Dallas Developers Pitch $650 Million Towers in Preston Hollow

Two Dallas real estate firms are teaming up on a $650 million plan to transform one of Preston Hollow’s busiest corners into a dense, walkable mixed-use hub.

Burk Interests and Greenway Investment Company are seeking a zoning change to redevelop 7 acres at the southwest corner of Preston Road and Royal Lane into a project with twin high-rises, offices and restaurants, the Dallas Morning News reported.

The proposal, across the street from Central Market, at 5924 Royal Lane, calls for a 325-foot, 28-story tower with a hotel and condos; a 275-foot, 24-story apartment building; and two office structures. The site’s current zoning caps height at 54 feet, meaning the plan would need a significant city sign-off before moving forward. GFF Design is the project architect, and Dallas-based OJB Landscape Architecture is handling the landscape plan.

The taller of the two buildings would house about 150 hotel rooms and fewer than 100 for-sale condos, while the shorter one would hold roughly 200 rental units. The developers said the project will replace a sea of asphalt with a more pedestrian-friendly layout anchored by a half-acre green space. Nearly all parking will be underground, save for a few surface spots, and plans include planting more than 100 mature trees — partly to restore the canopy lost when a 2019 tornado swept through the area.

“This is a once-in-a-generation opportunity to define a very special future for this site,” Burk Interests president Leland Burk told the outlet. The developers also intend to add a traffic signal and crosswalk on Preston Road, along with 1,000 linear feet of sidewalk improvements.

The Preston-Royal intersection, known for its postwar retail and tangle of parking lots, could see a dramatic shift if the project is approved from what exists along Preston Hollow today, said GFF’s Evan Beattie.

Burk’s firm has owned the land since 2017 and is positioning the site, less than a mile from the Dallas North Tollway, as a rare infill opportunity. Zoning approvals could take several years; Burk estimates the project could start by 2028 following neighborhood input sessions.

— Eric Weilbacher