In Frisco, the Dallas-based developer is planning to break ground in the coming weeks on a 100,000-sf first phase of Frisco Market Center, a one-million-sf plan for an 88-acre tract at the junction of Main Street and the Dallas North Tollway. In Flower Mound, the developer will build the 125,000-sf Plaza of the Oaks.
Hermansen is starting out with retail at Frisco Market Center, but the plan includes 700 residential units in a high-end density design, hotel and entertainment component. The multifamily project is slated to deliver in early 2009. Meanwhile, the developer has sold seven acres to Main Event USA for a 70,000-sf facility. Work begins in early 2008.
Kirk Hermansen, owner of Hermansen Land Development says his company will exclusively develop Frisco Market Center's retail component, but will farm out other parts of the vertical development. "We'll bring on the hotel operators. We're talking to two right now and one is nearly under contract," he says. The multifamily component also will be built by another developer.
Real Street Properties Inc., an affiliate of Hermansen Land Development, is preleasing Frisco Market Center and handling all land sales. Its construction financing was provided by Stillwater National Bank of Oklahoma City. Frisco Market Center was designed by Fox Architects of Tulsa, OK, which also did the Plaza of the Oaks.
Hermansen expects to break ground on the Plaza of the Oaks at the intersection of FM 407 and 2499 in midyear 2008 on the mix of retail and high-end office space and deliver it by year's end. Hermansen says 15,000 sf of the 125,000 sf will be dedicated to office tenants needing spaces from 1,500 sf to 5,000 sf. Venture Commercial Real Estate in Dallas is preleasing Plaza of the Oaks.
Although the projects are in different parts of the metroplex, Hermansen tells GlobeSt.com that he learned about the land availability while he worked on other projects. In Frisco, construction of the 50,000-sf Shops at Starwood along Lebanon Road led to him finding out about the site down the street and also made him familiar with the city and its dynamics. In Flower Mound, he acquired a development site across the street from the 370,000-sf Shops at Highland Village as part of a joint venture with a Dallas developer.
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