Headquarters Village, slated to deliver in January 2009, has a front-row seat along Preston Road at its intersection with Headquarters Drive. A Comerica Bank will sit at the hard corner on a ground-leased pad site while the inline deals to date have nailed Paradise Bakery for a 4,500-sf end cap and Holy Grail restaurant for a 3,060-sf space.
Land Plan of Dallas also owns the abutting seven acres. "We've been approached about the possibility of joint venture development on that piece," Bryce Gissler of Dallas-based St. Ives tells GlobeSt.com. "The intent was to develop something upscale that complemented the new buildings in the area." He credits the preleasing reception with jump-starting talks for another phase.
The St. Ives team is targeting specialty retail and neighborhood services for the five-building project, which has 68,279 sf of retail space and 21,604 sf of second-floor offices. The opening quotes for inline space is $33 per sf to $37 per sf, triple net, while office is being tagged at $28 per sf plus electric. "We're focused on leasing retail now," he says. "But, we do have three solid prospects in our pocket that would occupy the majority of the office space."
Gissler says Headquarters Village's proximity to Children's Medical Center's new campus makes it a likely candidate for doctors' offices in part of the high-end space. Fronting Preston Road will be 27,628-sf and 18,065-sf two-story buildings connected by a port cochere. Along Town Square Drive will be a 12,307-sf structure and a 9,754-sf building will front Headquarters Drive. The fifth building is the estimated 5,000-sf Comerica Bank.
Construction costs are in a constant state of flux, but Gissler says the high-end design will run slightly above the region's average. Earlier this summer, developers were reporting the average cost hovered $200 per sf.
To put the location into perspective, Headquarters Village sits at one end of a two-mile office and medical office corridor and the Shops at Legacy sit at the other end. Cross Architects of Dallas designed the project for St. Ives, an affiliate of Bridge Realty Partners Inc. Mycon General Contractors of McKinney, TX is building Headquarters Village and Dallas-based Falcon Construction Advisors is its project manager.
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