Preston Place and Diplomat Update; Time for a Developer Cash Splash
Share News:
Preston Place Nearly Cleared; Diplomat’s Roof Repair
On May 10, Preston Place owners voted to engage a Realtor to sell the property to developers. What I’m sure was a gut-wrenching decision likely came down to a lack of will by the majority of owners. Let’s face it, many were older and the stamina required to rebuild was likely not there. Compounding any rebuild would be the death of 1,000 cuts as owners sought changes to the original plans both large and small.
The property is completely demolished and just about cleared of debris. There were several pauses in demolition when building- and owner-supplied scavengers were employed to seek residents’ belongings in the rubble. Certainly a sad occasion for all, including the demolition crews dumping life’s remnants into trucks to be hauled away.
Diplomat’s Roof
On another note, the neighboring tight-lipped Diplomat had roofing crews show up Friday to begin repairs to a three-year-old roof. I’m sure their membrane roof, however new, was a little singed by the Preston Place fire.
What this tells me is that while the building’s lot has been surveyed and core sampled, a deal with a prospective buyer isn’t so close that repairing the roof was unnecessary.
Absolutely, positively, NOT this.
What to do?
More than one commercial real estate representative and developer has reached out to me to get the skinny on the opportunities. Here’s what I told them …
The best project will come from purchasing Preston Place, Diplomat, and the Royal Orleans. That would give them a pinch over four acres to play with. Essentially the size of the Preston Tower lot.
You can do a lot on four acres that isn’t a massive ugly box of a structure. In fact, I’d fight that tooth and nail. I’d encourage the whole Pink Wall to fight that kind of blight.
Alternatively, as Royal Orleans has protested their interest in selling, I’d combine Preston Place with Diplomat on an L-shaped three acres. Still a lot of good could come out of that configuration for both a developer and the neighborhood. Do I hear public green space?
Ultimately, I cautioned, DO NOT build some overpriced Limited-Museum-Stone-Ciel tower. It’ll sit vacant forever. I think a project with units running $400 to $600 per square foot is more do-able and reasonable. That kind of money makes a neat profit while providing quality housing to the area without slap-drunk pricing.
And it goes without saying … it better be an effing HOT building.
Stunning Residential Project by Chicago Starchitect Jeanne Gang
Like this!
UPDATE: Based on the excited comments, it’s worth noting that the underlying building is quite simple. The windows are normal rectangles, etc. The impact comes from the jutting balcony enclosures and their transparent railings providing both privacy and visual interest. I think this building would fit in beautifully between the brutalist Athena and the modern curve of Preston Tower.
Remember: High-rises, HOAs and renovation are my beat. But I also appreciate modern and historical architecture balanced against the YIMBY movement. If you’re interested in hosting a Candysdirt.com Staff Meeting event, I’m your guy. In 2016, my writing was recognized with Bronze and Silver awards from the National Association of Real Estate Editors. Have a story to tell or a marriage proposal to make? Shoot me an email [email protected].
9 Comments
Leave a Comment
That would be so cool if they built something like your example. Dallas needs to shake things up and that would certainly do it.
Are those glass or plexiglass panels on each balcony as shown in the Chicago example??? Either way, the appearance from street side is dramatic, but for someone with a fear of heights my stomach would churn every time I set foot on the balcony! I’d be selecting a unit on the lower floors, that’s for sure…even then I would have a bit of a *gulp* at the illusion that nothing is there. I have a natural tendency to stay away from the edge in situations like that.
Yes, those are glass balcony railings. If the edge bothers, plant a row of boxwoods in pots and you’re golden. (I stay away from the light, not the ledge… 🙂 )
Think your price per square foot may be too high considering the incomes of people who currently live Behind the Pink Wall. Mostly retired folks who love the area cause it’s budget friendly and in Preston Hollow. Maybe younger or more wealthy people would buy there, it’s Preston Hollow after all. But those condo complexes along Bandera look mostly shabby. So a real snob with money might not like the view. Remember the Sorrento, has it finally sold out? Overpriced for the majority of older adults interested in Behind the Pink Wall. Perhaps people won’t care about what’s behind them if their new complex is swanky enough. Let’s hope so, another Sorrento that takes years to sell out is not a good thing.
Given the land acquisition prices, it can’t be $300 per foot. One of the reasons I’m calling for a wonderful building is because people will pay more to live in it. The target market isn’t people wanting to upsize from another Pink Wall complex. I’d think more than one relocated Californian would want to buy closer to the city than stuck in the plastic hinterlands of Legacy. The Pink Wall may get some play if the product is good. Heck, the 1980s mirrored wonderland that’s Bonaventure commands higher prices.
.
Long-term, the view changes, right? There will be more development back there which may spur other complexes to restore themselves to midcentury glory.
.
As for Sorrento and the newer townhouses east of Baltimore, they’re cheaply built, cookie-cutter buildings. You have to spend money to make money.
Jon – WOW! That example of Jeanne Gang’s work is amazing. It reminds me a bit of the new One Uptown apartments, on the old Hard Rock site, where the balconies have a bit of ‘curve’ to them, giving the building life and movement. Gang’s building shows what can be done with a little ingenuity. There’s an old saying which I believe is absolutely true: Good design doesn’t cost, it pays.
Wash your mouth out with soap! One Uptown is a pale, pale comparison to Gang’s pioneering work on the One Aqua tower in Chicago. What we got was a South Beach-Gang ripoff that couldn’t afford to hire the woman herself nor successfully copy her style. (not to be huffy or anything…I just love Gang’s work 🙂 )
.
http://inhabitat.com/jeanne-gangs-green-roofed-aqua-tower-ripples-up-towards-the-chicago-sky/aqua-chicago-jeanne-gang-5/
Are the Diplomat owners willing to sell now? I do love your example for sure. I do not want a Prison Block Style building or dated old fashioned building like your first example there at all.
.
I posted right after the fire the developers would be chomping at the bit to buy the land.
.
I knew it……………………….
It was never the Diplomat who was averse to selling. They’ve been talking to developers well over a year.