But wait, that's not all!The TCC/PrinREI partnership is also back in business in the Energy Corridor--it broke ground on Energy Center III last week. (And guess what; Kirksey is the architect here, too. Balfour Beatty is the GC.) The 546k SF Class-AA office building is under construction at the SWC of I-10 and North Eldridge Parkway. The JV acquired the 19-acre site last March and expects to deliver the 20-story tower in Q4 '14. Its pre-certified LEED Gold. Aaron tells us its been a while since the team leased and sold its last Energy Corridor projects, so he's excited to be playing in the lively submarket again.
This rendering is so dramatic, it's been nominated for an Oscar. Aaron says the biggest challenge was lining up construction financing. Although lenders were comfortable with the submarket and sponsorship, many of the usual players just aren't putting money into large scale spec office development. TCC and PrinREI ended up needing to syndicate between two banks (Wells Fargo and US Bank). The JV hopes to attract a large HQ tenant, so design is geared to high density. (For example, there's a third stairwell and the three bottom floors are higher to enhance collaborative space and amenities.) Energy Center III is the first phase of a planned multi-phase office development.
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