Two Dallas-based firms are looking to develop a $650 million mixed-use development in Preston Hollow.
Burk Interests and Greenway Investment Co. are looking to rezone a seven-acre site in the affluent neighborhood to allow for hotels, condos, and a half-acre park. Currently, the area features a shopping center that is home to Gazebo Burgers, Escondido Tex Mex, Chase Bank, and several health and wellness stores.
If the developers are given the green light, they plan to build a 28-story hotel and condo tower, a 24-story luxury apartment tower, two office towers, and several restaurants. The center of the development will feature a half-acre park, intended to serve as a community gathering place.
The proposed plan comes as the city reconsiders its land-use strategy and seeks creative solutions to revitalize its aging shopping centers, which are at risk of disrepair. The targeted Preston Hollow site is zoned as a community retail district with building heights restricted to a maximum of 54 feet. Under the proposed project, the towers would stand 275 feet and 325 feet tall.
“This is a once-in-a-generation opportunity to define a very special future for this site in the heart of Preston Hollow,” Leland Burk, president of Burk Interests, said in a statement, per Dallas Business Journal.
According to Burk, walkable family destinations do not really exist in the area. Burk Interests has owned the site across from Central Market since 2017.
If all goes according to plan, the development could begin construction as early as 2028.
In 2019, a tornado ripped through the area, destroying several trees and displacing some businesses near the intersection. The proposed project would help refresh the site, in part, by planting approximately 100 mature trees.
Gay Donnell Willis, a Dallas city council member who represents the area, is eager to hear what her constituents think about the project.
“Since the medical office building was demolished, not a week goes by without someone asking me what is going to become of the empty slab at Preston-Royal,” Willis said.
