The news that the Glen at Preston Hollow—a more than $300 million development planned for the 42 acres at the northwest corner of Central Expressway and Walnut Hill—may face foreclosure is surprising even to those in the neighborhood who have worked on the project since the beginning.
“The foreclosure was certainly news to me,” District 11 plan commissioner Chris Buehler told me this morning. “But frankly, that’s how it’s supposed to be. From our perspective, not much has changed—and it won’t, that is, unless a new owner comes in and wants to change the zoning."
Still, he said, though he’s no expert on commercial real estate, his knowledge of our neighborhood’s development tells him its safe to assume a new owner will soon step in.
“The good news is that ultimately, something will be built there. It’s too valuable a tract of land in too good of a location to stay vacant for very long.”
Lender Wachovia Bank wants to sell the land owned by Provident Realty Advisors in order to recoup more than $40 million in debt, the DMN is reporting. That forced sale could happen as soon as early next month,
I’ve called a few neighborhood commercial real estate brokers to get some more expert perspective on this, so check back for updates.