The affiliate of Shreveport, LA-based Sealy & Co. owns 55 acres at the southeast corner of Texas 121 and Spring Creek Parkway and the 27-acre southeastern corner, which lies in the Colony. The larger site includes 14 acres for retail and a hotel. Talks have just begun with the Colony to put multifamily and additional retail on its side of the project. Development manager Michael Sealy says a site plan will be submitted "shortly" to the city.

With the office plan firmly planted, Sealy tells GlobeSt.com that joint venturing will be considered along with outright land sales for retail, hotel and multifamily developments. Sealy estimates it will take seven years to build out the 82 acres. With the immediate focus on office, he says the development will be paced, with a second office building not about to start until Palomino Crossing I is stabilized.

The spec office building's design is being refined to secure LEED certification, according to Sealy. "It was originally part of the idea, but the market today is pushing toward certified green buildings," he says. "We are going to do a green building, but the certification level hasn't been determined."