The acreage, with zoning and infrastructure in place, has 2,800 feet of frontage along the tollway at its junction with Stonebrook Parkway. D. Randall Potts, Harvest's president, tells GlobeSt.com that the plan is to break ground in the spring on the first phase, a 150,000-sf, three-story office building. Tentatively called Stonebrook Plaza, the village will include a five-story residential building for seniors, restaurants, retail and office condos.
Potts is working with several development and equity partners, including Bill Cawley, chairman and CEO of with GVA Cawley. Potts says Cawley's already deep in talks with several prospects for the leased office space. "Our plan right now is to have some preleasing, at least 50%, going into it," he says. "We're getting a ton of activity on it."
After four months of negotiations, Potts closed the land deal two weeks ago with Shula Netzer of Dallas, one of the largest landowners in the City of Frisco. "I had been following it off and on and the timing was right," Potts says. "There were a couple others trying to buy it when we made our offer. It's a great site."
In Frisco, large tracts of land can go for $8 per sf to $10 per sf while pad sites are fetching $15 per sf to $20 per sf. All Potts will say about the land price is "we found a good deal that fit our plan." He says the partnership, Harvest Fund V LP, has laid out a 48- to 60-month exit strategy for the development.
Harvest owns about 500 acres on the Dallas side of the metroplex plus it's developed retail centers in Wylie, Rockwall and Lancaster. But, Stonebrook Plaza will be its largest development, with Potts getting a foothold at the gateway to the master-planned Post Oak development.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
