Dallas-based real estate development company Jackson-Shaw has recently broken ground on the Lakeview Business District in Rowlett, Texas. This project will encompass seven buildings spread across 165 acres and over 1.7 million square feet of space. The first tenant to secure a space in this new business district is chassis assembly and component manufacturer SAF Holland Group. They have leased a building spanning more than 256,000 square feet, which is expected to be completed by March 2025.
The initial phase of the Lakeview Business District will consist of five buildings totaling more than 1 million square feet. The project has an estimated construction cost of over $15.8 million. Jackson-Shaw has partnered with Compatriot Capital as the equity partner for this development, while Bank OZK and Affinius Capital LLC have provided financing. Peinado Construction is the general contractor for the project, with Pross Design Group, Inc. serving as the architect. Additionally, Hunt & Joiner is the structural engineer, and Kimley Horn is the civil engineer on this project.
Industrial space vacancy in the Dallas-Fort Worth region has increased to 11.1% during the first quarter of 2024, up from 9.7% at the end of 2023, according to Avison Young US. This rise in vacancy is attributed to the delay in leasing up the large development pipeline in the region rather than a decline in demand as seen in previous downturns. The report notes that while newer industrial properties are being leased, high volume speculative deliveries are driving up vacancy rates.
On another note, Prime Data Centers is planning to invest nearly $3 billion in developing six data center buildings across Dallas-Fort Worth area.
Columbus Realty Partners also seeks approval for constructing a five-story apartment building next to Liberty Mutual’s Plano campus.
In summary, there are several developments happening in different areas of Dallas Fort Worth region that includes industrial spaces as well as residential projects such as apartments and data center expansion plans worth billions of dollars by different companies like Jackson Shaw and Prime Data Centers
