Two Dallas-based real estate firms, Burk Interests and Greenway Investment Company, have announced a $650 million proposal to redevelop a key intersection in Preston Hollow. The plan focuses on transforming a 7-acre site at the southwest corner of Preston Road and Royal Lane into a mixed-use development with high-rise buildings, offices, and restaurants.
The project, located at 5924 Royal Lane and across from Central Market, includes a 325-foot, 28-story tower that would feature a hotel and condominiums. A second 275-foot, 24-story building would offer apartment rentals. Two office buildings are also planned for the site. The current zoning restricts building height to 54 feet, so the developers are seeking approval for a zoning change from the city.
GFF Design is leading the architectural design for the project, while OJB Landscape Architecture is in charge of landscape planning. The proposed taller building would contain about 150 hotel rooms and fewer than 100 condos for sale. The shorter tower would have around 200 rental units.
Developers say the project will replace large parking lots with a pedestrian-friendly layout centered on a half-acre green space. Most parking will be placed underground, with only a few surface spots. Plans include planting over 100 mature trees to help restore tree coverage lost after a tornado hit the area in 2019. The proposal also calls for new traffic signals and crosswalks on Preston Road and about 1,000 feet of sidewalk improvements.
“This is a once-in-a-generation opportunity to define a very special future for this site,” said Leland Burk, president of Burk Interests. The project aims to create a more walkable environment at an intersection known for its postwar retail centers and parking lots. GFF’s Evan Beattie noted that if approved, the plan could bring significant change to the Preston Hollow area.
Burk Interests has owned the property since 2017 and describes it as a rare infill opportunity less than a mile from the Dallas North Tollway. Zoning approval is expected to take several years, and Burk estimates construction could begin by 2028 after community input sessions.
