ProLogis Park Fort Worth will sit at the crossroads of Interstate 35W and Loop 820. The land was bought in February from a local partnership, with build-out details being closely guarded until now.
Rob Huthnance, first vice president and Dallas market officer for the Denver-based development company, tells GlobeSt.com that the team is working through its impact fees with the city, but the developer will be required to improve Mark IV Parkway and Cantrell-Samson Road as part of the terms. "While we're finishing the roads and utilities, we can start a building," he says, adding vertical construction should be under way by year's end.
ProLogis is planning seven warehouses and distribution centers, targeting tenants from 30,000 sf to 650,000 sf. The cross-dock designs will be built to LEED specs with 32-foot clear heights and large trailer courts. "They will have all the bells and whistles," Huthnance says. "As materials handling becomes more sophisticated, high clear heights have become more justifiable."
ProLogis Park Fort Worth will rise as a mix of spec and leased build-to-suits. "We will do whatever the market pushes us to do. We certainly are marketing build-to-suits, but we will be starting the park without leases taking place," Huthnance says.
Huthnance says would-be tenants, their brokers and existing ProLogis customers already have shown interest in the site in advance of the dirt work. Not only is the state is planning to have the I-35W interchange upgraded by 2011, but the development land is 10 miles east of Fort Worth-based BNSF Railway's intermodal yard at AllianceTexas and its industrial airport, which boasts one of the highest annual volumes of cargo traffic in the world.
"We think our company and all we have to offer with our global relationships can take advantage of all the momentum that's been created in North Fort Worth," Huthnance says. "It's a very real possibility that we have many customers we do business with in the US, Asia and Europe that could be a customer in this park."
ProLogis Park Fort Worth is the developer's first land claim in the corridor although it has 139 buildings, totaling 23 million sf, in Dallas/Fort Worth. And, the new park isn't without neighboring competition, but Huthnance says ProLogis' leading edge is the location and quality of the designs. The ProLogis team is quoting $3.25 per sf plus $3.50 per sf for the tenant improvement allowance. The first building will deliver in spring 2009.
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