Provident Tapped for 37-Acre DFW Mixed-Use Project
- Aug 22, 2017
There are jobs and then there are jobs, and Provident Realty Advisors just landed a big one in Plano, Texas. The real estate and investment firm has been tapped by the Baccus family of Plano to develop The Legacy at Spring Creek, a mixed-use project on a sprawling 37-acre site owned by the Baccuses since the mid-1800s.
“This site is a very high-profile piece of property in one of the hottest markets in the country,” Leon Backes, president of Provident Realty, said in a prepared statement. “Every major developer in town was interested in this site.”
Legacy, designed by O’Brien Architects, will sprout up at the northwest quadrant of the Dallas North Tollway and Spring Creek Parkway in the Far North Dallas submarket. The site will feature as much as 100,000 square feet of retail and restaurant offerings, a 200-room boutique hotel and, most notably, up to 2 million square feet of premier office space at full build-out.
Office space, anyone?
Legacy will respond to a hungry Plano office market with three towers ranging from eight to 10 stories as part of the project’s first phase, which can accommodate a maximum of 1 million square feet of office space. Cushman & Wakefield has been charged with overseeing leasing of the office segment; the commercial real estate services firm is currently marketing the space as a build-to-suit opportunity for corporate users seeking a minimum of 75,000 square feet.
“The Far North Dallas submarket, particularly the Legacy area, has experienced significant demand from build-to-suit tenants, most recently by Toyota, Liberty Mutual and JPMorgan, due to the accessibility to the expanding employee base in this area and the walkable amenities,” Chris Taylor, executive managing director with Cushman & Wakefield, told Commercial Property Executive. “The location of this Spring Creek site is in the path of this tenant demand as it provides the accessibility to this deeply populated and well-educated work force in the Legacy area. With the new hotel and multiple dining options in the works for this site, companies will be able to have a well located option from which to consider as they evaluate building their own office building.”
The first of those multiple dining options and other walkable amenities so highly coveted by corporate office users will take shape in the 50,000 square feet of retail space planned for Legacy’s initial phase. Commercial real estate services firm DuWest Realty is spearheading retail leasing at the development, and notes that retailers’ strong response to the project has resulted in negotiations for more than half of the retail space on tap.
Provident expects to commence construction of Legacy’s first phase in the first quarter of 2018.
Image courtesy of Cushman & Wakefield