Friday, February 05, 2016

Is help on way from Irving to lure firms to Verizon's new $1.5B campus?

An aerial of Verizon's Hidden Ridge mixed-use development, which is expected to cost upwards of $1.5 billion.
Verizon's proposed $1.5 billion Hidden Ridge mixed-used development isexpected to become yet another corporate magnet in Dallas-Fort Worth and is being shopped around to some big companies.

And, if a deal with the City of Irving is approved in March's city council meeting, Verizon could soon get underway on a $50 million infrastructure project to ready Hidden Ridge to reel in those company campuses.

"Verizon is fronting the money for the infrastructure and we propose to pay them back — not in a full-blown tax increment financing district — over a 10- to 15-year period through the increase in property tax revenue," Joey Grisham, director of business recruitment at the Greater Irving-Las Colinas Chamber of Commerce, told the Dallas Business Journal.

"This allows the city to help move the project forward," he added. "We hope this will be approved at the city council meeting in March."

Grisham and city officials hope the development of Hidden Ridge will help recruit new companies and retain Irving-based businesses by offering a truly walkable mixed-use development, which is what C-level executives want to recruit and retain within their own businesses.

"Every company wants the amenities and this project will have the DART station and feed off the Music Factory," he told me. "This will be a huge revenue generator."

These projects — such as Legacy West in Plano and CityLine in Richardson— have proved successful among household name companies, such as Toyota, State Farm Insurance, J.P. Morgan Chase and Liberty Mutual Insurance.

Verizon unveiled renderings of the Hidden Ridge mixed-use development at last week's State of the City dinner in Irving. Hidden Ridge is expected to cost upwards of $1.5 billion to develop (much like Richardson's CityLine development).

Plans for the project include more than 3.5 million square feet of office development, 85,000 square feet of retail and restaurant space, apartments and homes, a 150-room hotel and a village green for community gatherings.

CBRE is marketing Hidden Ridge on behalf of Verizon. Gensler is the project architect. Dallas-based KDC has been contracted to work on Verizon's proposed future expansion of its campus, which is expected to happen in the distant future.
Verizon has 8,100 employees at the company's Irving operations center at 600 Hidden Ridge.

Hidden Ridge could also be further helped by a company shopping under the moniker Project Horseshoe, which is searching for a site to develop an office campus totaling up to 1 million square feet of office space with plans to add hundreds of employees.

Real estate sources say Project Horseshoe is Irving-based Pioneer Natural Resources Co. (NYSE: PXD), which wants to build infrastructure that will support the company's business in the long haul.

This real estate move would run counterintuitive to the actions from some Texas companies throughout the energy sector, which have been subleasing their space in Dallas-Fort Worth and Houston.

Link to full article here

By Candace Carlisle for Dallas Business Journal