"We're seeing quite a few new deals. It's encouraging," Jon Napper, the Sacramento-based Panattoni's Texas partner, tells GlobeSt.com. Besides, he says, available big box space is now limited in the park since a neighboring competitor roped a 600,000-sf tenant to fill its empty space in recent months.

The two-building project has been on the drawing boards since 2001 when Panattoni bought three parcels. Early last year, 12 acres were sold to Taylor Farms and Hardies Fruits and Vegetables for sister build-to-suits. The 58-acre balance is being rolled to spec development for 470,250-sf and 575,000-sf designs.

Pinnacle Park West I, the smaller of the two buildings, will deliver by February 2004 although finished pad sites mean either could go at any time, if the right deal comes along. "We built the pads and held due to the amount of space in the marketplace," Napper explains. "We're going spec because we feel the market is back enough." The Texas team, like many of its peers, had reined in construction and chased build-to-suits to allow the economy time to turn around.

When one building leases, work will begin on the final phase. Admittedly, it's enough inventory for a couple years, but when that building's leased the focus turns to Mountain Creek Business Park, Napper's 410-acre dream project that got off the ground about two years ago and has since gained strength by a road completion running through Pinnacle Park and linking Interstates 20 and 30.

The 470,250-sf Pinnacle Park West I will boast a 30-foot clear height and 113 cross-dock doors along with 295 parking spaces and trailer parking. The development is supported by a 10-year, 90% tax abatement from the City of Dallas and Triple Freeport inventory exemptions.