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Jun. 10, 2013

Trammell Crow Starts Work on Plano Office Tower; Frisco Apartment Community Sells for $36M

By Amalia Otet, Associate Editor

Trammell Crow Co.  and Principal Real Estate Investors have joined forces to develop Legacy Towers, a speculative two-phase office project in Plano’s Legacy business park.

The joint venture has begun demolition of the former Stacy Furniture headquarters building at the southeast corner of the Dallas North Tollway and Legacy Drive to make way for the new high-profile development.

Phase I calls for a 13-story, 342,066-square-foot, Class AA office tower and a 1,200-car, six-level parking structure connected by a conditioned walkway. Phase II is expected to be a seven-story, approximately 192,500-square-foot Class A office building.

“Legacy is one of the best office markets in the country, and this truly is the best site in Legacy Business Park,” said Denton Walker, a senior managing director for Trammell Crow’s Dallas/Fort Worth business unit, in a release. “We are excited to officially begin this speculative project with our partner Principal Real Estate Investors to deliver a high-quality office project located at the gateway to Legacy Town Center. We are excited to deliver a product with a level of design and construction materials that we believe will be unmatched in Legacy.”

Designed by Dallas-based architectural firm HKS Inc., the project seeks LEED Gold certification and will be available for occupancy in the third quarter of 2014. Wells Fargo is the project lender. CBRE Dallas Senior Vice President Dennis Barnes, First Vice President Celeste Fowden and Associate Hunter Lee of CBRE Dallas are marketing and leasing the state-of-the-art office building, according to company statements.

In other news, Colonial Properties Trust completed the acquisition of the 252-unit Colonial Reserve at Frisco Bridges (formerly Ablon at Frisco Bridges), in a $36.2 million deal.

The newly developed Class A mid-rise apartment community is located in the Frisco submarket and features direct access to more than 17 million square feet of office space within a five-mile radius, including major employers such as Hewlett-Packard (EDS), Dr. Pepper, Frito-Lay Inc., Ericsson, BofA Home Loans and JC Penney.

Amenities include a resort-style pool, state-of-the-art fitness center, structured parking with controlled access and gourmet kitchens with stainless steel appliances and granite countertops.

The property is currently in lease-up, with 30 percent of the units leased at the time of acquisition.

Rendering: Plano Economic Development

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