Introduction to the Project
Two Dallas firms, Burk Interests and Greenway Investment Company, are joining forces to develop a $650 million mixed-use project near the southwest corner of Preston Road and Royal Lane. The project is located just across from the Central Market grocery store and will soon require a zoning change to redevelop seven acres near the major city intersection.
Project Details
The firms 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. The 28-story tower is expected to hold 150 hotel rooms and fewer than 100 condos, with current plans calling 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.
Project Goals
According to Leland Burk, president of Burk Interests, “This is a once-in-a-generation opportunity to define a very special future for this site in the heart of Preston Hollow.” The goal is to add meaningful green space and improve walkability in an area surrounded by retail centers and concrete parking lots.
The group plans to plant more than 100 mature trees at the site, which 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, allowing 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.
Improving Infrastructure
Burk and company plan to add a new traffic signal and crosswalk on Preston Road, as well as more than 1,000 linear feet of new sidewalks further down the street. According to Evan Beattie, Chairman and CEO of GFF, “It’s a dramatic, dramatic change from what exists at Preston Hollow today. We think this is a neighborhood that deserves the development of this quality.”
Project Timeline
Burk’s firm has owned the parcel since 2017 and believes the site is one of the best in Dallas, less than a mile from the tollway. The project could break ground in 2028, but zoning approval must be secured first. The group plans to hold neighborhood meetings regarding the project in the near future.
Project Vision
According to Burk, “(We hope) to bring a special place that doesn’t exist today. There’s really nothing between Northwest Highway and LBJ Freeway that really compares to this — a walkable, beautiful, high-quality destination for families and children. That is our vision.”
Conclusion
The $650 million mixed-use project at the corner of Preston Road and Royal Lane has the potential to transform the area into a vibrant and walkable destination. With its combination of luxury apartments, hotel rooms, restaurants, and office buildings, the project is expected to attract attention from all over the city. The addition of green space, new sidewalks, and a traffic signal will improve the overall quality of life for residents and visitors alike.
FAQs
Q: What is the estimated cost of the project?
A: The estimated cost of the project is $650 million.
Q: What type of buildings will be constructed as part of the project?
A: The project includes a 28-story hotel and condo tower, a 24-story luxury apartment tower, multiple restaurants, and two office buildings.
Q: How many hotel rooms and condos will be included in the project?
A: The 28-story tower is expected to hold 150 hotel rooms and fewer than 100 condos.
Q: What is the current zoning height allowance for the site?
A: The current zoning allows a height of 54 feet at the site.
Q: When is the project expected to break ground?
A: The project could break ground in 2028, but zoning approval must be secured first.
Q: What is the vision for the project?
A: The vision is to create a walkable, beautiful, high-quality destination for families and children.
