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

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

Doug Hazelbaker, a senior managing director with HFF, says the partnership had managed to improve the infrastructure at the property. “I think they got caught up in the timing of the market. They started in 2004, and had to take down the apartments, and get the 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, now dubbed Walnut Park. “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.