ALLEN, TX—Of all the next tier suburbs in the path of development across North Texas, Allen looks to be the most primed for transformational growth, according to JLL research. Taking advantage of that progress, a new park-centric multi-use development, Monarch City, was recently introduced by the Howard Hughes Corporation. Zoning is expected to begin this year on the community, which will be located in the southwest corner of North Central Expressway and the Sam Rayburn Tollway.
Upon completion, Monarch City will consist of office and retail space along with urban residential product and a luxury hotel. This is one of the Howard Hughes Corporation's first North Texas projects.
“Moving beyond the typical office park, Monarch City is building upon the momentum that we are seeing across the state and across the country as a whole,” said Mark Bulmash, senior vice president, development for Howard Hughes Corporation. “The Howard Hughes Corporation is creating a dynamic urban, walkable community.”
JLL managing director Jeff Eckert, managing director James Esquivel and senior vice president Jay Bailey are serving as marketing and office leasing leads for the property.
“Monarch City will deliver a game-changing, first-class live, work, play environment with state-of-the-art amenities and cutting-edge technologies in one of the most active markets in US,” said Eckert. “The Howard Hughes Corporation's new development offers great access, diverse amenities and visibility to attract and retain top talent, as well as great opportunities for retail and multifamily.”
In 1990, Allen had less than 20,000 residents. A decade later, the population of Allen more than doubled. Today, the population has reached nearly 100,000 residents. And, Bulmash said there were other factors in selecting this location for Monarch City, namely the schools. Nine of the top 50 school districts in Texas are located within a short drive of this location. To put that in perspective, there are approximately 1,000 school districts in the state and nine of the top 5% are located here.
“The quality of life in Allen is outstanding. Money magazine recently recognized Allen as one of the best places to live in the United States as well as one of the best places to start your career,” he tells GlobeSt.com. “The city has been a really great partner and the Allen economic development corporation are really great to work with. We also believe that we're in the path for development. If you look at 121 and how development is heading east, and you look at the patterns along 75 and they're pushing north, we're the logical place for new development.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
