$80M-Plus Centerpiece Launches Brand Plan
Connie Gore
McKINNEY, TX-A Dallas development group, with an additional two sites under review in the Southwest, has launched a plan to build the first of a multifamily brand, Times Square, in the 2,500-acre Craig Ranch. The 320-unit Times Square and 80,000 sf of retail are projected to surpass $80 million in build-out value.
The flagship project for Evergreen Realty Advisors and DXE Commercial Development will break ground in early 2007 after a year of planning the project, becoming the first multifamily units to rise in the mixed-use community and first retail for the town center. The 4.62-acre site, bought earlier this summer from Dallas developer David Craig, will seed the town center with four corners of retail topped off with four floors of parking and residential "for rent" units fronting Collin McKinney Boulevard, Weiskopf Avenue, Van Tuyl Plaza and Kenneth Cooper Dr. Delivery is set for spring 2008.
"We would not have pursued this development if it had not been for David Craig," Evergreen's managing partner Steve Everbach tells GlobeSt.com. "He has truly created a self-contained village with a very deep base of single family and sports-type amenities." He says the Evergreen team, with more than 100 years' experience in the industry, is negotiating for a second site in Dallas/Fort Worth and one in northwest Arkansas near Bentonville, where Wal-Mart Stores Inc.'s headquarters influence has made the region one of the Top 10 MSAs in recent years.The Times Square centerpiece sports a signature clock tower, with more than 800,000 sf in one building on a full city block. Atop the Main Street-style retail will be two parking levels and three floors of apartments overlooking two courtyards. The heavily weighted mix of one-bedroom units along with two- and three-bedroom floor plans will start at 750 sf and top out at 1,400 sf. The projected rent is $1.30 per sf, Everbach says.
The infill site faces a destination-entertainment plaza, Cooper Aerobics and TPC Craig Ranch Golf Club, the only PGA-owned course in Texas. PB2 Architecture & Engineering of Rogers, AR designed the prototype. Precept Builders of Dallas is the general contractor. JPI of Irving, TX will lease and manage the residential units while Dallas-based Weitzman Group is handling the retail component. Everman says there are enough interested retailers to fill a majority of the space.
Construction financing was arranged by Jason Pumpelly and Robert Blount in Holliday Fenoglio Fowler LP's Dallas office. Bank of America, Washington Mutual and TriSail Capital Corp. provided the funds.
Original article appears on GlobeSt.com