Fresh after winning Dallas City Council approval of their Cole Avenue project, Provident Realty Advisors is hyper focused now on their mixed-use, $300 million plus masterpiece at Walnut Hill Lane and Central: Preston Hollow Village. Cannot tell you how excited I am to see this development make it’s Dallas debut. It’s one of the most significant corners in the city, and one of the largest infill tracts of land in the Southwest. I recall the days when the 42 acres were covered with the Willow Creek Apartments, 1960’s era garden style townhome units that had more than their share of fires. (They did have pleasant ponds where we once freed a pet duck.) There were cute shops, too, and, ironically, a nice fireplace store.
Even more deja vu: the current developer was once a previous owner of the land, Provident Realty Advisors, Inc. Back then they planned a Euro-style “urban village” with 1,100 apartments, 175,000 square feet of retail space and senior housing. Down came the aging apartments, up came the recession. The acreage remained barren for five years as nothing happened on the land. In 2009, the land would not sell at an auction I covered. When Wells Fargo bought Wachovia Bank, it acquired all of Wachovia’s bad assets, including this prominent intersection. Wells ended up foreclosing on the property Wachovia had poured more than $40 million into. Provident had long given up on building out that urban village. Kroenke Holdings bought the land in 2010 from the bank. More on them, later.
So here we are, middle of the hottest Dallas real estate market since pre-bust, one thousand people a week moving into the Dallas area per Mayor Mike, and Preston Hollow Village is actually, finally, REALLY happening. We know there’s going to be a Trader Joe’s on the right, a Frost Bank on the left. We know there will be a series of five development phases, including a 4,000-square-foot Trader Joe’s store, 60,000 square feet of office space anchored by a Frost Bank and 75,000 square feet of restaurant/retail. There will be a 900 car parking garage, four floors above ground directly behind the office, and underground parking for the valet. The office and retail will wrap around the parking garage with uber convenient access. Phase two of the project, located north of the retail and commercial, will consist of three apartment blocks of varying degrees of luxury, each with fabulous amenities. Hint: like golf? How about a super duper golf simulator where you can play courses like Pebble Beach, St. Andrews, or Skibo virtually, even connecting with another player halfway across the globe? There are pools. fountains, and exercise clubs planned. At this point, 511 units are planned. The design will be clean modern, a mix of brick, stone and glass of highest quality materials — 75 to 100 year concrete construction. About 60% of the retail is leased, and the developers say the energy and interest is brewing bigtime.
“This will truly be a live, work and play environment, where people may not get into their cars for days,” says Jerry L. Jackson, PE, LEED AP, vice president of development. “Already some of the medical tenants are telling me they foresee themselves living here, as well as some of their staff, so everyone can just walk to work.”
Think higher end West Village with medical. The scenario Jerry envisions is a typical resident coming home from their lake house or ranch, dropping off bags at their apartment, walking down to TJ’s for a few groceries, and picking up dinner on the way home at one of an armful of great, fun casual restaurants just a few steps away. You know what? I am seeing this Village as the perfect place for us to flee Dallas County, get a pied a terr so my hubster can just jog over to Presby to deliver a baby.
Well, almost. Still, what a fun atmosphere and far cry from the $150 a plate steaks that doomed Victory Center.
Phase One is targeted to open in the fourth quarter of this year. Trader Joe’s was originally set to open in October, However, the store has postponed that until about the first of February, 2015. Provident is breaking ground on the residential component, Phase Two, in the next 60 days. Together these two portions will comprise about 30% of the 42 acres. The remainder phases — III, IV and V will come later during the five-year build out.
“We want to wait and gauge the success of I and II,” says Jerry, ” and be responsive to the market.”
Kroenke Group is the capital partner, and Kroenke and Provident are developing the entire project, not farming to builders. They plan on long-term ownership.
Of course I have to give Provident grief about the name — “Preston Hollow Village.” We all know this is not really Preston Hollow, but then I,too, have been guilty of giving the most upscale neighborhood in Dallas much larger boundaries. Shhh: this is really Glen Lakes.
“The Village serves a very identifiable area by the choice of name, ” said Jerry.
Actually, it’s quite smart. You may not know that The Creeks of Preston Hollow started out with a different (non-Preston Hollow) name when Hillwood first developed the corner of Inwood and Royal Lane. I know I have an original brochure somewhere, maybe a reader will recall the original name. The Creeks of Preston Hollow is also not in Preston Hollow technically, but the name draws the kind of panache you need to attract the likes of Hunter Mahan.
So are you ready now to hear about some of the way cool retailers and restaurants we will find at Preston Hollow Village? You will soon experience an entire world of food right here.
Trader Joe’s and Frost Bank — you knew that.
Pakpao Thai restaurant
Blue Sushi, a restaurant out of Fort Worth
Verts — cool kebobs, the store’s first venture out of Austin offering 550 calorie dinners
Mod Market, a farm-to-table casual restaurant
Very close to reaching a deal —
An Italian concept restaurant from the East Coast
A chic Mexican food concept.
(Hey, where’s Greek and fresh flown in lobster? Haggis?)
In the “Beauty bunch,” there’s —
Avita Tangerine Salon
18/8 Men’s salon out of California
Orange Theory Fitness, a new concept fitness spa found in Plano
All the restaurants will have patios spilling out onto “Main Street” which is the main drag of the Village off Walnut Hill Lane.
Finally, I have heard nothing about a Sam’s Club, and doubt I will. But that’s interesting because E. Stanley Kroenke, Provident’s capital partner, is married to Wal-Mart heiress Ann Walton. Kroenke has holding companies owning and managing more than 20 million square feet of shopping centers in 17 states stretching from Colorado to New York.
And now, Preston Hollow!