Granite Breaks Ground on Hotel; May buy in ATL
The new dress code for working construction is pretty strict. Granite Properties broke ground Thursday for the 12-story 300k SF Class-A Granite Park IV office tower and the 299-key Hilton Granite Park hotel at the southeast corner of SH 121 and the Dallas North Tollway. Above, Plano city leaders with Granite and Hilton execs and a big hard hat tip from Granite top dog Mike Dardick (far left). Both projects are designed by BOKA Powell and slated for a mid-2014 completion. Woodbine Development is the hotel development consultant. Austin Commercial is the GC for the hotel and Balfour Beatty Construction is the GC for the office tower.
Granite Properties could bemaking further inroads in Atlanta's office market, with its eye on Piedmont Center. Sources tell our Atlanta reporter that Granite isunder contract to buy Piedmont Center 5 through 8, a500k SF, interconnected office building in the popular Piedmont Center office park. The price could be more than $65M, or the upper end of the$130/SFrange. Teachers Retirement System of Illinois put the building on the market last year. Officials with Granite and CBRE (which is brokering the sale) declined to comment.