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Provident, Red Sea Group Start $300M-Plus Plan

DALLAS-Designed as a euro-urban village, the Glen at Preston Hollow's opening act is 400 apartments, up to 125,000 sf of retail, 100,000-sf office building and 100 houses.

By Connie Gore | Updated on November 10, 2007

DALLAS-With three years invested into the planning, Provident Realty Advisors Inc. and Red Sea Group are ready to roll out the live-work-play formula for a prized 42-acre infill tract. To keep up with the neighborhood, the Glen at Preston Hollow will have a $300-million to $400-million build-out value.

“It took three years for the site to tell us what it wants to be,” Avner Papouchado, president of the Los Angeles-based Red Sea Group, tells GlobeSt.com. The formula is a euro-urban plan at the intersection of North Central Expressway and Walnut Hill Lane, with a first phase of 400 apartments, 100,000 sf to 125,000 sf of retail, a 100,000-sf office building and 100 zero lot-line houses in a 17-acre gated setting.

Before the building can begin, the site has to be scraped of 857 apartments and a 50,000-sf shopping center. The construction schedule calls for demolition to be done by spring so infrastructure work can get under way. If the schedule stays on track, the first phase will be going vertical in late summer or early fall and delivering in late spring or early summer 2010.

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