James S. Cornelius, Sowell principal, tells GlobeSt.com that theestimated $14 million of infrastructure construction will wrap upby August 2005, allowing Duke's Dallas division to jump intodevelopment of its share of the land. In recent weeks, Sowell sold130 acres to Duke, one of three developers who returned full-priceoffers within 24 hours of an e-mail declaring the time had come forthe long-awaited land sale. Sowell's plan is to hold 65 acres for"a higher use than distribution," retail-related users looking for"a nameplate on Interstate 30." Another 30 acres will be banked forfuture residential development.

In 1996, Sowell bought 534 acres of predominately flood plainland along the interstate. Since then, the developer's team hasstayed a course with city, county, state and federal agencies toget the first Interstate 30 frontage road in Grand Prairie and siteaccess plus completed a reclamation and wetland mitigation that'screated an 82-acre lake and a handful of smaller ones.

Jeff Turner, Duke's senior vice president in Dallas, says itsacreage will be built out with 2.5 million sf ofinstitutional-grade distribution product, with an estimated$75-million value. "The access is incredible for distribution.Throw in rail-serve, Triple Freeport and TIF (tax incrementfinancing) and it's a good recipe for big box industrialdevelopment," says Turner, who's been chasing the deal since 2001."We consider, as prizes, land where you can build up toone-million-sf buildings." Duke's site can hold two one-million-sfboxes and there'd still be room for a third building, he says.