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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Updated: PD-15 Authorized Hearing Committee members

UPDATE: In the immortal words of the Miss America pageant, “If for any reason Miss America is unable to fulfill her duties…” Astute readers will see that Preston Tower representative Mary Schulte has bowed out and been replaced by Robert Bowling.

Yesterday afternoon, the people selected to be part of the PD-15 authorized hearing committee were posted. Kudos to council member Jennifer Gates for keeping her promise to exclude those opposed to the authorized hearing process, who would likely seek to sabotage the proceedings from within.

You will note that the towers have two representatives on the committee. This was done in recognition of the land mass of PD-15. Roughly the towers and the four low-rises each sit on six acres and and so there are four representatives for each camp. This makes for an interesting group. Within the PD, neither side can outvote the other, so collaboration will be required. Also, the three “wild card” members from Preston Hollow East Homeowners Association and two neighboring buildings are just that, wild cards. How will they feel about the various development plans and options?  I think the pulse of the group will be taken in the first few meetings. (more…)