The Preston Arts Center is rather deceptively named, since it's not on Preston and is located on Bardstown Road - I'm assuming it moved at some point. However, despite any confusion you might have finding the store, once you are there you will be very pleased.
As another review pointed out, there really isn't anywhere else in town to find such a great selection of art supplies. My niece is an artist, and I always go here to buy presents for her. She is always so excited to receive all the high quality products they carry. In addition, the staff IS really helpful. Since I'm not an artist, I usually need the help!