I don't see this one happening. It has been Rummell's baby all along, and he essentially just gave up on it. If the market was there, I don't see any reason why he would have bailed out. I believe Kitson & Partners bailed at some point too, but don't think that was ever announced publicly. The development program is to have 134k square feet of retail and 200k square feet of office.That was probably already ambitious pre-Covid, but has to be a complete non-starter now. Due to work from home (decreased office demand) and uncertainty over retail/dining, a lot of mixed-use projects are scrambling to convert office/commercial to residential. Those conversions can work in environments that already have a cluster of mixed uses and attractions in close proximity. However, with this project, the mix of commercial/office uses was really driving the demand for 950 residences and 147 hotel rooms. So it really doesn't work as a project with 1,500 dwelling units and 200 hotel rooms and no mix of commercial uses.
Preston Hollow is not really a developer, so they essentially have to either cut the losses Rummell and co spent on design and entitlements; or find a viable developer/partner before issuing the bonds. I'll bet on the former....or DIA continuing to extend the project timelines out.