An out-of-state developer, Kroenke Holdings, has purchased the 42-acre vacant site at Walnut Hill and Central Expressway, according to today’s DMN story.
The firm is owned by billionaire sports team owner, E. Stanley Kroenke, whose holdings include the Denver Nuggets basketball team, the St. Louis Rams football club and the Colorado Avalanche hockey team.The company is known for developing shopping centers and apartments.
One of Kroenke’s companies, THF Realty, has a long-standing relationship with Walmart, and what’s more, Kroenke is married to Walmart heriess, Ann Walton.
Walnut Park previously was zoned for $300 million for a complex of shopping and living before the developer lost the land to foreclosure. Advocate editor Keri Mitchell recently wrote about some real estate experts who say mixed-use developments are “dead in the water”.
These developments seem to be losing steam, but we’ll see what happens as Kroenke gets his hands on the most visible and desirable piece of land in Dallas.
Click to sign up for the Advocate's weekly news digest and be the first to know what’s happening in Preston Hollow.