85% Preleasing Kicks Off $30M Posh MXD Project

DALLAS-With preleasing at 85% for a mixed-use plan, PRG Realty and Providence Realty Partners have jump-started site work on a 2.1-acre tract in Preston Hollow. The $30-million Hillcrest Crossing, set to rise on a prized corner surrounded by posh neighborhoods, has landed Capital One Bank for a pad site and has a national health and beauty spa chain, salon and other high-end services and restaurants in the reserved lane.

Hillcrest Crossing will consist of an 80,000-sf three-story building, with 30,000 sf of retail on the first floor, an 8,000-sf freestanding bank and two levels of underground parking. The development will sit at the corner of Hillcrest Road and Northwest Highway, which PRG and Providence bought off market in August 2006. The project, which has stirred interest from its neighbors, will deliver in fourth quarter 2008.

Originally envisioned as a retail and office mix, Hillcrest Crossing is ending up heavily weighted by retail, much of which has been chased because of residents’ input and won because of the location. “It’s been an amazing project to work on,” says Jack Gosnell, executive vice president of Dallas-based United Commercial Realty. He says he’s been fielding “four and five calls” per day on the project. Residents openly have expressed opinions about what they’d like to see in the line-up and prospective tenants have been eager to rush in before site prepping could begin, he tells GlobeSt.com.