Dallas-based real estate development company Jackson-Shaw has recently commenced construction on the Lakeview Business District in Rowlett, Texas. This project will consist of seven buildings spread across 165 acres and over 1.7 million square feet of space. Situated near President George Bush Turnpike, the development is strategically located near Merritt and Liberty Grove Roads. The first tenant to secure a space in this new business district is chassis assembly and component manufacturer SAF Holland Group. They have leased a building spanning more than 256,000 square feet, which is expected to be completed by March 2025.
The initial phase of the Lakeview Business District will comprise five buildings totaling more than 1 million square feet. The project has an estimated construction cost of over $15.8 million. Jackson-Shaw has partnered with Compatriot Capital as the equity partner for this development, while Bank OZK and Affinius Capital LLC have provided financing. Peinado Construction is the general contractor for the project, with Pross Design Group, Inc. serving as the architect. Additionally, Hunt & Joiner is the structural engineer, and Kimley Horn is the civil engineer on this project.
In other developments in the Dallas-Fort Worth region, there has been an increase in industrial space vacancy to 11.1% during the first quarter of 2024, up from 9.7% at the end of 2023, according to Avison Young US. This rise in vacancy is attributed to the delay in leasing up the large development pipeline in the region, rather than a decline in demand as seen in previous downturns. The report notes that while the newest industrial properties are being leased, the high volume of speculative deliveries is driving up vacancy rates.
Meanwhile, Prime Data Centers is planning to invest nearly $3 billion in the development of six data center buildings across the Dallas-Fort Worth area.
Columbus Realty Partners is also seeking approval to construct a five-story apartment building in Legacy West, next to Liberty Mutual’s Plano campus.
Overall, these developments indicate continued growth and investment opportunities in commercial real estate within