New Dallas Hot Spot

Ballyhooed Preston Hollow Village reveals first round of restaurants and shops

Preston Hollow Village, the much chattered-about, mixed-use development at the northwest corner of Walnut Hill and Central Expressway, has released an official list of phase 1 restaurants and retail stores that will open in early 2015, including Trader Joe's and Orangetheory Fitness.

Trader Joe's will occupy a 14,000-square-foot space that will anchor the retail center. It is expected to open in February 2015.

Restaurants include the following:

Blue Sushi Sake Grill, the second location in Texas, following the first in Fort Worth.
Modmarket, the first Dallas branch of the Colorado-based chain, following Flower Mound, Plano and Southlake. Modmarket is scheduled to open by the end of 2014.
Pakpao, the second location of the Thai restaurant in the Dallas Design District, also opening by the end of 2014
Vertskebap, the Austin-based wraps concept, will open its second North Texas location here, also by the end of 2014.

Preston Hollow Village will have two salons: Eighteen Eight Fine Men's Salon and Tangerine Salon. It's the second Dallas location for the former and the fourth North Texas location for the latter.

Orangetheory Fitness features interval training backed by excess post-exercise oxygen consumption. There are branches in Allen, Mesquite and Plano but this is the ~~first~~ second Orangetheory studio in Dallas — and our first opportunity to note that it's missing a space between "orange" and "theory."

Phase 1 will feature a total of 75,000 square feet of specialty retail and restaurant space, including Frost Bank. A 60,000-square-foot office building, which is also on target for an early 2015 opening, will be home to dentists, doctors and other professional service firms.

"We strategically pursued not only the best restaurants and retail stores for Preston Hollow Village, but we also selected brands that would be the first in the city," said Leon Backes, CEO of Provident Realty Advisors, developer of Preston Hollow Village in partnership with Kroenke Holdings.

In early 2015, Provident Realty Advisors and Kroenke Holdings will celebrate the groundbreaking for phase 2, which will encompass a trio of seven-story apartment buildings with 512 rental apartments. This site is just north of the shopping center and office project.

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Rent Report

Here's how many Texans are paying too much for rent, report reveals

Grace Cary/Getty Images

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Millions of Texas renters, both current residents and new arrivals, suffer from wallet whiplash.

A new report from the Texas Affiliation of Affordable Housing Providers shows 45 percent of the state’s renters spend more than 30 percent of their income on housing. Renters occupy more than 4.2 million Texas households, representing nearly half of the state’s residents.

Worse yet, 81 percent of extremely low-income households in Texas spend more than 50 percent of their income on housing, the report says. For that income group, Texas has a shortage of 864,000 affordable homes.

Thirty percent is the standard financial benchmark for spending too much income on rent, while 50 percent puts a renter in the “severely cost-burdened” bucket.

“To sustain growth and secure future prosperity, Texas will need more than 320,000 additional affordable homes [rented and owned] to address workforce housing affordability and meet the demands of a growing population,” says the report.

“Today, the state is creating thousands of new jobs,” the report adds, “but housing supply has not kept pace with demand, driving up housing costs and constraining continued economic growth.”

Not surprisingly, people who live in or move to three of Texas’ biggest metro areas get hit with the state’s highest apartment rental rates. Here’s Apartments.com’s list of the 10 most expensive places for renters in Texas, based on apartments whose average size ranges from 713 square feet in Austin to 771 square feet in Plano:

1. Frisco — $1,477 per month
2. Plano — $1,461 per month
3. Austin — $1,417 per month
4. Dallas — $1,413 per month
5. McKinney — $1,363 per month
6. Grand Prairie — $1,327 per month
7. Irving — $1,318 per month
8. Garland — $1,237 per month
9. Fort Worth — $1,217 per month
10. Houston — $1,183 per month

San Antonio boasts some of the lowest average rent among Texas’ 10 most affordable markets: $1,075 per month. Mesquite, a Dallas-Fort Worth suburb, also fits into that category, with average monthly rent of $1,052.

Earlier this month, Gov. Greg Abbott announced more than $114 million in grants to help develop or rehabilitate properties, providing more than 4,400 affordable rental units.

“As our state grows, we must ensure that Texans have access to the affordable housing they need to thrive,” Abbott says.

rent report income cost burden affordability rent prices

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Rent Report

Here's how many Texans are paying too much for rent, report reveals