Accolades

Joint venture develops 78 acres in Lewisville
Dallas Real Estate News
by Amy Sorter

CMC Commercial Realty Group and Today Realty Advisors, two Dallas-based companies, have joined forces to create and build a master planned business/high-tech development in western Lewisville.

Dubbed "Highpoint Oaks," the development will eventually take tip 78 acres of land located at the comer of Texas 121 and Denton Tap Road. The project architect is Hardy McCullah of MLM Architects Inc. in Dallas and the general contractor is Bob Moore

Construction, based in Arlington. The land was bought in April.

According to Sue Shelton, chief operating officer and executive vice president, Today Realty Advisors, the project will be completed within five years, depending on market demand.

As of now, infrastructure work on roads, sewers and lights is scheduled to begin in mid-0ctober, with groundbreaking for a 90,OOO-square-foot, one story, office flex building slated for late winter 1999. The, building will feature a brick exterior, 18-foot clearance for docks and will have space available at a net rental of $10.50 per square foot. Also available will be plenty of parking.

Jesse K. Pruitt, a partner with CMC, said he has already received inquiries and proposals from companies interested in leasing the space, even though the building has yet to break ground. "This structure is basically for users looking for a back-office type of product, that need ample parking," Pruitt said. "Parking becomes very important in these situations. For $10.50 net, businesses can move their employees and companies into a very nice environment."

Pruitt said CMC is also negotiating 'with a hotel for Highpoint Oaks. A contract is expected to be finalized within two weeks. Future plans in the development call for an additional hotel, more office space and a technical center.

In addition to offering state-of-the-art business and service structures, Highpoint Oaks, will feature lakes, a jogging track and amenities including gas stations, a bank and restaurants. Also included in the package is a view of downtown Dallas. "This land is the highest point-of the area," Pruitt said.

While Highpoint Oaks does offer land with a view, the development's function is practical. "In that market area, we feel as though there has been a void in office flex space," said Shelton, "plus the area seems like a great corridor in the Metroplex market.?

The development will be the first of its kind for Today Realty Advisors. In the past, the company developed retail and office buildings single-handedly, which is why it entered Into a joint venture with CMC, which has experience in developing shopping centers and business campuses. Most recently, CMC developed an 850,000 square foot Blockbuster Distribution Center in McKinney.

The growth along Texas 121 has provided even further incentive for the two companies to build along the highway, said Shelton. Pruitt sad another important reason for establishing a master-planned business development so far west in Lewisville is because many decision makers live in the Lewisville-Corinth-Flower Mound area, all of which are located' west of Interstate 35. "We're finding that people are wanting to office a little door to their homes," Pruitt assessed of a growing suburban office migration. Other advantages offered by this development are its proximity to DFW International Airport and Grapevine Mills Mall, as well as accessibility to a quality, talented labor pool.

And, said Pruitt, Lewisville's triple Freeport exemption is yet another plus for Highpoint Oaks. "That includes a tax incentive on inventory, which is very attractive to businesses," he said Gene Lewis, Lewisville's planning and zoning director, said the development is the westernmost project to date.

"Most of the other activity has been taking place near the (Vista Ridge) Mall or (Interstate) 35," said Lewis, adding the advantage of developments such as Highpoint Oaks is that they tend to attract similar types of projects. "There are already some plans undergoing discussion to do some additional office and retail buildings in the area between this development and the (Interstate 35) freeway," he said.