The Crane Report - Summer 2018



The demand for office space in Dallas-Fort Worth continues to be strong with many firms looking for a “work, live, play” environment. In each issue of the Dallas-Fort Worth Real Estate Review, we showcase projects that are underway or planned in the Crane Report. Maps for the office and industrial markets are provided by Transwestern. Data for the multifamily market is provided by Axiometrics, a RealPage company.

ON-THE-GROUND INSIGHTS 

“At this point in the game, suburban [office] activity is greater because the talent and labor pool is highly concentrated in Plano, Frisco, Richardson, Allen, McKinney, and other similar communities. When you take the labor stats and combine it with the amenity-laden office campuses in Plano, Las Colinas, Frisco, and Richardson, plus the ample parking, suburban activity is higher.”

Nathan Durham
Principal, Transwestern

“Demand continues to be driven by the growing, educated workforce in North Texas and its business-friendly environment. Last year, DFW saw the largest population growth in the country, with 146,000 new residents. Additionally, the cost of doing business in Dallas is 7 percent lower than the national average. That’s a powerful combination.”

Travis Boothe
Director, Cushman & Wakefield

“Tenants are seeking big-box warehouses with extra truck storage, higher clear heights to support the movement of goods, ample dock doors, and easy ingress/egress, which can help decrease drive times. Labor is critical, too. As companies battle for workers, projects that offer access to a ready supply of labor will have an advantage over the competition.”

Shannon Johnston
Senior Associate, Cushman & Wakefield

“While an individual amenity is the more traditional answer, I believe the No. 1 amenity renters are looking for is connectivity. This encompasses physical items such as [having] a grocery store on the ground floor, but is also starting to include digital capabilities like home automation, community programming, and cloud technology, just to name a few.” 

Greg Faulkner
President, Humphreys & Partners Architects

OFFICE

ANNOUNCED DEVELOPMENTS

1. CEDAR MAPLE PLAZA
SIZE:
660,000 square feet
LOCATION: Uptown Dallas
DEVELOPER: Granite Properties
DETAILS: Granite is proposing construction of a 28-story office building and two small restaurant buildings on the west side of Cedar Springs Road at Maple Avenue, across the street from the Crescent complex in Uptown.

2. KNOX STREET
SIZE: 250,000 square feet
LOCATION: Dallas
DEVELOPERS: Weir’s Furniture and Four Rivers Capital
DETAILS: Weir’s and Four Rivers will build a new retail and office tower on the furniture store’s Knox Street site. The 297,000-square-foot high-rise will have 250,000 square feet of office space, a new Weir’s store, and additional retail.

3. MONARCH CITY
SIZE: 4.5 milion square feet
LOCATION: Allen
DEVELOPER: Howard Hughes Corp.
DETAILS: Howard Hughes Corp. is partnering with the city of Allen on this mixed-use development that will feature 4.5 million square feet of office space, 4,000 square feet of multifamily residential units, 300,000 square feet of retail space, two hotels, restaurants, and entertainment space in a “live,work, play” model.

UNDER CONSTRUCTION

4. THE HERITAGE AT SPRING CREEK OFFICE CENTER
SIZE: 210,000 square feet
LOCATION: Plano
DEVELOPER: Heady Investments
DETAILS: This seven-story Class AA office space is on the northwest corner of the North Dallas Tollway and Spring Creek Parkway in Plano. It’s completion date is scheduled for February 2019.

5. THE TRADE GROUP
SIZE: 200,000 square feet
LOCATION: Grapevine
DETAILS: The marketing and design firm The Trade Group is moving its corporate headquarters to a new building under construction in Grapevine. The two-story, 200,000-square-foot facility is north of Dallas Fort Worth International Airport near State Highway 121. 

6. STACY GREEN
SIZE: 125,000 square feet
LOCATION: Allen
DEVELOPERS: Provident Realty Advisors and Glaser Retail Parnter
DETAILS: This 72-acre mixed-use development in Allen will feature 125,000 square feet of office space, 365 multifamily units, 80-100 townhomes, and restaurant spaces. It is at the southwest corner of Stacy Road and U.S. Highway 75 in Allen. GFF Architects and Winkelmann Associates are contributors on the project. 

7. HEADQUARTERS II
SIZE: 440,000 square feet
LOCATION: Plano’s Legacy district
DEVELOPER: Heady Investments
DETAILS: The project will feature two 14-story office towers, parking garages, and a high-rise hotel. The 440,000 square feet of office space will come in two phases. The project is at Dallas North Tollway and Headquarters Drive and should take roughly 19 months to complete. 

