The airport authority today approved the contract, signaling a rush to the wires with the news. "This is terrific news for the North Texas economy and for DFW," John Terrell, vice president of commercial development for the airport, says in the press release.
Officials were unavailable for immediate comment, but more details will be forthcoming as the day plays out. The just-cleared contract puts 63.8 acres, with a near 1.1-million-sf build-out potential, at the JV's development disposal and the option to add 27.15 acres, which could support another 472,500-sf building. The expanded development pact complements a hold-over site from an August 2005 deal that has 14.85 acres waiting for a 200,000-sf industrial project to go vertical. That ground lease generates $210,231 in annual revenue. The overall impact is $1.5 million of annual income for the airport coffer.
Last year, the JV completed the 630,000-sf Trade Center I, leasing it to Amazon.com for a Southwest US regional distribution center. TCC also just completed the 400,000-sf International Cargo Centre III.
"Trammell Crow has been an outstanding partner and will help DFW continue to grow in both cargo infrastructure and warehouse and distribution facilities," says Jeff Fegan, CEO of DFW. "The airport community and our region is fortunate to have such a great business investor based right here in North Texas."
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