Audio By Carbonatix
Twice last summer — in June, then again ’round this time of the year — we checked in on our favorite 42 acres at the intersection of Walnut Hill Lane and N. Central Expressway, site of Provident Realty’s by-now long-dream to erect a Lil’ Manhattan called The Glen at Preston Hollow. It was to “be complete by mid-2010,” which has since come and gone while the land lies fallow. Now, it’s less a moonscape than a post-apocalyptic pasture about which we’ve heard bupkus for the last 12 months.
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But this morning GlobeSt.com brings fresh news: Wells Fargo & Co. has hired Holliday Fenoglio Fowler LP — a “commercial real estate capital intermediary” — to find a new taker for the land. Offers are due by September 22, though, says senior managing director Doug Hazelbaker, the bank has more than $50 million in debt on the property. Good. Ness. From the update:
[Says Hazelbaker,] “This is at a great corner, you don’t see many vacant parcels like this come available in major metropolitan cities. We’re seeing interest from all over the country.” The zoning allows up to 1,200 residential and/or hotel units, and no more than 300,000 square feet of office and/or retail.
