So Why's Mark Cuban Buying Up Lots at Preston and Northwest Highway?

By Eric Nicholson Fri., Feb. 14 2014 at 11:45 AM

There's a lot of buzz right now in Preston Hollow over a plan to redevelop the northeast corner of Preston Road and Northwest Highway, currently home to an oddly dumpy apartment complex and rows of considerably less-dumpy town homes, into a few hundred luxury apartments. Most of it is negative.

"This development is all about greed, and paying the affected property owners ridiculous prices for their land and structures," according to the most popular comment on this Change.org petition urging the city to stymie any attempted zoning change. "ZONING IS DESIGNED TO PROTECT ALL OF US DALLAS CITIZENS FROM THIS KIND OF ILL-THOUGHT, GREEDY PROPOSED OVERPOPULATION AND SLICK-MARKETED ACTIVITY FROM OCCURRING IN AN ALREADY DENSE AREA OF ESTABLISHED VOTERS AND HOMEOWNERS."

Expect a big, bloody zoning fight, which Councilwoman Jennifer Staubach Gates has already recused herself from because her husband's company is involved in the transaction.

In the meantime, some are also turning their attention to the other side of Preston and wondering: What the hell is Mark Cuban doing with all those vacant properties?

He owns a clump of them, two each on Averill Way and Jourdan Way. According to DCAD, he acquired the first in 1988, the most recent in 2012. Only one has a house on it (Cuban lives in a much larger mansion a few blocks away on Deloache); the rest are just big, million-dollar lots.

Google Earth

Mark Cuban's four properties on the northwest corner of Preston and Northwest Highway.

I could be that Cuban is sitting on the properties as a long-term investment, betting that land values will continue their upward trend. But Cuban has been accumulating -- and paying taxes on -- the land for 25 years now, leading to speculation that he's got something bigger in mind.

"Yes, there are concerns that he is buying up the property for a mixed use development," says Preston Hollow East Homeowners Association President Ashley Parks.

If Cuban is considering something along those lines, he's keeping it close to his chest.

"Nothing definitive," he wrote to Unfair Park this morning. "I get and liste[n] to offers all the time but I'm in no rush to do anything."

Send your story tips to the author, Eric Nicholson.

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roo_ster

Isn't it obvious?

Cuban has been born again and plans on building an horizontal Calatrava-inspired aerial "Cross-I-Fix" with the piers touching the ground at those four locations.

The Cross-I-Fix differs from traditional crosses and crucifixes in that the void space beneath the cable-hung edifice will be filled with 24/7 high-definition holographic programming from his to-be-announced satellite channel dedicated to religiously inspired content.

Neighbors who complain about the noise and light pollution will be dealt with by members of the newly created and Cuban-financed NCAA Division-I Criswell College Basketball team. (Team motto: "Jesus Is My Point Guard.")

AdamsonScott

Jennifer "Staubach" Gates is the sorriest excuse for a councilmember we could have. Rode in on her name recognition alone and hasn't done a thing since.

ruddski

One word: tar sands.

lakewoodhobo

Anyone remember Mark Cuban's other real-estate deal, WONDERVIEW, in south Dallas? That turned out to be a big pile of shit.

becoolerifyoudid

Please tell me he is going to build the world's most kick ass Waffle House.

Daniel

That map shows the northwest, not the northeast corner.

ozonelarryb

Needs a site for Paddy's Day after party.

I'll go.

P1Gunter

Cuban lives on Strait, or at least he used to. That's not terribly close to Preston and Northwest. I mean it's not far, but it's not blocks away. Just saying.

Montemalone topcommenter

Obviously he plans to invade Ebby Halliday and wanted to limit their escape routes.

ScottsMerkin topcommenter

He is going to build a giant landing pad for alien ships to deliver the big man his team has always needed

mavdog topcommenter

these properties are not "at Preston and Northwest Highway", at best they are near Preston and Northwest Highway.

As for a "mixed use development", that's a good joke. look at all the angst over the redevelopment of the NEQ of Preston and NW Hwy, and that is existing MF zoning.