Preston Center initially opened as a thriving suburban retail center anchored by the first suburban Neiman Marcus (closed in 1965)[1] and Sanger Brothers (later Sanger-Harris) department store - which was the largest suburban department store in the country at 242,000 square feet (22,000 m2). The area has been a premier retail center in Dallas since its development in the 1950s, though the nearby NorthPark Center has provided significant competition.
It has since evolved into one of the most successful office sub-markets in the region with over 3,000,000 square feet (279,000 m2) of office space and housing former President George W Bush's office, as well as some of the best residential neighborhoods in Dallas. University Park is to the south, a string of condos along Northwest Highway is to the east, and the Preston Hollow neighborhood is to the north.[citation needed] Preston Center also has over 500,000 square feet (46,000 m2) of retail space, a hotel, and residential units. It is a prime example of an edge city. [2]
The development includes two 20-story office towers that opened during a construction boom of the late 1970s and early 1980s. As of 1989 many of the Preston Center buildings were partially vacant. During that year Terry Box of The Dallas Morning News said that the vacant buildings were perceived by residents of nearby Preston Hollow as "intrusive symbols of the city's failure to control its growth" and "have come to exemplify much of what is wrong with North Dallas." Around that time residents tried to pressure area politicians into making the development more low-rise and further removed from the Preston Hollow community.[3]
As of 2019[update] the families of many property owners had already owned the properties for some time.[4]
A municipal-owned parking garage serves Preston Center developments as the city is obligated to provide parking.[4]
As of 2019[update] several owners of Preston Center developments oppose redevelopment as it would interrupt their cash flow in the short term.[4] Even though the redevelopment of the municipal-owned parking garage is now stalemate, Preston Center has continued to densify and grow as new development projects have been constructed in this very sought after area.
^ abcAnderson, Jon (2019-01-07). "Assessing the Paths Ahead for Preston Center". D Magazine. Retrieved 2019-01-08. A goodly proportion of Preston Center landowners have [...] even if it meant doubling the rent their property generates (in line with Preston Center East rents).
