Turtle Creek’s Renaissance Gets a New Neighbor as Poston Plots Sell to LLC

In January, the lots located at 3407 and 3409 North Hall Street were reported in DCAD to have been sold to TDRE Lee Park LLC. The actual owner is currently masked behind the LLC with a local address of 4100 Spring Valley Road, Suite 310, in Dallas. However, TDRE Lee Park is a Houston registered LLC, set up by Houston attorney John W. Wood who acts as the registered agent for over 200 LLCs largely located in Houston. Wood is a pretty successful guy who lives in the tony Tanglewood section of Houston – meaning the Poston plots are unlikely to have been purchased by a Mom and Pop looking to restore the property.

TDRE Lee Park LLC is one of three TDRE-named LLCs all registered by Wood and include TDRE Hood LLC that was registered on the same day as TDRE Lee Park LLC (Dec. 22, 2015) and TDRE Investments LLC registered on April 2, 2015. Like all LLCs managed by Wood, they all share the same Houston address (which is meaningless as it’s no more than a mail drop). None of the three list any officers and I suspect they are owned by the same person/organization.

TDRE Hood LLC may hint at a property acquisition on Hood Street, but there is currently nothing in DCAD about any TDRE ownership outside the former Poston properties on Hall Street. Pure speculation, but … there is certainly room along Hood Street to tear down redevelop any number of aging low-rises in this VERY HOT area of Turtle Creek.

In reviewing zoning, lots 3407 and 3409 North Hall account for a sliver less than a half-acre. Given a residential MF-2 listing within the PD-193 area, this limits the parcel to 60 units per acre unless it’s designated commercial, which DCAD says it is. In this case, commercial-designated parcels within PD-193 can accommodate 160 units per acre. However, setback requirements have scuttled deals in the past.

Stay tuned to CandysDirt.com for more as it becomes known.

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