Allen's luxury $30M office building

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Even though Allen has never had a high-end, luxury office complex in a walkable distance to shopping and entertainment, developer Derrick Evers and his team wanted to see if it could be done in the North Texas suburb.

"We have really been able to work with the city on getting a product that hasn't been on the ground there in Allen," Evers, CEO and managing partner of Dallas-based Kaizen Development Partners, told the Dallas Business Journal. "To be able to lock arms with them to take advantage of the momentum up north, particularly the Tollway corridor, and now on the I-75 corridor side.

 

"The center of the universe has shifted north and that's one of the things we recognized," he added. "A number of companies want to be closer to where their folks live and we wanted to serve that community."

Evers started Kaizen Development about a year-and-a-half ago after leaving the Neal Richards Group, which developed luxury hospitals for Forest Park before the system went through bankruptcy.

JLL's Daryl Mullin and Chris Doggett was hired to market One Bethany Way, a five-story, 125,000-square-foot office building, which is the initial phase of the high-end office complex. The space is being marketed for $20 to $22 per square foot.

Plans for the initial phase — which will be north of $30 million to build — will also include a parking garage and 10,000 square feet of ground-floor retail space.Evers said the team is already in negotiations with restaurateurs for the space and helps give the complex, 'a leg up on the competition," he said.

Dallas-based BOKA Powell is the project architect. Dallas-based Balfour Beatty is the general contractor.

The Allen Economic Development Corp. is partnering with Kaizen Development on the project with the help of a signed master lease for space. Allen Economic Development Corp.'s CEO Dan Bowman was not immediately available for comment.

"They are a bridge until we get some of the other tenants in place and they could potentially move into the building," Evers told me. "They are helping getting things started by signing the lease. They are currently at One Allen and we are hopeful to get them into Allen's first Class A office building."

The building is being marketed to large corporate users to small companies, both of which can use the 25,000-square-foot floorplates. Construction is slated to begin by the end of the year.

Candace Carlisle covers real estate for the Dallas Business Journal.

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21 Jun 2017


By Candace Carlisle