Preston Plaza Office Building Redevelopment

auctioned

Preston Plaza is a 10-story office building located at 17950 Preston Road in Far North Dallas, built in 1985 with nearly 260,000 square feet. The building has struggled with low occupancy and is functionally obsolete. It recently went back to the lender and was put up for auction. The site, consisting of 6.3 acres and a parking garage with over 1,000 spaces, is being considered for redevelopment into apartments, enabled by new state legislation (Senate Bill 840) allowing multifamily development on commercially zoned properties without a zoning change. The envisioned redevelopment includes one midrise building and wood-frame construction with 650 apartments, leveraging the site's walkability and proximity to major roads.