Monday, July 21, 2008

Construction starts on office project near Medical City in North Dallas

Construction has begun on a medical office project located near North Dallas’ Medical City complex.

Seneca Investments is building the 32,596-square-foot building on the west side of U.S. Highway 75 just north of Forest Lane. The project also fronts on Coit Road.

The two-story medical complex is going up on one of the few vacant properties in that area.

Unlike similar developments, this one kicked off without pre-leasing. But given the need for medical space in North Dallas, the developers think that won’t be a problem.

“It’s one of the few projects on North Central Expressway that is 100 speculative,” said Jeff Smith, senior vice president with real estate firm Transwestern, which is marketing the complex. “This project will do well because there is heavy demand for it.”

Construction on the building should take about 10 months. The project includes two stories of commercial space plus underground parking. There’s also a surface parking lot for visitors to the building.

Robert Boyd Architects Inc. of Dallas designed the project.

The project is kicking off at a time when many speculative developments have been delayed because of the credit crunch.

“We have a confidence in the Dallas-Fort Worth economy,” said Transwestern’s John Waller. “You have to be a little bit of a contrarian.

“A year from now the economy will be much better, and we will have a well-located building.”

Other medical projects are under way in that same area.

Just east of Seneca Investments’ new building, construction is under way on a specialty hospital and medical building in the Westmount Health Campus.

And developers just purchased a property near U.S. 75 on Northaven Road for a new rehabilitation hospital.