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GlobeSt.com EXCLUSIVE: 300,000-SF Plus Retail Plan Brewing

FLOWER MOUND, TX-If all goes as planned, Direct Development will be closing on a 35-acre tract at the end of January for Highlands Ranch. The concept plan in recent days has gotten nods from the city and Lowe's Home Improvement.

By Connie Gore | Updated on December 08, 2003

FLOWER MOUND, TX-Direct Development of Dallas, coming off the success of a 322,376-sf retail project, is zeroing in on a closing date for another corner of the crossroads as a sister proposal scores a double win with the City of Flower Mound and Lowe’s Home Improvement.

Developers Syd Hurley and David Watson tell GlobeSt.com that, if all goes as planned, a 35-acre closing for the east side of FM 2499 will take place at the end of January. The plan is to immediately spin off acreage at the “regional intersection” to Lowe’s for a 130,000-sf anchor to an estimated 300,000-sf project. In recent days, Flower Mound officials approved the concept plan for Highlands Ranch and Lowe’s signed for the anchor spot, the duo confirms of a plan that’s been brewing for seven months.

In a related move, the six-year-old Direct Development hired Derek Ferrim, previously with Hopkins Commercial Real Estate, as its first in-house leasing director. His first assignment: lease Highlands Ranch. Other properties in the developers’ portfolio will remain tied to third-party leasing contracts.

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