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McKINNEY, TX-With more than 400,000 sf on the drawing boards or under construction in North Texas, Shea Commercial is airing plans for its largest office condo project in its entire network, patterning the 71,000-sf development after its Scottsdale, AZ headquarters. The $10-million Craig Ranch Professional Plaza will break ground in October.

Peter Meyer, Shea’s principal in Dallas, tells GlobeSt.com that he started negotiating for the 4.5-acre tract as soon as he heard that Craig Ranch’s commercial land was available. The 1,750-acre, award-winning, master-planned community along South Custer Road is rising around the Tournament Players Club professional golf course, the Ballfields at Craig Ranch and Main Street-style storefronts in a town center setting. Shea’s land abuts a surgical center that’s on the boards for the Dallas-based Cirrus Group LLC, the under-construction Cooper Clinic, proposed hotels and a soon-to-rise water park. “Craig Ranch is going to have some amazing synergy,” Meyer says.

Shea’s 71,000-sf development, with shells set to turn by May 2006, is a two-story design connected by a glass elevator and bell tower. The marketing drive by Shea’s David Kline is pushing the 30% presold mark, Meyer says.

The medical and general office, class A space is being marketed as “for sale” or “for lease” product at $175 per sf to $185 per sf. Alliance Architects of Dallas designed Craig Ranch Professional Plaza so that western-facing condos have unobstructed views of the championship golf course and heightened the curb appeal by placing the parking at the rear. Shea’s project, planned for the corner of TPC Drive and Texas 121, most likely will follow suit of its others and be built by Dallas-based Precept Builders. David Baldwin of Dallas is the landscape architect.

“The office condo concept is taking off,” Meyer says. “It’s still in its infancy here in Dallas/Fort Worth. But as more businesses are realizing they can own instead of leasing, it becomes a much better opportunity.”

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