Bisnow Exclusive: Granite Moves Dirt on Even More Spec
It’s official: Granite Properties started construction on the next phase of Granite Park with the 306k SF Granite Park Five, Bisnow learned exclusively yesterday. (Granite Park Five could also be the title of a movie about a rag-tag group of misfits who band together to win the state basketball championship.)
The new construction comes on the heels of the opening of Granite Park Four and the Hilton Dallas/Plano Granite Park, COO Greg Fuller tells us. The 12-story spec office building will be the fifth Class-A office building in the 3M SF mixed-use project at the intersection of SH 121 and the Dallas North Tollway. Greg (here, speaking at the groundbreaking for the hotel) tells us the successful lease up of Four, which delivered in June (and is now 72% leased and anticipated to be at 90% by year’s end) and the completion of the hotel made the timing right to start this project.
The newest building will be a mirror of Granite Park Four (pictured), Greg tells us, and prospective tenants are already in discussions for space at Five. Greg says since Granite Park’s inception in ’98, buildings were planned ahead and just waiting for the appropriate timing to get started. There’s still room for another 1.5M to 2M SF of projects on the land with potential for more if smaller buildings were removed, he says. The announcement of Toyota, FedEx, and other major corporations is a big generator for businesses to be in this area of Plano along the Tollway, he says. Plus, all of the road work in the area is complete, he says.
Designed by BOKA Powell Architects, Granite Park Five will include a corporate living room, grab-n-go food service, and a conference center. The office tower will also benefit from the newly minted Granite Park Area Shuttle System (aka the GPASS), which will shuttle tenants from Granite Park buildings (like the new Hilton, pictured) to Granite Park restaurants and the Shops at Legacy, he says. Balfour Beatty is the contractor, and completion is expected in October 2015. When he’s not running the business, he likes to sneak away for a round of golf or hit a CrossFit class.