By: Allen EDC

The Allen EDC recently reached an agreement with Duke Realty to construct Allen’s first “Class A” office development starting with construction of a five-story, 150,000 square foot building in summer 2006. Located in Millennium Corporate Center, on the northwest corner of US 75 and Bethany Drive, the park buildout will consist of five, four-to-eight story buildings ranging from 150,000 to 200,000 square feet.

Cornerstone Development is building a second, two-story, 60,000 square foot office building in BSM Financial Center, located on the southeast corner of Ridgemont Drive and US 75. The first building, completed in March 2006, is fully occupied.

Construction will begin in this summer on a single-story, 65,000 square foot building for small office and office/flex users in Allen Business Centre (Phase II), located in the northwest quadrant of SH 5/Greenville Avenue and Prestige Circle.

In Twin Creeks Business Park, located on the west side of US 75 between Exchange Parkway and McDermott Drive, Presbyterian Hospital recently underwent an expansion and addition of a second 60,000 square foot medical office building. A Physical Medicine and Rehabilitation Hospital plans to begin construction in summer 2006. JaRyCo completed two of three 35,000 square foot medical office buildings and Swearingen completed two 10,000 square foot buildings in a planned 40,000 square foot project.

JaRyCo development is constructing a 175,000 square feet office and office/tech building in The Corporate Center at Twin Creeks and Bradford Companies is planning a three building, 180,000 square foot office/warehouse project in Twin Creeks. The project will break ground in June and be available for occupancy by March 2007.

Conversations are underway with users and developers to construct several projects in Allen Station Business Park that will add approximately 567,000 square feet of office/flex space.

The largest Life Time Fitness facility in the State of Texas, with 150,000 square feet of indoor and outdoor fitness amenities, and a 16-screen Cinemark theater opened in Star Creek, located between Stacy Road and SH 121, bounded by Watters Road on the west and Chelsea Boulevard on the east.

Construction is underway on the much anticipated Watters Creek at Montgomery Farm, the commercial portion of the 500-acre conservation oriented Montgomery Farm development, located on the southwest corner of Bethany and US 75. Market Street-United has signed a letter of intent to anchor Phase I of the development and is scheduled to open in November 2007. Developed by Trademark Properties, Phase I will consist of 760,000 square feet of space – 430,000 square feet retail, 80,000 square feet office and 1,100 single family residences.
General Growth Properties (GGP), the number two retail developer in the United States, recently closed on 238 acres on the southwest corner of SH 121 and US 75, including the old Belz mall property. GGP’s project, tentatively named Allentowne, will be a master-planned lifestyle center with more than one-million square feet including high-density, high-rise lofts, ground level retail, entertainment, and office components. GGP plans to break ground on the project in 2007.