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."
The three-story building has a 12-month construction schedule.The 60,000-sf floor plates are divisible into 5,000-sf offices.The quoted rate has yet to be set.Sealy has hired Clint Madison, Trey Smith and Johnny Johnson with Dallas-based Capstar Commercial Real Estate Services for the office tenant search while the retail land is being marketed by Brent Wicker of Wicker & Associates in Dallas.
We see there's good activity," Sealy
says."We believe there are enough prospects in the market and the market is healthy enough moving forward that we will be able to lease the building at pro forma rates in the pro forma time frame."Sealy
has altered the Palomino Crossing plan since its unveiling, but it still remains the largest office development in the company's portfolio.