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The affiliate of Shreveport, LA-based Sealy & Co. owns 55acres at the southeast corner of Texas 121 and Spring Creek Parkwayand the 27-acre southeastern corner, which lies in the Colony. Thelarger site includes 14 acres for retail and a hotel. Talks havejust begun with the Colony to put multifamily and additional retailon its side of the project. Development manager Michael Sealy saysa site plan will be submitted "shortly" to the city.

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With the office plan firmly planted, Sealy tells GlobeSt.comthat joint venturing will be considered along with outright landsales for retail, hotel and multifamily developments. Sealyestimates it will take seven years to build out the 82 acres. Withthe immediate focus on office, he says the development will bepaced, with a second office building not about to start untilPalomino Crossing I is stabilized.

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The spec office building's design is being refined to secureLEED certification, according to Sealy. "It was originally part ofthe idea, but the market today is pushing toward certified greenbuildings," he says. "We are going to do a green building, but thecertification level hasn't been determined."

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The three-story building has a 12-month construction schedule.The 60,000-sf floor plates are divisible into 5,000-sf offices. Thequoted rate has yet to be set. Sealy has hired Clint Madison, TreySmith and Johnny Johnson with Dallas-based Capstar Commercial RealEstate Services for the office tenant search while the retail landis being marketed by Brent Wicker of Wicker & Associates inDallas.

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"We're very comfortable with the far North Dallas market forthis product type. We see there's good activity," Sealy says. "Webelieve there are enough prospects in the market and the market ishealthy enough moving forward that we will be able to lease thebuilding at pro forma rates in the pro forma time frame."

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Sealy has altered the Palomino Crossing plan since itsunveiling, but it still remains the largest office development inthe company's portfolio. Corgan Associates Inc. of Dallas is theproject architect, with SMR Landscape Architects Inc., also fromDallas, crafting the plan for the grounds. The general contractorhas yet to be picked.

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