feet of the retail and restaurant space and 400 apartments. Rodgers said the developers are selling lots to custom builders who will construct the 104 single-family homes, also expected to be part of the project’s initial phase. Depending on tenant interest, the 100,000-square-foot, six-story office building will also likely be erected in Phase I, according to Rodgers.
“We are talking to a couple of banking groups about a possible regional headquarters there,” he said of the office building that will be located on the corner of Central Expressway and Walnut Hill Lane.
Rodgers and Papouchado said they would see what kind of reaction they had to Phase I before deciding on what would be built in additional phases. Rodgers said zoning allows up to 1,100 multi-family units, which could include hotel rooms, condominiums and senior residences in later phases.
The Glen at Preston Hollow, which is being designed by WDG Architects, will be pedestrian friendly with the apartments mainly built over commercial spaces. The developers are aiming for a “sophisticated, euro-urban” style with Mediterranean and Spanish Colonial architectural details in the buildings and park-like common areas. The retail will be specialty shops and boutiques, no big boxes or anchors, said Papouchado. Rodgers said there has already been a lot of interest from local restaurateurs, although he could not release names yet.
Retail leasing is being handled by The Retail Connection and Blatteis & Schnur. Bill Knopick of WLK Interests is in charge of the office leasing. Knopick told CPN today that office rents would likely be in the mid-$30 range.
Because zoning limits the development to only 100,000 square feet of office space, Knopick said, “There will be an element of exclusivity about it.”
The Red Sea Group is a global group of companies that develop hotels, retail, and other commercial and residential developments. Papouchado, who used to live in the Preston Hollow neighborhood before moving to Los Angeles, said Red Sea Group has previously built townhouses and offices in the Dallas area.
Provident Realty Advisors is a Dallas-based real estate company that has developed or invested in assets worth more than $1 billion, including other large multi-use projects.
By: Gail Kalinoski, Contributing Editor
Provident Realty Advisors and Red Sea Group are planning a $300 million to $400 million mixed-use development for a 42-acre site near one of Dallas’ most prestigious neighborhoods that will combine luxury housing, office, retail, restaurants and possibly a hotel and senior residences.The Glen at Preston Hollow will eventually have 175,000 square feet of retail and restaurants; 100,000 square feet of Class A office space; up to 1,100 multi-family units and 104 luxury single-family homes built in a 17-acre gated community on the most western portion of the property. Located about 15 minutes from downtown Dallas, the site is at the northwest corner of Central Expressway and Walnut Hill Lane. The development will be built to fit in with the nearby Preston Hollow neighborhood.
Scott Rodgers, director of development, told CPN today that the project was designed to “draw from that neighborhood and hopefully become a kind of downtown Preston Hollow.”
Provident and Red Sea Group bought the site three years ago, said Avner Papouchado, president of the Los Angeles-based Red Sea Group. It is currently occupied by an 857-unit apartment complex built in 1968 and a 50,000-square-foot shopping that are being demolished. Rodgers said demolition and asbestos abatement should be completed by late
spring. Site development, including grading and installing utilities, should last about four to five months with the first of the development’s buildings under construction by late summer or early fall, he added.
The first phase, which should be completed the summer of 2010, will include about 100,000 to 125,000 square feet of the retail and restaurant space and 400 apartments. Rodgers said the developers are selling lots to custom builders who will construct the 104 single-family homes, also expected to be part of the project’s initial phase. Depending on tenant interest, the 100,000-square-foot, six-story office building will also likely be erected in Phase I, according to Rodgers.
“We are talking to a couple of banking groups about a possible regional headquarters there,” he said of the office building that will be located on the corner of Central Expressway and Walnut Hill Lane.
Rodgers and Papouchado said they would see what kind of reaction they had to Phase I before deciding on what would be built in additional phases. Rodgers said zoning allows up to 1,100 multi-family units, which could include hotel rooms, condominiums and senior residences in later phases.
The Glen at Preston Hollow, which is being designed by WDG Architects, will be pedestrian friendly with the apartments mainly built over commercial spaces. The developers are aiming for a “sophisticated, euro-urban” style with Mediterranean and Spanish Colonial architectural details in the buildings and park-like common areas. The retail will be specialty shops and boutiques, no big boxes or anchors, said Papouchado. Rodgers said there has already been a lot of interest from local restaurateurs, although he could not release names yet.
Retail leasing is being handled by The Retail Connection and Blatteis & Schnur. Bill Knopick of WLK Interests is in charge of the office leasing. Knopick told CPN today that office rents would likely be in the mid-$30 range.
Because zoning limits the development to only 100,000 square feet of office space, Knopick said, “There will be an element of exclusivity about it.”
The Red Sea Group is a global group of companies that develop hotels, retail, and other commercial and residential developments. Papouchado, who used to live in the Preston Hollow neighborhood before moving to Los Angeles, said Red Sea Group has previously built townhouses and offices in the Dallas area.
Provident Realty Advisors is a Dallas-based real estate company that has developed or invested in assets worth more than $1 billion, including other large multi-use projects.
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