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 EvansHanover’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.
