DALLAS-Wells Fargo & Co. hashired Holliday Fenoglio Fowler LP to market a 42-acre parcel from afailed mixed-use project. The bank foreclosed on the $300 millionGlen at Preston Hollow project, which had been proposed by apartnership of Red Sea Group and Provident Realty Group.


An 850-apartment complex was torn down by the partnership at thesite at the northwest corner of North Central Expressway and WalnutHill Lane. The project was supposed to include 400 apartments,125,000 square feet of retail, a 100,000-square-foot office and 100single-family homes, and was supposed to have been completed thisyear.


Doug Hazelbaker, a senior managing director with HFF, says thepartnership had managed to improve the infrastructure at theproperty. “I think they got caught up in the timing of the market.They started in 2004, and had to take down the apartments, and getthe property rezoned,” he tells GlobeSt.com. The bank has more than$50 million in debt on the property, Hazelbaker says.


He says offers are due by Sept. 22 for the infill site, nowdubbed Walnut Park. “This is at a great corner, you don’t see manyvacant parcels like this come available in major metropolitancities. We’re seeing interest from all over the country.” Thezoning allows up to 1,200 residential and/or hotel units, and nomore than 300,000 square feet of office and/or retail.

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