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New owners to redevelop North Dallas retail center

A mostly vacant shopping center in North Dallas is finally getting some love.

The Hillcrest Village retail center has been purchased by 2GR Equity and Shop Cos. and will be completely renovated in the next 12-24 months, reported the Dallas Morning News.

The redevelopment will include revamped building exteriors, new lighting, signs and landscaping. Also, one of the six retail buildings on the property will be torn down and replaced with a 1.5-acre park.

"We believe this asset is long overdue for redevelopment given its access, location and visibility," 2GR Equity principal David Gregory said in a statement to the Dallas Morning News. "When you add the element of a brand new city park in the middle of the retail center, along with up to $3 million of conditional grants from the City of Dallas, 2GR believed this investment opportunity had a lot of merit."

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