After years of creating neighborhoods such as The Woodlands in Houston or the Seaport District in New York City City, Dallas-based The Howard Hughes Corp. is getting ready to begin building and construction on its newest endeavor with a community-oriented, corporate magnet anticipated to tempt Dallas-Fort Worth’s next big out-of-state moving to the northern residential area of Allen, TX.
To get ready for such an endeavor, Howard Hughes (NYSE: HHC) plans to precede the city with more particular zoning ask for the 270-acre advancement tract at the southwest corner of North Central Expressway and the Sam Rayburn Tollway by the end of the year.
“We wish to establish a multi-use community with a diverse set of usages in an amenity-rich environment that’s not your typical office park,” Mark Bulmash, senior vice president of development for Howard Hughes, told CoStar News.
“It’s currently prepared at about 8.7 million square feet, however that could alter depending upon market need,” Bulmash added. “What we are preparing right now will enable us to satisfy market demand.”
The new corporate magnet, called Monarch City, was called after a part of Allen’s history, Bulmash said, where early pioneers to Allen– and the Blackland Prairie– observed the abundance of Queen butterflies on the prairie lawn. The predominance of butterflies signaled to pioneers the land was fertile for growing, Bulmash said, and Howard Hughes is no various.
“For us, this signifies a fertile opportunity,” he added.
Monarch City’s strategies could alter, depending on a corporate user or several corporate users signing on to the task, however, early plans consist of several workplace schools, retail and dining establishment space and a high-end hotel centered along with a park that will play a big role in the bigger vision of the job.
“The entire project will be arranged around a park, which is unusual relative to the other projects like this, however we believe it makes it a truly terrific location not just for individuals that live and work there, but a location the community can embrace,” Bulmash said, including the designer prepares to go before the city with more particular zoning demands this year.
This might be Dallas-Fort Worth’s next huge business magnet to draw in a huge relocation to the region, with the development group hoping it turns into another effective project, like Legacy West in Plano. Tradition West was established by Plano-based master designer Fehmi Karahan, who helped land Toyota The United States and Canada and other regional business centers to the $3.2 billion mixed-use advancement.
Bulmash said he does not have a tenant in his back pocket, however the “sweet area” for Emperor City would be “some sort of build-to-suit for a presumably out-of-state corporate user entering Dallas-Fort Worth.”
If a huge corporate user isn’t found right away, Bulmash said he prepares to construct with the market need.
“We have this aspirational vision of doing this huge audacious project and we think that vision is something that will alter the community,” he added. “We are providing users the ability to come in at the ground floor and help us understand this vision.”
Ultimately, Bulmash said Howard Hughes executives want to not just accommodate one corporate occupant at Queen City, however several corporate occupants, which would contribute to the neighborhood, making it a “more intriguing location.”
Howard Hughes Corp. has generated a JLL group, including Jeff Eckert, James Esquivel and Jay Bailey, to supervise the marketing and leasing of the office. JLL was the exact same brokerage company that eventually brought Toyota The United States and Canada to Plano, a nearby suburban area surrounding to Allen.
The mixed-use development will bring desired features and innovation to one of the most active advancement markets in the United States, said Eckert, a handling director in JLL’s Dallas workplace.
Those development strategies, paired with a terrific place, has the ability to entice something big to Allen, said Bulmash.
“Not a great deal of websites have this kind of gain access to with three nearby airports and the exceptional quality of life that Allen needs to offer,” he added.
For the record:
Brokers: JLL’s Jeff Eckert, James Esquivel and Jay Bailey
Architect: Dallas-based Omniplan