DALLAS-The Dallas Morning News reports that Folsom Cos., which represents a consortium of real estate companies that own the 190,944-square-foot Prestonwood Village want to convert the aging retail center into a combo multifamily/senior facility. If the commercial real estate owners obtain approval from the city of Dallas, what currently houses retailers such as Conn's and Gold's Gym will be the site for a 650-unit multifamily property and a 125-bed senior facility.
The 15-acre site at 5403-5535 Arapaho Rd. on Dallas' north side was once the site of a thriving retail property – it was near major retailer Prestonwood Towne Center. As the mall is long gone, owners of Prestonwood Village, which owned it since 2006, point out that it's a struggle to lease the property.
Plans filed with the city's planning commission show three large buildings no taller than 75 feet high, as well as parking garages and interior courtyards. If the plans are approved, Atlanta-based apartment developer Worthing Cos. would build the apartments.
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