Two Dallas-based real estate companies, Burk Interests and Greenway Investment Company, have announced plans for a $650 million redevelopment at the southwest corner of Preston Road and Royal Lane in Preston Hollow. The proposal aims to transform 7 acres into a mixed-use development featuring two high-rise towers, office buildings, and restaurants.
The project site, located at 5924 Royal Lane across from Central Market, is currently zoned for buildings up to 54 feet tall. The developers are seeking a zoning change to allow for a 325-foot, 28-story tower with hotel rooms and condominiums, as well as a 275-foot, 24-story apartment building. Two additional office structures are also planned.
GFF Design has been named as the architect for the project, while OJB Landscape Architecture will handle landscaping. According to the developers, the taller tower would include about 150 hotel rooms and fewer than 100 condos for sale. The shorter tower would have approximately 200 rental apartments.
The plan includes replacing existing surface parking with underground parking and creating a half-acre green space intended to make the area more pedestrian-friendly. More than 100 mature trees are expected to be planted on-site to help restore tree cover lost during a tornado in 2019.
Leland Burk, president of Burk Interests, said: “This is a once-in-a-generation opportunity to define a very special future for this site.” Additional improvements proposed by the developers include installing a new traffic signal and crosswalk on Preston Road and adding about 1,000 linear feet of sidewalk upgrades.
Evan Beattie of GFF noted that if approved, the project could significantly alter the character of an intersection known for its postwar retail centers and extensive parking lots.
Burk Interests has owned the property since 2017 and describes it as a rare infill opportunity less than one mile from Dallas North Tollway. Zoning approvals are expected to take several years, with construction potentially beginning by 2028 after neighborhood input sessions.
