Yancey-Hausman Commercial Real Estate Services and Radler Enterprises Inc., both from Houston, will start Beltway Lakes with a 150,000-sf office building. The development land at the junction of Beltway 8 and Texas 249 was bought from locally based Betz Co.

The JV, still fine-tuning the overall costs, isn't disclosing the financial details for the land acquisition. However, similar acreage in the submarket has sold for $3 per sf to $7 per sf.

David Carter, vice president with Yancey-Hausman, says Beltway Lakes' first building will be delivered by the end of 2007. "Once we're 50% leased on the first one, we'll start the second one," he tells GlobeSt.com. The architect and general contractor have not been selected.

Carter says tenants most likely will be involved with the energy industry, with users ranging from 5,000 sf to 100,000 sf. Although the land deal just closed, Carter says a couple of proposals have already been made. He says he's expecting favorable responses based on the location alone. "On Beltway 8, it's difficult to get to the corners when you're driving," he says. "This site has immediate on and off freeway access in all directions. Access is great."

Carter says the entire project is geared for spec and build-to-suit development. "It all depends on what the market will give us," he says, adding he's already fielded inquiries for 100,000-sf to 200,000-sf build-to-suits.