Houston Developer to Bring High-Rise Apartments to Former Site of Preston Place Condos
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Houston-based luxury developer Hanover Company announced plans for a high-rise apartment building east of Preston Road. The site on Northwest Highway within the PD-15 district was once home to Preston Place condos until a fire destroyed the development in 2017. The property, which is sited between The Athena and Preston Tower, was sold to Hanover earlier this year.
Since the March 2017 blaze, owners of the condos have been trying to sell the parcel. The area “Behind the Pink Wall” is considered to be one of the most coveted in Dallas because of its prime location between high-end Preston Hollow and University Park right across Northwest Highway, and walkable from luxury shopping at Preston Center.
“Site of Preston Place Condos Razed by Fire Finally Sells to Houston Developer” by Candy Evans
Hanover’s plans for the 2-acre site are welcomed, as nearby residents say it has been an eyesore for the past several years.
“Hanover is a vertically integrated company with development, construction, property management, and asset management departments strategically focused on all styles of apartments including garden-style, mixed-use, high-density wood, and high-rise projects,” states information on the developer’s website. “To date, Hanover’s award-winning project mix totals nearly 73,913 units across the country and more than $19.5 billion in project capitalization including $2.5 billion currently under construction.”
Construction on the 23-story apartment tower in North Dallas is set to begin this summer.
Hanover bought the property last year with an $86.8 million loan from Northwestern Mutual Life Insurance.
Houston-based Ziegler Cooper Architects designed the high rise. Hanover already has a footprint in the Metroplex, as it designed and built Cirque in Victory Park, Ashton Dallas, and 1900 McKinney.
Officials say the new complex on Northwest Highway will cost $118 million to build and will feature 213 rental units. The new development is slated to open for tenants in 2025.
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This will definitely be a luxury product… total cost of over $200 million for 213 rental units. The location should be able to support it.
Thank goodness! I’ve been laying awake at night worrying that Dallas had run out of $10,000+ a month apartments! Preston Place was a mid-rise that a lot of seniors owned affordable condos in…..and it’s replaced with stuff priced in the stratosphere. I hear the City Council complain about the lack of affordable housing, yet they clear this increase in building height in order to further reduce it. Insanity!
McMansion high-rises are coming up in Turtle Creek like crazy, with little consideration for the tiny residential streets they’re being built upon, for ridiculous heights that block neighboring or for fact that we sit in the flight path for Love Field. Hate it, hate it, hate it!