Friday, February 27, 2015

Granite Properties to double the size of Granite Park with 3 new towers

Granite Park Six rendering
Plano-based developer Granite Properties plans to double the size of its Granite Park mixed-use corporate magnet with three new office towers.

The 90-acre development at the southeast corner of the Dallas North Tollway and State Highway 121 is expected to get three Class AA office towers known as Granite Park Six, Granite Park Seven and Granite Park Eight.

Granite Properties' three proposed towers, and the respective parking, are expected to cost $405 million to $450 million to build.

The three new proposed towers are expected to be developed to meet the growing demands of customers and clients relocating to the West Plano submarket. Each tower will be 20 stories with 500,000 square feet of office space.

"Customers are out in the market looking for large blocks of contiguous space," said COO Greg Fuller. "With Plano still in an upswing, we're positioned to meet the growing demands for Class A office space here."

The towers will join the newly completed Granite Park Four, the new 299-room Hilton Dallas/Plano Granite Park conference hotel and Granite Park Five, which is under construction.

Granite Park is also getting ready to build 25,000 square feet of retail space, known as The Boardwalk, surrounding its water feature fronting 121.

So far, Granite Park Four is 80 percent leased since its completion last summer, and two floors have been pre-leased at Granite Park Five. Fuller declined to disclose the newly signed tenants.

"We are marketing the buildings to several large users that could take one or more of the buildings," he said.

There's been a spike of demand for office space in the West Plano area since Toyota decided to put its North American campus in Legacy West, which sits west of the Dallas North Tollway at Legacy.
The $2 billion corporate magnet has lured Toyota, FedEx Office and, reportedly, Liberty Mutual Insurance.

Granite Park Seven and Eight will have sky bridge connections on the 10th and 18th floors. The project is designed by Dallas-based BOKA Powell.

The building's will feature conference centers, corporate living rooms, fitness centers and an on-site deli cafe.

Fuller said Granite Properties plans to break ground on the towers after landing tenants. The developer could begin developing the towers on a speculative basis in the future.

Candace Carlisle, Dallas Business Journal