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GRAPEVINE, TX-Standing vacant for at least four years, a 26,000-sf industrial property in the heart of Grapevine, TX is headed for a top-to-bottom makeover into office flex. Partnering on the project are Roger Gault, a Dallas broker and development consultant, and Terry Casey of Casey International.

The October construction start will cap three years of waiting to redevelop 204 Dooley St. in North Grapevine. Gault tells GlobeSt.com that it was a buy-and-hold deal as he waited for the Grapevine office market to mature from when he bought the asset. “We think now is a good time,” he says.

The building is positioned a mile from Opryland Texas, a stalled $200-million resort and convention center that’s revving up once again now that Nashville developer Gaylord will be collecting $90 million from Arlington, VA-based Mills Corp. for the Opry Mills shopping center in Nashville and abutting acreage. Also this week, Gaylord was cleared for a $64.6-million economic stimulus check from the federal government through the Job Creation and Worker Assistance Act of 2002. Gaylord’s president told the media that proceeds will be used to reduce debt and complete the Texas project to meet its June 2004 opening.

Given the demographics and the latest turn of events, Gault says “Grapevine is one of the few areas that still has a need for the small users. And obviously the City of Grapevine is looking forward to something happening on that building.”

BGO Architects of Dallas is redesigning the one-time single-tenant building. Gault says it will be retrofitted for small to medium-size users. A general contractor has not been selected for what will come off the drawing board as a Texas Hill Country design. The plan is to have it done early in second quarter 2003.

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