It’s official: The new mixed-use development at the northwest corner of Central Expressway and Walnut Hill will be anchored by coveted grocer Trader Joe’s, according to a front-page story in the Dallas Morning News.

We suspected this might be the case when Leon Backes of Provident Realty told us they were looking for a “relatively small” anchor and retailers not yet seen in the Dallas market.

He said the development, which is being called Preston Hollow Village, will be walkable with limited surface parking in an effort to get away from the typical strip-mall shopping center we around the neighborhood.

Provident is a partner with Missouri-based Kroenke Holdings, which bought the land in November 2010.

This will be the second Trader Joe’s in Dallas but the first to come in with new construction. The grocer announced a spot on Lower Greenville last December, taking over the old Arcadia night club. Locations also are planned in Plano and Fort Worth. Wondering what all the Trader Joe’s fuss is about? Advocate editor Keri Mitchell explains its cult following.

Preston Hollow Village is considered one of the most valuable pieces of real estate in Dallas right now. The entire development will take several years to complete.

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