What the Dallas Mavericks Arena Decision Means for Property Values in Preston Hollow and Prestonwood

By Jamie Marancenbaum | Midtown Market Group | April 15, 2026

I’ve been selling homes in North Dallas long enough to know that the developments people talk about in the abstract are the ones that quietly reshape entire neighborhoods before most people notice. By the time it’s obvious, the opportunity has already passed.

Which is why I want to talk honestly about what’s happening at Preston Road and LBJ Freeway right now — and what it could mean for the people who already own homes nearby.

What’s Actually Happening at Preston & LBJ

In November 2025, Beck Ventures broke ground on The Premier at Dallas Midtown — the first building on the 110-acre former Valley View Mall site at Preston Road and LBJ Freeway. The project is a six-story, $85 million luxury mixed-use building with 296 apartments and 13,500 square feet of ground-floor retail. It’s a partnership between Anthem Development, Beck Ventures, and PLT America — a joint venture of Toyota Motor Corporation and Panasonic Holdings. After more than a decade of false starts on a site that sat vacant since the mall closed and was finally demolished in 2023, construction is genuinely underway.

Then, in January 2026, the Dallas Morning News reported that the Mavericks had narrowed their arena search to two sites — and this exact location is one of them. Mavericks CEO Rick Welts confirmed the two finalists: the former Valley View Mall property at Preston & LBJ, and the current Dallas City Hall site downtown. Welts has said the organization hopes to announce a decision by July 2026.

What They’re Actually Proposing

Here’s what makes this different from a typical arena conversation: the Mavericks aren’t just talking about a building. Welts has described a 50-acre mixed-use entertainment district — a four-star hotel connected directly to the arena, a Live Nation secondary venue of 4,000 to 5,000 seats, the franchise’s corporate headquarters and practice facility, retail, restaurants, and activated public space. The broader Dallas Midtown vision encompasses a $4 billion transformation of the full 110-acre site.

For context, that’s comparable in scale and ambition to what the Dallas Cowboys built with The Star in Frisco — a development that now draws 7 million visitors per year. But this would sit at the geographic center of North Dallas, surrounded by established residential neighborhoods that already have tremendous bones.

Why This Matters for Preston Hollow and Prestonwood Specifically

Let me be direct: I’m not predicting outcomes. A July decision could go either way, and the downtown option is real competition. What I am telling you is that the trajectory of this intersection has fundamentally changed regardless of the arena decision.

The ground is broken. The money is committed. Toyota and Panasonic are equity partners. Dallas Midtown is happening.

If the Mavericks choose this site, the effect on surrounding neighborhoods — Preston Hollow to the east, Prestonwood to the north — would likely be significant and relatively swift. Neighborhoods within a two-to-three mile radius of major mixed-use entertainment districts tend to see increased buyer demand, faster absorption rates, and upward pressure on values — particularly for properties that offer easy access without being directly adjacent to the activity.

If the Mavericks choose downtown instead, this corridor still becomes the most significant new development in Far North Dallas in a generation. That is not a consolation prize. That is still a $4 billion transformation of a site that sat vacant for years.

What I’d Tell a Client Right Now

If you own a home in Preston Hollow, Prestonwood, or the neighborhoods surrounding the Valley View site, you are sitting on real optionality right now. The decision window is roughly 90 days. What happens between now and July — in terms of community input, city conversations, and public momentum — will matter.

The City of Dallas has an Open Call for Concepts survey open until May 3 at dallasmidtownvision.com. If you have opinions about what this site should become and how it should relate to your neighborhood, this is the moment to weigh in.

If you’re thinking about buying in this corridor, the calculus has changed. I’m not saying rush — I’m saying understand what you’re buying into, because the story here is no longer speculative.

And if you’re curious what your home is worth right now, before the July decision lands — reach out. I can pull comparable data for your specific neighborhood quickly, and it’s worth knowing your baseline before the market potentially moves.

— Jamie

Sources: Dallas Morning News, January 2026 · Bisnow DFW, November 2025 · FOX 4 Dallas, November 2025 · People Newspapers, April 2026 · Dallas Hoops Journal, March 2026

Jamie Marancenbaum is a Dallas realtor with Midtown Market Group, specializing in North Dallas, Preston Hollow, Prestonwood, and the surrounding communities. She writes a twice-monthly newsletter covering local real estate, development, and neighborhood news.

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