Addison Retail Center Prestonwood Place Launching Major Value-Add Play
An aging retail center located at Beltline and Montford in Addison is undergoing a significant renovation.
Prestonwood Place’s owner and operator, Northwood Retail, intends to add a 15K SF park, transform an empty two-story building into creative office and renovate all retail exteriors to give them a fresh look.
Once complete, the 133K SF retail destination will have 50K SF of office to enhance its tenant mix and drive consistent traffic.
“We have been planning on renovating it since we bought it two-and-a-half years ago,” Northwood Head of Development Sandy Spurgin said.
“The area has matured significantly, and this project just hasn’t kept up from a merchandizing perspective or an experience perspective. It’s just an older tired center that happened to be in the epicenter of a very strong retail market.”
In addition to building renovations, Northwood Retail will enhance on-site walkability with new pedestrian sidewalks and landscaping to create a cohesive environment.
Construction begins in the coming weeks and is slated to end in late 2020 or early 2021.