Work Begins on Office Park Project

At build-out, the Tivoli Office Park in Colleyville will consist of about 19,000 sf in five garden-style structures, each intended for a single-business use. Jimmy Archie, vice president of Realty Capital Corp. tells GlobeSt.com that a developed lot will cost $10 per sf to $12 per sf.

The small-user concept is growing in popularity with professional metropolitan workforces as they latch onto properties closer to their homes to avoid down time in traffic snarls and jump to take advantage of low interest rates to finance the acquisitions rather than lease. Realty Capital Corp. has similar "for sale" or "for lease" projects under way along Main Street in Grapevine and Fossil Creek, both in Tarrant County.

Tivoli Office Park buildings, ranging from 2,400 sf to 6,000 sf, are designed around a shared parking lot. Dr. Jesse Schroeder purchased a 30,000-sf lot and hired a builder for a 6,000-sf project, Archie says. Schroeder Orthodontics currently leases an office in the Colleyville area, but that will change later this year.

Realty Capital Partners Inc. of Colleyville provided equity financing for the land acquisition and First Financial Bank of Southlake provided construction financing for the northeast Tarrant County development. Khiet Nguyen of CNK Associates Inc. of Grand Prairie is the architect of the Mediterranean-style project, which is being built by KMJ Contractors Inc. of Arlington.