Friday, March 22, 2013

Billingsley to develop office building, roadway at Cypress Waters

Dallas-based Billingsley Co. plans to develop an office building and a four-lane roadway at Cypress Waters, a 1,000-acre mixed-use development in the North Dallas Freeport area.
The office project is part of an $88 million corporate campus at Cypress Waters that developer Lucy Billingsley spoke to me about in November.
Billingsley told me she began marketing the corporate campus based on the demand in the market. In the Las Colinas area, Billingsley Co. is tracking more than 7 million square feet of deals, or corporate relocations.
The three-story, 150,000-square-foot office building will be the first office building developed in Cypress Waters. It is scheduled to begin in July, with an expected completion in July 2014.
Billingsley Co. hired Dallas-based Younger Partners to market Cypress Waters for both speculative and build-to-suit projects.Moody Younger, formerly the market leader for the now-defunct Grubb & Ellis, says the area is in the heart of the region's preferred location for Fortune 500 companies.
Along with the office building project, Billingsley plans to develop a four-lane roadway named Cypress Waters Boulevard that will serve as the corporate campus and town center's main entrance off Interstate 635.
Construction on the roadway will begin in April. It is scheduled to open this October. This fall, three Cypress Waters apartment communities totaling 637 apartments are also scheduled to open to residents.