DALLAS—Transwestern Development Co. is planning a 164-unit luxury multifamily development, to be called The Laurel, at the northeast corner of Preston Road and Northwest Highway in North Dallas.

"We are extremely proud to see this project come to fruition," Mark Culwell, managing director at Transwestern Development Co., told GlobeSt.com. "It was vital to us that we have the support of the community, and we are grateful to the Preston Hollow residents and leadership for collaborating with us on this project. We are very excited to have reached a design solution that enhances the entire community and is supported by the neighborhood, allowing us to finally move The Laurel forward."

Stephen Whitehead, senior director of NorthMarq Capital's Dallas office, arranged joint-venture equity for development.

"This was a very exciting project to work on with significant interest generated for this high barrier location," says Whitehead. "It took tremendous effort by Transwestern for more than 18 months to work with the neighborhood and the city to come up with a plan that would work for everyone.

"This luxury product will be comprised of larger homes that cater to the nearby downscaling and renters-by-choice that want to stay in this prestigious neighborhood with the bonus of the adjacent Preston Center amenities."