Example of seven-story building construction and density options

A.G. Spanos has released a second, more thorough economic analysis of the feasibility of redeveloping Pink Wall parcels within the confines of the Preston Road and Northwest Highway Area Plan (PRNHAP). Spanos has a contingent contract to redevelop the Diplomat condos within PD-15 and has financed both viability studies. While Spanos has obvious motives, any economic data supplied is certainly more than the economic nothingness contained within the $350,000 PRNHAP study. How the city adopted that Santa’s lap of a plan, containing no financial underpinnings, still astounds.

You’ll recall that in October 2017, my rough calculations exposed the then 10-month old PRNHAP as economically bogus. That was followed up in January 2018 by Spanos’ first report developed by architects Looney Ricks Kiss that backed-up my findings. Namely that the recommendations contained within the PRNHAP study’s “Zone 4” are not viable to build. This latest study offers more detailed and dire details for the PD-15 area (download here).

To be clear, “not economically viable” means that a condo unit would sell for more money as a condo than as developable land. To sell under those conditions would equate to owners taking a loss on their home. In many cases it’s good when land is worth some fraction of a structure. It helps with neighborhood stabilization, curbing gentrification, etc.

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Pink Wall at Preston Road and Northwest Hwy. PD-15 and Laurel Apartments highlighted. (single family homes at top for reference)

Good news. You don’t have to go to Idaho to fish in Bogus Creek.  Last October, I wrote about how the NHPRAP (Northwest Highway and Preston Road Area Plan), not even a year old, wasn’t designed to be economically viable.  Essentially, my scribbles revealed that were its Zone 4 area to follow the recommendations contained in the NHPRAP task force’s final report, their individual condominiums would always be worth more than land value to a developer.  Note: Zone 4 contains PD-15 (Planned Development District) within the larger Pink Wall area.

This lack of economic benefit ensures none of the redevelopment and neighborhood renewal touted by the NHPRAP plan will occur, failing to live up to its own goals.

Well, now I’m not alone. A.G. Spanos (who has an option on the Diplomat) released an independent report by architecture firm LRK.

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What makes PD-15’s gyrations different from many other upzoning cases is that there is no blueprint to follow.  The Toll Brothers building in Oak Lawn largely fits within its MF-3 zoning. Sure, some complain whether MF-3 is appropriate for the area, but it’s there. Other projects have MF-2 and want to move beyond those controls. But PD-15 has none of that to act as starting point.  The PD documents essentially state a total number of units in the PD that is derived by the number of units per acre. There’s also a bit on parking and interior street right of ways. But that’s pretty much it.

If you’re talking about traditional city zoning, there are categories for setbacks, density (units per acre and size of units), height, lot coverage, primary uses and any special standards (like a minimum lot size or proximity slopes).  Proximity slopes protect neighboring buildings from being too close to radically taller structures by forcing them to literally step back from those neighbors (think of stair steps back).

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Diplomat is top, right-center and red … oh and labeled Diplomat

Since August 2016, we’ve been reporting on different events surrounding the Diplomat condo building, beginning with a contingent contract and continuing with surveyors in November, quickly followed by soil testing in December.   You’ve likely seen the map above a zillion times, but it’s a shortcut to avoid tediously describing where a certain building is located in an area of nearly 30 multi-family complexes.

Avid CandysDirt.com readers will remember Friday’s tease about A.G. Spanos who is also involved with residential components of Dallas Midtown.  For less ardent readers, The Spanos family owns the Los Angeles Chargers football team along with the A.G. Spanos Companies who purchase, develop, build and manage apartments all over the place.  Locally, A.G. Spanos is managed by Spanos family member and Preston Hollow resident Dimitri Economou.

I had a chance to meet with the development team last week to understand their plans for the Diplomat property.  I must stress that while negotiations and plans have been evolving for a year, all plans and certainly any renderings of the new building are extremely preliminary.

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Who doesn’t like a bit of demolition in the morning?

A hot, sweaty Friday groundbreaking seemed the perfect bookend to Dallas Midtown’s four years of sweating through politics and planning. It’s not that the city didn’t want it — heck, the renderings and plans are a wonderful and productive reimagining of what had become another tumbledown mall unable to compete in today’s retail environment.  Given the news stories lately about the demise of retail, it surely won’t be the last air-conditioned ghost town to give way to today’s vision of progress.

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