In recent news, Jackson-Shaw, a real estate development company from Dallas, has commenced construction on the Lakeview Business District in Rowlett and secured its first tenant. The business district is a master-planned development that will consist of seven buildings spread out over 165 acres, totaling more than 1.7 million square feet. SAF Holland Group, a chassis assembly and component manufacturer, has leased a building measuring over 256,000 square feet as the initial tenant.
The project’s estimated completion date is March 2025. The first phase of the Lakeview Business District will include five buildings that will encompass more than 1 million square feet. The overall construction cost for the entire project is over $15.8 million. Jackson-Shaw has partnered with Compatriot Capital for equity in the development, while financing has been provided by Bank OZK and Affinius Capital LLC. Peinado Construction is serving as the general contractor, while Pross Design Group, Inc., Hunt & Joiner are the architects and structural engineer respectively, and Kimley Horn is the civil engineer for the development.
In other real estate news, Avison Young US reported in its first quarter analysis that the Dallas-Fort Worth industrial space vacancy rate rose to 11.1% in Q1 2024, up from 9.7% at the end of 2023. This marks the highest vacancy levels since post-Dot Com Bust or Great Recession recovery periods. The increase is mainly attributed to slow lease-up of extensive development pipelines in the area despite surges in new properties being leased due to speculative deliveries driving overall vacancy rates upwards.
Meanwhile Prime Data Centers plans to construct six data center buildings worth nearly $3 billion across Dallas-Fort Worth region while Columbus Realty Partners seeks approval to build a five-story apartment complex near Liberty Mutual campus in Plano as part of ongoing real estate developments in these areas.
Overall it’s an exciting time for real estate developers working on projects across North Texas with opportunities arising from various sectors such as data centers and residential developments alike!
