Dallas Firms Propose $650M Mixed-Use Development in Preston Hollow to Revitalize Area

What's Happening?

Two Dallas-based firms, Burk Interests and Greenway Investment Co., have proposed a $650 million mixed-use development in Preston Hollow, an affluent neighborhood in Dallas. The plan involves rezoning a seven-acre site to accommodate hotels, condos, and a half-acre park. Currently, the site hosts a shopping center with various businesses, including Gazebo Burgers and Chase Bank. The proposed development includes 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 designed as a community gathering space. The initiative aims to revitalize aging shopping centers in the area, which are at risk of disrepair. The site is currently zoned as a community retail district with building height restrictions, but the proposed towers would exceed these limits, standing at 275 and 325 feet tall.

Why It's Important?

The proposed development is significant as it represents a major investment in the revitalization of Preston Hollow, potentially transforming the area into a vibrant community hub. This project could stimulate economic growth by attracting new businesses and residents, thereby increasing local employment opportunities. The development also addresses the need for walkable family destinations in the neighborhood, which are currently lacking. Additionally, the project includes environmental considerations, such as planting approximately 100 mature trees, which could enhance the area's green space and contribute to urban sustainability. The initiative reflects broader trends in urban planning, where cities are rethinking land-use strategies to rejuvenate aging infrastructure and improve community spaces.

What's Next?

If approved, the development could begin construction as early as 2028. The proposal is currently under consideration, with local stakeholders, including Dallas city council member Gay Donnell Willis, seeking community feedback. The rezoning process will be crucial, as it involves changing the site's current zoning restrictions to accommodate the proposed building heights. Community engagement will play a significant role in shaping the project's future, as local residents and businesses express their views on the development's impact. The outcome of these discussions will determine whether the project proceeds as planned, potentially setting a precedent for future developments in the area.