"This property was zoned as retail at first, but Southlake already has a lot of retail with another 200,000 square feet of retail under development," Asbury, president of Dallas-based 3L Realty Group LLC, told the "Southlake was happy to see a new office project."
"The low vacancy rate with the demographics of the Southlake market has made the interest in this project spectacular," Asbury said. "Until we knew exactly what we were going to build, we weren't sure what we would do to market it, but the interest is already there for office and medical office."
Tyler Adams of Greenlight Studios is the project architect. Asbury says he's out to bid for general contractors and expects to hire one soon.
Asbury already has two tenants in tow and expects to break ground on the new development in the first quarter of 2015.