Redevelopment of Dallas’ Valley View Mall may be stuck on slow but investors aren’t dragging their feet about the future of the neighborhood.
A partnership headed by Dallas based real estate firm Gault Co. and RTG Capital has purchased an office tower just north of the old mall with plans for a redo.
The 170,000-square-foot Alpha Tower on Alpha Road west of Preston Road was built in 1983 and is only about a third leased.
Architects GFF and SMR Landscape Architects have been hired to design a renovation of the high-rise.
Upgrades will include interior improvements, new lighting and landscaping.
The building will be renamed Northwood Tower.
"The building has good bones, a fully secured parking garage, and is in a location that will only get better over the next several years," developer Roger Gault said in a statement. "We have plans to substantially improve and enhance Northwood Tower while still offering some of the lowest office rents in this submarket."
The new owners plan to complete the remodeling by the end of the year.
While redevelopment of the mostly-vacant Valley View Mall has been delayed, investors and builders are making property plays in the surrounding area and around the nearby Galleria shopping mall on the Dallas North Tollway.
The Northwood Tower project is one of the most high-profile purchases near Valley View.
"This building has tremendous visibility from 360 degrees," RTG Capital’s Robert Gunby said. "You can see downtown and north Plano and Frisco from the upper floors
"This provides a great option for larger tenants who would prefer not to pay the higher rents required in Preston Center or Frisco."