Houston-based PM Realty Group plans to develop a new 33-acre mixed-use complex at North Central Expressway and Park Lane in North Dallas. The full-service commercial real estate firm has been working in conjunction with Harvest Partners and Chicago-based Capri Capital Partners LLC. Capri is representing an unnamed institutional investor for the residential portion of the project.
The 33-acre Park Lane Place development will feature more than 2 million square feet of retail, residential, condos, hotel rooms and offices. The residential units will feature panoramic views of downtown Dallas, state-of-the-art amenities and have access to more than 50 shops and restaurants. Park Lane Place will also feature a 210-room Valencia hotel, a 65,000-square-foot Sports Club/L.A. health club and spa, the country's largest Whole Foods Market and free trolley access to the NorthPark Center mall.
PM Realty's first phase begins this month and will include a 20-story tower that will house 62 residences; a second 15-story, 218-unit luxury apartment building; and an adjacent four-story building that will have 45 lofts. The first homes are expected to deliver in summer 2008. Gromatzky Dupree & Associates of Dallas are responsible for the residential design.