Developer Buys Prime Dallas Site - PRG to Build 3-Story Project at Hillcrest, Northwest Highway

By Steve Brown / The Dallas Morning News

August 1, 2006 - DALLAS, TX - A developer has bought land on a high-profile North Dallas corner for a mixed-use project.

Dallas-based PRG Realty Investors said Monday that it has bought just over two acres at the northwest corner of Hillcrest Road and Northwest Highway. The prime building site is now occupied by a single-story retail building.

A family trust had owned the site since 1985, PRG Realty's Mark Robertson said Monday.

"We expect by February to begin construction on a mixed-use development with 35,000 square feet of ground-floor retail and two stories of office totaling about 45,000 square feet," Mr. Robertson said.

The three-story building will be rented to multiple tenants, and the developer says there's already a lot of interest.

"We put up a sign, and right now we have almost five pages of tenants wanting to be on that location," Mr. Robertson said. "That's probably one of the best undeveloped corners in Dallas."

For many years, the property was leased to 7-Eleven Inc., which has moved its convenience store to a former restaurant site next door.

Terms of the sale were not disclosed. The property is valued for taxes at more than $2.4 million.

The new owner is also studying the potential for a bank building and drive-in on part of the property, Mr. Burke said.

PRG Realty is no stranger to the neighborhood. On a nearby site on Turtle Creek Boulevard, the real estate investor and its developer are constructing a five-story condominium building called The Sorrento.