$800M Mixed-Use Dallas Project Moves Forward

November 12, 2026

Development Dallas Mixed Use News More Southwest

The development may include office, hospitality and residential spaces.

The Dallas City Council has approved rezoning for the Preston + Royal project, an $800 million mixed-use development in the northern Dallas neighborhood of Preston Hollow, as reported by The Dallas Morning News.

Burk Interests and Greenway Investment Co. are the firms behind the project, which is intended to feature three towers. Earlier May proposals included a mixed-use design combining a hospitality tower with 150 hotel keys and 54 condominium units with a 200,000-square-foot office building and a 177-unit multifamily high-rise.

The zoning allows for a maximum height of 199 feet, up from the previous allowance of 54 feet, marking nearly a fourfold increase. Still, the new height represents a 40 percent reduction compared to the developers’ first proposal of last year, which envisioned towers as tall as 325 feet.

Located at the southwest corner of Preston Road and Royal Lane, the project may rise atop a site impacted by the North Dallas 2019 tornado, the second costliest in Texas history at nearly $1.6 billion in damages.

Notably, the development received pushback from nearby residents concerned about heights and local traffic in the area. Some of their grievances were considered through requirements for the building permit’s issuance, which hinges upon upgrades to the intersection’s signal equipment, as well as the installation of an emergency vehicle traffic signal, among others.

Dallas rezoning for taller mixed-use properties

Burk Interests and Greenway Investment aren’t the only developers that sought to rezone Dallas sites for taller mixed-use properties. In 2022, Trammell Crow Co., MSD Capital and The Retail Connection requested an increase from 240 feet to 399 feet for the Knox Street development.

The City Council greenlit the project that same year, set to include 150,000 square feet of office, 100,000 square feet of retail, 186 multifamily apartments, 140 hotel keys and 47 condominium units. The developers expect completion late this year after topping out the project in February.