Introduction to the Preston Center Redevelopment Project
A long-planned redevelopment that will bring new high-rise apartments and office space to Dallas’ Preston Center is moving forward. Ramrock Real Estate LLC, in partnership with Lincoln Property Company, HKS, and Willow Bridge Property Management, provided a timeline for its long-awaited project, 8300 Douglas. The project will feature a 12-story, 300,000-square-foot office building; a 17-story, 147-unit residential tower; a 35,000-square-foot rooftop park; and 24,000 square feet of ground-floor retail and restaurant space.
Project Timeline and Details
The project is expected to break ground next March and be completed by 2028. The redevelopment site is 2.5 acres, which covers the southern half of the block running along Luther Lane. Tenants such as CVS, Target, and John Reed fitness on the northern half of the block will remain. Ramrock is the project’s owner and sponsor, while Lincoln Property Company is the developer and will handle office leasing and property management. Willow Bridge will handle the residential property management, and HKS is serving as the project’s design architect.
Design and Architecture
The design of the project aims to create meaningful experiences for tenants and residents that match the value of the real estate. According to Mark Buskuhl, global practice director for commercial/mixed-use at HKS, "Preston Center is a Dallas landmark, and we’re proud to play a role in reimagining this local asset by creating a dynamic public realm with new restaurants and shops for the neighborhood that will serve as a catalyst for future development." Each floor on the 12-story office building is approximately 29,000 square feet, and nearly 35,000 square feet of outdoor space will include 11 balconies and two penthouse landscaped terraces.
The property is fronted by Luther Lane and Westchester Drive, offering immediate access to restaurants, retail, and services. The site is close to the Dallas North Tollway and other major thoroughfares.
Amenities and Features
Amenities will include a full-service health club, wine room, conference facilities, and catering kitchen. The project has been in the works for years, with plans approved by the city’s planning commission and City Council last summer. Hudson Dozier, vice president at Lincoln Property Company, said in a statement that the market response has been “extraordinary,” with the firm having more proposals than available space.
Market Response and Trends
Dozier attributed the interest to the “flight to quality” trend reshaping the region’s office market. "Tenants are demanding Class AA space with amenities that rival those of a luxury hotel, along with seamless, walkable access to high-end dining and retail," he said. "This project sits at the epicenter of Dallas’s most affluent residential neighborhoods — Preston Hollow and the Park Cities. For financial, legal, and professional service firms, having a new, vibrant workplace in this precise location is a powerful competitive advantage that simply cannot be replicated anywhere else in the city."
Conclusion
The Preston Center redevelopment project is a significant undertaking that aims to bring new life and energy to the area. With its mix of office, residential, and retail space, the project has the potential to become a vibrant and dynamic hub of activity. The project’s focus on creating meaningful experiences for tenants and residents, combined with its prime location and high-end amenities, makes it an attractive option for those looking for a unique and desirable place to live and work.
FAQs
Q: What is the Preston Center redevelopment project?
A: The Preston Center redevelopment project is a long-planned project that will bring new high-rise apartments and office space to Dallas’ Preston Center.
Q: Who are the partners involved in the project?
A: The partners involved in the project are Ramrock Real Estate LLC, Lincoln Property Company, HKS, and Willow Bridge Property Management.
Q: What amenities will the project feature?
A: The project will feature a full-service health club, wine room, conference facilities, and catering kitchen, among other amenities.
Q: When is the project expected to break ground and be completed?
A: The project is expected to break ground next March and be completed by 2028.
Q: What is the "flight to quality" trend mentioned in the article?
A: The "flight to quality" trend refers to the demand for high-end office space with luxury amenities and seamless access to high-end dining and retail.
Q: Why is the project’s location considered desirable?
A: The project’s location is considered desirable because it sits at the epicenter of Dallas’s most affluent residential neighborhoods — Preston Hollow and the Park Cities.