INDUSTRIAL

ANNOUNCED DEVELOPMENTS

1. PPG
SIZE: 450,000 square feet
LOCATION: Flower Mound
DEVELOPER: Duke Realty
DETAILS: PPG has announced plans for a roughly 450,000-square-foot facility in Flower Mound, which will be the largest distribution center for architectural paints and coating in PPG’s U.S. and Canadian network. PPG said the project should be finished in May 2019.

UNDER CONSTRUCTION 

2. AIRPORT SOUTH LOGISTICS CENTER
SIZE: 563,000 square feet
LOCATION: Dallas Fort Worth International Airport
DEVELOPER: Robinson Weeks Partners
DETAILS: Construction has begun on the 563,000-square-foot industrial building at 3400 East Airfield Drive on the south side of DFW Airport. The construction team includes Alliance Architects, Pacheco Koch, and The Conlon Co.  

3. OAKDALE LOGISTICS CENTER
SIZE: 401,577 square feet
LOCATION: Grand Prairie
DEVELOPERS: CT Realty and Port Logistics Realty
DETAILS: Ground has been broken for this 401,577-square-foot industrial building, which will feature 75 docks and 185 truck courts. Construction is expected to be complete on the single-tenant facility in the first quarter of 2019.

4. PARC SOUTHWEST
SIZE: 292,700 square feet
LOCATION: Irving
DEVELOPERS: Jackson-Shaw and Stream Realty Partners
DETAILS: The 292,700-square-foot, two-building development is on 28 acres south of Dallas Fort Worth International Airport in the Great Southwest. It includes two properties of 112,200 and 180,500 square feet respectively.

5. PARKWAY LOGISTICS CENTER
SIZE: 271,794 square feet
LOCATION: Grand Prairie
DEVELOPERS: Stream Realty Partners and LaSalle Investment Management
DETAILS: Groundbreaking has occurred on the 271,794-square-foot speculative industrial development at 2911 S. Great Southwest Parkway on a 14.34-acre site in the Great Southwest submarket across from the Grand Prairie Municipal Airport. The Class A-rated facility is expected to deliver later this year.

MULTIFAMILY

ANNOUNCED DEVELOPMENTS

1. TOWER BAY LOFTS
SIZE: 308 units
DEVELOPERS: Transcontinental Realty Investors Inc. and Abode Properties
LOCATION: Lewisville
DETAILS:  The four-story midrise apartment development will include such amenities as resort-style pools, a parking garage with a deck overlooking Lewisville Lake, a fitness center, onsite dog park, bocce ball court, storage units, and bike rentals.

2. THE REALM AT CASTLE HILLS
SIZE: 265 units
LOCATION: Lewisville
DEVELOPER: Bright Realty
DETAILS: Phase II of the The Realm will include a 260-unit multifamily complex and 35,000 square feet of boutique-style retail space. This phase is expected to be completed in mid- to late-2020. The development is on the former family ranch of  the late Texas businessman and Dallas Cowboys owner H.R. “Bum” Bright.

UNDER CONSTRUCTION

3. LAKESIDE LOFTS
SIZE: 498 units
LOCATION: Farmers Branch
DEVELOPERS: Transcontinental Realty Investors and Adobe Properties
DETAILS:  Ground has been broken on the project situated within Mercer Crossing. Located at 11500 Lago Vista E, the development is on the shore of the Elm Fork of the Trinity River and is a 498-unit luxury multifamily development.

4. JEFFERSON AT THE GATE
SIZE: 425 units
LOCATION: Frisco
DEVELOPER: JPI
DETAILS: The $700 million Gate project is a mixed-use development that will include 425 rental units from JPI along with office, hotel, and retail housing. The project is owned by Dubai-based Investment Group Overseas. First occupancy is scheduled in the first quarter of 2020.

5. ATELIER
SIZE: 364 units
LOCATION: Dallas Arts District
DEVELOPER: Zom Living
DETAILS: The project between the Nasher Scupture Center and the Morton H. Meyerson Symphony Center will have more than 26,000 square feet of amenity space and 15,000 square feet of retail in the 41-story high-rise tower. It also will be the home of Flora Lofts, 52 affordable artist lofts developed by Dallas architect Graham Greene.

6. PIONEER PLACE
SIZE: 135 units
LOCATION: Mansfield
DEVELOPER: Historic West Mansfield Texas Community Development Corp.
DETAILS: Treymore Construction is the prime subcontractor on the project that will offer affordable housing for seniors, ages 55 and up. The entire project is scheduled to open in summer 2019.