Two Dallas firms are joining forces to develop a $650 million mixed-use project at the southwest corner of Preston Road and Royal Lane.
Burk Interests and Greenway Investment Company will soon seek a zoning change to redevelop seven acres near the major city intersection. The project is just across from the Central Market grocery store.
They seek to build a 325-foot (28 story) hotel and condo tower, a 275-foot (24 story) luxury apartment tower, multiple restaurants and two office buildings at the Preston Hollow property. Current zoning allows a height of 54 feet at the site.
D-FW Real Estate News
The 28-story tower is expected to hold 150 hotel rooms and fewer than 100 condos. Current plans call for the condos to be for sale. There are planned to be 200 apartments in the 24-story tower. The pair have hired GFF Design as the architect for the project.
“This is a once-in-a-generation opportunity to define a very special future for this site in the heart of Preston Hollow,” said Leland Burk, president of Burk Interests.
Burk Interests and Greenway Investment Company are joining forces to develop a $650 million mixed-use project at the corner of Preston Road and Royal Lane.
Courtesy of GFF
The goal is to add meaningful green space and improve walkability in an area surrounded by retail centers and concrete parking lots, Burk said.
The group plans to plant more than 100 mature trees at the site. The area lost a significant number of trees after a tornado tore through that segment of town in 2019.
Aside from a handful of surface-level spots, all of the development’s structured parking will be below grade.
This allows for a half-acre of green space to serve as the development’s core. Dallas’ OJB has been picked as the project’s landscape architect.
Burk Interests and Greenway Investment Company are joining forces to develop a $650 million mixed-use project at the corner of Preston Road and Royal Lane.
Courtesy of GFF
Burk and company plan to add a new traffic signal and crosswalk on Preston Road. They also plan to add more than 1,000 linear feet of new sidewalks further down the street.
“It’s a dramatic, dramatic change from what exists at Preston Hollow today,” said Evan Beattie, Chairman and CEO of GFF. “We think this is a neighborhood that deserves the development of this quality.”
Burk’s firm has owned the parcel since 2017. He said the site is one of the best in Dallas and less than a mile from the tollway. It should attract all kinds of attention as development gets going.
Burk estimates the project could break ground in 2028, but the zoning approval must be secured first. The group plans to hold neighborhood meetings regarding the project in the near future.
“(We hope) to bring a special place that doesn’t exist today,” he said. “There’s really nothing between Northwest Highway and LBJ Freeway that really compare to this — a walkable, beautiful, high-quality destination for families and children. That is our vision.”