X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SOUTHLAKE, TX-Terrabrook has signed the first deal for its 550-acre Aventerra, a mixed-used development in the prestigious Southlake. Dallas-based Granite Properties takes the helm as office developer while Terrabrook continues serious talks with a retail specialist who could be on board by year’s end.

The pact calls for Granite to develop a 7 1/2-acre tract, marking the 10-year-old leading office developer’s first foray into Tarrant County. Greg Fuller, Granite’s managing director, tells GlobeSt.com that the preliminary design calls for a six-floor, 150,000-sf, multi-tenant building. And, he confides, Granite has the first right of refusal for an abutting 75-acre tract for additional office development. Phil Baker and Stan McClure, both of Insignia/ESG (formerly Baker Commercial Realty), brokered the land deal.

The first spade of earth won’t be turned until mid-2002, with an eye on a summer 2003 delivery. That, says Fuller, is because “there’s still a lot of work to be done between here and there.”

That work is the infrastructure, specifically the completion of Texas 114, which is the connector between the 15,000-acre AllianceTexas and Dallas-Ft. Worth International Airport. Jim Baker, Terrabrook vice president and general manager, says the strategy is to deliver Aventerra’s infrastructure and Granite Corporate Center in sync with the mid-2003 opening of Texas 114.

Aventerra’s land planner, Good Fulton Farrell of Dallas, is designing Granite’s class A office building. Aventerra’s landscape architect, TBG Partners of Dallas, will design the grounds for Granite Corporate Center at Aventerra.

Granite’s project literally will be positioned at “the front door to 114,” says Fuller. Talks are under way with prospective tenants, including one single-tenant user. Fuller says he’s not precluding that the spec building could become a build-to-suit since it’s so early in the planning game. Should a build-to-suit tenant come forward, a second office building might begin sooner than anticipated, he says. The deal was sewn up by the prospects of being close to Las Colinas, where Granite has a large presence, the DFW and Alliance airports and the demographics of Southlake, home to many high-profile metroplex figures.

The Granite signing signals a close to a lengthy process “to find the right development affiliate…and matching of corporate philosophies and then working out the logistics of working together,” Baker explains to GlobeSt.com. He says the Terrabrook team is intent on finding just the right fit in its development partners for the project that will add four million sf to six million sf of retail, hotel, office and corporate build-to-suits to the 114 West Corridor. “We see this as an eight to 10-year development. We want to do this right,” he stresses.

The under-construction artery, says Baker, is on its way to becoming a master-planned corridor of abutting mixed-use projects, with large office components. Four such developments already line the highway, touching in some spots. There’s comfort in that, he says, because it ensures “a consistent level of quality development more so than competition.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.