At N. Central and Walnut Hill, Plans to Replace Moonscape with "First-Class Development"

By Robert Wilonsky Fri., Nov. 19 2010 at 5:58 PM

Categories: Real Estate

Patrick Michels

Perhaps you've heard: One week ago today, a real estate holdings company controlled by Stan Kroenke -- owner of the St. Louis Rams, Denver Nuggets and Colorado Avalanche and husband of Wal-Mart heiress Ann Walton -- purchased the moonscape at Walnut Hill Lane and N. Central Expressway, about which we've written much in recent years. As you'll no doubt recall, that was the intersection where, long ago, Provident Realty had planned to build the $300-million Glen at Preston Hollow, till it wound up buried beneath so much rubble.

For the past several days I've spoken with Kroenke's people about their plans for the 42 acres, which are zoned for mixed-use. Many have speculated: Given the billionaire's relationship with Wal-Mart, it seems a no-brainer that he'd put one there as well. Or, perhaps, not -- I've spoken to just as many folks in recent days who say that's not his intention. At least, not at the moment.

Regardless, moments ago I finally received The Official Word from what's now known as 75 and Walnut Hill, LLC, in which Kroenke Holdings president Otto Maly addresses the purchase, terms of which have not been disclosed:

"Mr. Kroenke bought this property as a long-term investment. Mr. Kroenke understands the enormous potential of this site and intends to thoughtfully and carefully plan a first-class development. As those plans take shape, our team looks forward to working with residents, and civic and business leaders over the next several years as we complete this project."

Email to Friend