TCC, Prudential Break Ground in South Dallas; McKinney to Get $38M Sheraton Hotel
- Oct 27, 2013
Trammell Crow Co. and joint venture partner Prudential Real Estate Investors have broken ground on an 823,379-square-foot speculative industrial project in Southern Dallas County.
Dubbed Trammell Crow Penn Distribution Center, the Class A facility will be located on a 47-acre tract along Interstate 20 in south Dallas and will seek LEED certification.
Scott Krikorian, managing director & head of Trammell Crow’s Dallas/Fort Worth Business Unit, credited two groups in bringing the development to fruition: Partner Prudential Real Estate Investors, with which it has created two other industrial projects in the I-20 corridor, and the city of Dallas, which he said has “paved the way to provide economic growth to the I-20 southern Dallas corridor.” He added: “The location has a strong demand for bulk warehouse space over 500,000 square feet. The intersection of I-35 and I-20 has proven to be the epicenter of logistics, with product moving from Mexico into the region and then distributed locally or nationally via I-20 and I-35.”
The project is expected to be complete in May 2014.
In hospitality news, Starwood Hotels & Resorts Worldwide Inc. partnered with the city of McKinney and the McKinney Community Development Corp. (MCDC) to deliver McKinney’s first upscale, full-service hotel under the Sheraton brand.
To be located at the corner of Highway 75 and the Sam Rayburn Tollway, the $38 million Sheraton McKinney Hotel will be developed by Champ Beck Development, a joint venture between Champ Hospitality and The Beck Group.
The 186-key outfit will be connected to a 20,000-square-foot events center, with both expected to open in February 2015. Amenities will include a full-service restaurant and lounge, a state-of-the-art fitness center, as well as the brand’s signature Link@SheratonSM experienced with Microsoft®, a relaxed space with complimentary wireless broadband.
The project will be backed by mixed financing, with funds coming from the city of McKinney, private equity and bank financing. According to official statements, the city will pay for the cost of the conference center, which the city will own once it is open.
“We have created a unique and innovative financing plan that provides the city with the opportunity to recoup a portion of its investment upon sale and provides a city-owned conference center,” said Jason Gray, McKinney city manager, in a release. “In addition to the positive economic impact from having a high-quality, full-service hotel, the McKinney Economic Development Corp. owns an additional 50 acres that can be developed on the site.”
“The hotel is a critical component in making the entire area successful. That’s really the payoff to the community,” he added.
Photo credits: The Beck Group