$200M MXD Project Targets Future Demand

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DALLAS-Granite Properties and Gables Residential plan to start construction in January on a $200-million mixed-use project of two towers combining office, apartments and retail space on a site at the northwest intersection of McKinney Avenue, North Akard Street and Cedar Springs. According to Greg Fuller, chief operating officer of Granite, the construction schedule will bring the development onto the market in time to meet demand that is expected when the two towers are ready for occupancy.

“We based our decision to move forward on the current supply and demand, and the forecasted supply and demand for the fourth quarter of 2009 through the fourth quarter of 2011, which is when we’ll be leasing,” Fuller says. Additionally he notes that more than $6 billion worth of infrastructure and development in under way in the area from the Woodall Rodgers Park, the Arts Center area, and other office and residential.