Dallas' Midtown district north of LBJ Freeway is getting another major development.

Investor and developer PegasusAblon has purchased a construction site on Noel Road just north of Galleria Dallas with plans for a mixed-use project. The development tract is next to the Galleria North office and retail complex on the west side of Noel Road.

PegasusAblon has taken out building permits to construct a six-story apartment and retail building. The permits so far add up to more than $50 million in construction, according to data from Buildzoom.com.

Developer Mike Ablon confirmed that his firm has acquired the property but said it's too early to discuss details of the project. But Ablon said he's high on the changes underway in the surrounding neighborhood.

"We think the Galleria market is going to see great growth," he said. "The area is the next suburban urban core in the North Dallas corridor where retail, housing and office come together."

The area north of LBJ Freeway between Dallas North Tollway and Preston Road is seeing a spurt of redevelopment.

The proposed $4 billion Dallas Midtown project includes the site of the old Valley View Center and is planned as a high-density mixed-use development.

Apartment builder Mill Creek Residential has opened its new Modera apartments across the street from the Galleria on Noel Road. The 321-unit rental community is on the site of an old car dealership.

Two hotels are under construction on the same property.

The Galleria Towers office buildings have just finished a $16 million renovation that is bringing new business tenants to the complex.