Preston and Alexis Phase I

A new multifamily building stands at the intersection of Preston Road and Alexis Drive in Dallas, Texas 75240. This development, registered with TDLR in February 2023, is scheduled to finish in August 2027. The project involves the new construction of a structure spanning 528,595 square feet, representing a significant addition to the local housing stock in Dallas County.

The owner of record is Creekwood Preston Alexis, LLC. The estimated cost for this phase is $45,000,000. According to the TDLR filing, construction began in December 2023. The registered accessibility specialist for this project is Michael Lynn Kelley. The work is privately funded on private land for private use.

Project Scale and Context

This development is part of a larger effort by Creekwood Preston Alexis, LLC, which has another registered project in Dallas known as Preston and Alexis Phase II. That second phase has an estimated cost of $34,000,000. Together, these filings indicate a substantial investment in multifamily housing in the area. The $45,000,000 estimated cost for Phase I places it above the median estimated cost for new construction filings in Dallas County, which is $950,000 based on 8,209 registered filings.

The size of the building, at 528,595 square feet, is significantly larger than the median size of 9,642 square feet for similar filings in the county. The computed cost per square foot is $85, which is below the county median of $125 per square foot. The scheduled build window for this project is 1,339 days, which is longer than the county median of 243 days. This extended timeline reflects the complexity and scale of the new construction.

The location is in ZIP code 75240. According to U.S. Census ACS 2023 five-year estimates, this area has a population of about 24,718 and 12,014 housing units. The median household income is $56,056, and the median owner-occupied home value is $326,600. Housing in this area is predominantly renter-occupied, making new multifamily developments like this one relevant to the local housing market.

Third-party coverage has noted this project. A post by bizjournals.com listed Preston and Alexis Phase I among new projects in North Texas in February 2023. The TDLR status for this project is Review Complete, with plan review completed in February 2023. The construction timeline is set with a start date of December 2023 and a scheduled finish in August 2027.