COVER STORY, JULY 2007

HAND IN HAND
By featuring office and retail under one roof, developers are meeting the needs of today’s office tenants.
Stephen O’Kane

Texas is seeing growth in office developments throughout its major cities. From the Dallas/Fort Worth Metroplex south to Austin and Houston, large-scale projects are boasting easily accessible locations and quality amenities. And by adding the retail into the mix, developers are creating destinations to further attract new and existing businesses.

2150 Town Square Place

Planned Community Developers is building a 185,000-square-foot office building at 2150 Town Square Place, which is located within Sugar Land Town Square in Sugar Land.

Sugar Land, Texas-based Planned Community Developers is tending to Texas’ need for office space in its own backyard. Construction is set to begin this summer on a new Class A office project located at 2150 Town Square Place, within Sugar Land Town Square, a 32-acre mixed-use development in Sugar Land.

The project, which has yet to be named, will span 185,000 square feet on eight stories with approximately 25,000 square feet on each floor. Continuing the office/retail trend, the development will house 15,000 square feet of retail as well as amenities including monitored call boxes, covered parking, 24-hour security, a nearby athletic facility, redundant power and 14 dining options in the immediate area. Also located in close proximity will be 230,000 square feet of upscale retailers and restaurants, and a 300-room Marriott Hotel with a 55,000-square-foot conference center. The project is scheduled  for completion in fall 2008.

“The city of Sugar Land’s pro-business attitude and commitment to quality development has, and continues, to play an instrumental role in the success of Sugar Land Town Square,” says Don Janssen, senior vice president of Planned Community Developers. “This development would not have been possible without their willingness to find creative ways to implement economic development programs that attract major corporations, whether being a full service hotel or Fortune 500 office tenant.” 

Riata Vista

Chicago-based McShane Corporation, the national real estate development arm of The McShane Companies, is developing the Riata Vista business park in Austin, Texas, to create a place for businesses to grow and thrive in Texas. The large-scale office project, which is owned by an alliance between The McShane Companies and MetLife Real Estate Investments, will offer plenty of Class A office space, as well as amenities and a convenient location.

The project will comprise approximately 540,000 square feet of office space located within five three-story buildings. Also planned for the 36-acre site, which is located at Parmer Lane and Riata Vista Circle, is 40,000 square feet of retail, giving employees shopping and dining opportunities on-site. Riata Vista is a multi-phase project that will be developed during the next few years, with Phase I scheduled for completion in 2008.

The McShane Companies wanted to create this office and retail destination to capitalize on the opportunity to develop a value office project in an accessible location, according to Joseph Llamas, senior development manager for McShane Corporation.

“Riata Vista provides modern office space in a well-landscaped business park that will also include convenient and attractive supporting retail environments,” says Llamas. “The development offers both on-site amenities as well as convenient access to nearby retail establishments for dining, shopping and entertaining, and will feature attractive and native landscaping with a planned effort to save existing trees. It will provide an urban feel with graceful boulevards artfully arranged throughout the park.”

The $100 million development is a collaboration of several companies. Joining the McShane/MetLife development alliance are Studio 8 Architects, which is serving as project architect; Cadence McShane Corporation, serving as design/builder; Aquila Commercial, which will handle leasing; and Cunningham Allen, which is serving as civil engineer.

By offering quality office space in a convenient location, the companies hope to develop a destination that will bring new business to Texas while attracting existing companies as well.

“Riata Vista’s success rests upon a solid development model consisting of modern Class A value office project with excellent access and visibility,” says Llamas. “The park’s location on the highly traveled Parmer Lane that connects to Loop 1 and Interstate 35 provides prominence of position and access. The development is adjacent to other successful well-occupied business parks including Riata Crossing and Parmer Land Business Park.”

Rosewood Court

Rosewood Property Company is developing Rosewood Court, a 400,000-square-foot, Class AA office building in Dallas’ Uptown submarket.

In Dallas, another large project has taken root. Rosewood Court, which is located in the Uptown submarket just north of downtown at 2101 Cedar Springs, is similar to other new office developments in Texas by offering large floor plates, an accessible location and the kind of amenities for which businesses and employees are looking. Yet, Rosewood Court stands out in the market by taking these features to a new level.

“Rosewood Court will offer the largest and most efficient floor plate available in the marketplace, state-of-the-art technology and an unsurpassed on-site and neighborhood amenities package,” says Jon Altschuler, president and partner at Stream Realty Partners, the leasing company for Rosewood Court.

Rosewood Court, which began construction last year, is a Class AA development of Rosewood Property Company. Offering approximately 400,000 rentable square feet of office space and 12,000 square feet of street-level retail, Rosewood Court is up to par with the current trend of featuring office and retail together under one roof — not to mention top-notch amenities such as a fitness center, a conference center, on-site ownership and management, and banking facilities.

The 19-story building is positioned adjacent to The Crescent, another of Rosewood Property Company’s developments in Dallas, and adds to its attraction for businesses.

“For over 20 years, the marketplace has considered The Crescent’s location to be unmatched by any other office building,” says Altschuler. “Our location on the opposite corner of Pearl and Cedar Springs is even more convenient and more accessible and will certainly be held in an even higher regard.”

Also involved with Rosewood Court is HKS, which serves as project architect; Steve Meloncon, who serves as the general contractor; and Stream Realty Partners, which handles leasing as well as marketing for the development. Rosewood Court is scheduled for completion in May 2008.

The Carnegie

Located in nearby Fort Worth, Sundance Square and Fine Line Diversified Development have begun construction on yet another significant office development in the Lone Star State. The Carnegie, a Class A office building located on West Third Street between Taylor and Lamar streets, is being developed to fill the need for additional office space in downtown Fort Worth.

The Carnegie will be positioned within Sundance Square, a mixed-use entertainment and shopping district that also features hotels as well as events such as live music and live theater. Spanning approximately 280,000 square feet on 16 stories, the building will feature more than 12,000 square feet of retail space. Additional amenities for the project include access to an existing parking structure, 13-foot floor-to-deck ceiling heights, high-speed elevators, energy-saving technologies and a two-story domed lobby.

“The new building, whose architecture was inspired by the historic Carnegie Public Library, will stand across the street from the current Fort Worth Central Library,” says Tracy Gilmour, director of marketing for Sundance Square. “The Carnegie’s tenants will have direct access to the existing parking structure that adjoins immediately to the south. Sundance Square’s restaurants, shopping and entertainment are all within an easy walk.”

David M. Schwarz/Architectural Services is serving as project architect for The Carnegie, and BOKA Powell is providing interior architecture services. The Projects Group is providing project management, while Linbeck serves as the general contractor. The Carnegie is scheduled for a June 2008 completion.


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