Mark W. Millis, president of the Sugar Land-based development group, tells GlobeSt.com that he decided to build because of a "void in the market area" for class-A structures. He felt that while there was a heavy concentration of office space in Sugar Land proper, the Southwest Freeway area near Greatwood is an untapped class-A market.Houston Community Bank will anchor the Greatwood Lakes Office Building. According to Millis, the neighborhood has no banks of consequence, thus opening doors for his project to have a strong market presence. Houston Community Bank also is providing the project's financing.

Upon completion, Greatwood Lakes Office Building will serve as Millis Group's corporate headquarters. The building is located on 2.5 acres and will be built of brick and cast stone with marble floors and marble wall accents in the entry system. Jim Lawless is the project architect and B&C Contractors Inc., construction management.

The developer is veering away from its usual focus with the project. "Even though our specialty is planning and developing residential communities, we could not afford to pass on the opportunity to purchase this specialty site from Terrabrook, the developers of Greatwood and Cinco Ranch," says Millis. The group also has developed Shiloh Lake Estates and Royal Lakes Estates, residential communities with estate-size lots.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.