Dallas, TX – Northpark Center Area Real Estate Development Pipeline

The Northpark Center area is seeing a lot of activity by real estate developers. Several underutilized buildings are being demolished to make room for new, highest and best use projects. The proximity to White Rock Lake and the convenient access provided by the North Central Expressway continue to make this a highly desirable area. The addition of the new Lake Highlands DART Station will further improve access to and from this area.Park Lane – Harvest Partners and Sapphire Properties are building a mixed use project across the North Central Expressway from Northpark Center. The development encompasses 33.5 acres and will build out to about 2.9MM sqft. Details include 700,000 sqft of retail space, 750,000 sqft of class A office space, a 250-room 4 star hotel, a 75,000 sqft fitness center, and approximately 625 luxury residential units. Project costs are reportedly in the $750MM range. The first deliveries are scheduled for fall 2009.The Glen at Preston Hollow – Provident Realty Group and the Red Sea Group are planning to redevelop a 42-acre site at the intersection of Walnut Hill Lane and Weeping Willow Drive. Plans include 100 single family homes, 100,000 sqft of mid-rise office space, 175,000 sqft of retail and up to 1,100 apartments. Total project costs are estimated to be $300MM. Phase I of construction is scheduled for completion in summer 2010.Lake Highlands Town Center – Prescott Realty Group is building a mixed use project on 69-acres at the intersection of Skillman and Walnut Hill Lane. Plans call for a 20 acre park, 300,000 sqft of retail, 1,700 residential units, and 50,000 sqft of office space. The project will be complemented by a DART light rail stop. Vertical construction is scheduled to commence in 2009, with the first deliveries in 2010. The DART station is scheduled for completion in 2010.Midtown Park – Valencia Capital Management is building a mixed-use, master planned project on an 83-acre site that straddles Manderville Lane. Buildout plans include high rise condos, luxury townhomes, a senior living facility, medical office space, a hotel and retail space. Demolition commenced in November 2008. Phase I of construction is scheduled for delivery in late 2009.Koll Development Site – Koll Development is planning to build a 12-story medical office building on the corner of Walnut Hill Lane and the North Central Expressway. The building will include approximately 250,000 sqft of medical office space with ground floor retail. Conditional approval was granted by the planning commission in January 2008.Cambridge Apartments – Fath properties is planning to redevelop the Cambridge Apartments at 5959 E Northwest Hwy and build approximately 797 new apartments in a 79 foot tall building. Conditional approval was granted by the planning commission in March 2008.White Rock Trail – Prescott Realty Group is planning to redevelop the White Rock Trails Apartments on Skillman Street at Merriman Parkway. Plans include a four story building to be built in 2 phases. Conditional approval was granted by the planning commission in February 2008.Trammell Crow Retail Center – Trammell Crow is building a retail shopping center on the site of the former Timber Creek Apartments (Melody Lane at Eastridge Drive). Demolition of the apartments commenced in February 2008.Zom Site – Zom Inc. is redeveloping the Village View Apartments on Skillman Drive at Fisher Road. The developer is planning to build a new 422 unit apartment community on the parcel. Construction was scheduled to commence in June 2008.