Henry S. Miller Company and Lincoln Property Company finalized agreements to jointly develop the first of three phases of the redevelopment of Pepper Square, the longstanding North Dallas shopping center at Preston Road and Belt Line Road.
The three-phase redevelopment encompasses approximately 15.51 acres north of Trader Joe’s and Hobby Lobby, within the approximately 23-acre Pepper Square property. The current plan anticipates at least 1,050 apartment homes and approximately 65,000 square feet of new retail space, together with landscaped public open spaces and pedestrian improvements.
The existing Trader Joe’s and Hobby Lobby locations are outside the 15.51 -acre redevelopment area.
Phase 1 is planned as a 313-unit, five-story wrap-style multifamily community and will include 90,000 square feet, or more than two acres of public open space. HSM and Lincoln will serve as co-developers.
The development team expects Phase 1 to be fully capitalized and to commence construction on or about May 1, 2027.
“This is an important milestone for Pepper Square and one that has been years in the making,” said Greg Miller, CEO and President of Henry S. Miller. “Our company’s involvement with Pepper Square dates back more than three decades, and we have approached its redevelopment with a long-term ownership perspective. We wanted a partner that understood both the scale of the opportunity and the importance of getting the details right. Lincoln brings extraordinary development experience, depth and execution capabilities to the partnership.”
Miller added, “Phase 1 is only the beginning. Our current plan contemplates at least 1,050 new apartment homes across three phases, approximately 65,000 square feet of new retail and substantial improvements to the landscape, public open spaces and pedestrian environment.”
“Pepper Square presents a rare opportunity to create significant new housing and retail in one of Dallas’ most established and desirable areas,” said Clay Duvall, Co-Chief Executive Officer of Lincoln Property Company. Henry S. Miller brings an exceptional understanding of the property, longstanding community relationships and a clear read on this asset’s long-term potential, while Lincoln brings national development expertise, capital markets access and disciplined execution. Together, our teams have advanced plans that play to both strengths, and formalizing the partnership lets us move decisively toward capitalization and construction of the first phase.”
Duvall added, “The best large-scale redevelopment projects are built over time, with the right partners at the table. Pepper Square has the location, scale, and ownership commitment necessary to create something enduring. Phase 1 lets us establish the quality, design character, and execution standard for everything that follows.”
Ben Montgomery of Lincoln Property Company and Hal Watson of Henry S. Miller will lead the day-to-day development activities for the project.
HSM and Lincoln have assembled the Phase 1 design and construction team, which includes WDG Architecture as architect, Kimley-Horn as civil engineer, Rampart Construction as general contractor, LandDesign as landscape architect, INK + ORO as interior designer, Blum Engineering as MEP engineer and Urban Structural as structural engineer.
The project team is currently advancing design, engineering, permitting, budgeting, financing and preconstruction activities in anticipation of the May 2027 construction start.
The redevelopment will also maintain continuity with Pepper Square’s existing ownership. An entity owned by Dallas businessman and philanthropist Gerald Ford will retain an investment in the project as a limited partner with HSM.
Henry S. Miller’s relationship with Pepper Square dates to 1994. The phased redevelopment is intended to reposition the northern 15.51 acres while maintaining the larger Pepper Square identity.
Phase 1 will introduce 313 apartment homes and more than two acres of public open space. Phases 2 and 3 are expected to add additional apartment residences and new retail. Across all three phases, the current plan anticipates at least 1,050 apartment homes and approximately 65,000 square feet of new retail development.
Plans for later phases will continue to evolve and remain subject to market conditions, financing, governmental approvals, and other customary development considerations.
