Work Under Way on 330-Acre Business Park

GVA Cawley Realty Services of Dallas and Silverwing Development Co. of Concord, CA jumpstarted the Silveron Business Park with a 10-year lease for 32,400 sf from Ivie & Associates Inc. John Conger, managing partner in GVA Cawley, tells GlobeSt.com that Cawley will own, lease and manage the project, Silveron Office Center I, which has just broken ground on a five-acre tract that it bought from the partnership. The marketing company will move into the top floor of the near $10-million, two-story building in December, vacating roughly 17,000 sf in nearby Parker Square.

"This kick starts activity that is only going to snowball," says Todd Ashbrook, COO for GVA Cawley and head of affiliate Wilcox Development Services, the project's developer. "We feel like in the next 12 months we can kick off phase two." Though it's early in the game, there is one proposal out for a 67,150-sf twin. The quoted rate is $23.50 per sf. Conger and GVA Cawley's senior director Buddy Tompkins are leasing the development.

Ashbrook, who's steering the development drive, says another 15 acres are under negotiation with other developers while the 22-acre industrial-zoned allotment also is being primed to change hands. The going rate for land is $4.50 per sf to $7 per sf. At build-out, Silveron Business Park will have at least one million sf of office space, hotel and to-be-determined large retail component.