You know we are bullish on Preston Hollow Village at Central and Walnut Hill. Hec, Leon Backes, CEO of developer Provident Realty Advisors, is my neighbor!
We told you who all the players were in August. Now, everyone else is chiming in on some of the stores and restaurants that will populate this Village, which I think is going to be one of the most successful real estate developments in North Texas even IF it really isn’t in Preston Hollow.
Sidenote: when we wrote about the players for Preston Hollow Village last August, it was much hotter than today. What is with this cold weather? It’s warmer in New York!
Here is what we heard about some of the players coming our way (from last August):
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 14,000-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.
Did we tell you that the first Orangetheory Fitness in Dallas was opening here? Here’s what we told you was opening there back in August:
Trader Joe’s and Frost Bank
Pakpao Thai restaurant
Blue Sushi, a restaurant out of Fort Worth, this the second location
Verts — Vertskebap — cool kebobs, the store’s first venture out of Austin offering 550 calorie dinners (I’m in!)
Mod Market, a farm-to-table casual restaurant, Colorado-based chain already in Flower Mound, Plano & Southlake
These will all be open by the end of 2014. Very close to reaching a deal –
An Italian concept restaurant from the East Coast — ok, so what is it? Deal inked yet?
A chic Mexican food concept. Inquiring minds need to know, want to know
(Hey, where’s Greek and fresh flown in lobster? Haggis?)
In the “Beauty bunch,” there is no longer a reason for people in Preston Hollow to ever have a bad hair days –
Aveda Tangerine Salon — orange is the new in color for salons, that ought to make Realtors happy
18/8 Men’s salon out of CCalifornia– only now I see you spell it out: Eighteen Eight
With all the eating we will be doing we have to stay fit, burn some calories: welcome Orangetheory Fitness with interval training backed by excess post-exercise oxygen consumption. You may have seen this place in Allen, Mesquite and Plano but this is the second Orangetheory studio in Dallas.
All the restaurants will have patios spilling out onto “Main Street”, which is the main drag of the Village off Walnut Hill Lane.
What else did we say in August?
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.
Phase 1 is a whopping 75,000 square feet of specialty retail and restaurant space, including cha-ching Frost Bank. There is a 60,000-square-foot office building, slated for an early 2015 opening, that ideally will be filled with dentists, doctors and more pros.
Along with some retail space on the ground floors of the apartment buildings, Provident is also planning an elaborate signature fountain at the center of the urban village.
Good stuff. Who cares if it’s not really Preston Hollow: Preston Hollow Village will have all the accoutrements that Preston Hollow peeps want. May even draw in some Plano/Allen peeps en route home, stopping to let the traffic subside. I am very happy to see this development finally come to fuition. I still recall what this land looked like not too far long ago, and it was not pretty:
Photo: Dallas Morning News files
Open season: you couldn’t give this land away in 2007
As for residential, in early 2015, Provident Realty Advisors and Kroenke Holdings will break ground on a trio of seven-story apartment buildings with 512 total rental apartments. This site is just north of the shopping center and office project. It will bring a great boost to the area. I bet the Presby ER will be delighted!