Billingsley Co. is moving forward with the construction of a new speculative office building and four-lane roadway at Cypress Waters, its 1,000-acre mixed-use development at the northeast quadrant of Interstate 635 and Belt Line Road. The three-story, 150,000-square-foot facility will be ready for occupancy in July of 2014.
The developer aims to replicate the success of its International Business Park and Austin Ranch parks.
“It’s no secret the market is very active and there are several users in need of large office space with large parking ratios,” said Marijke Lantz, senior vice president for Billingsley. “In Las Colinas alone we are currently tracking more than 7 million square feet of deals and/or corporate relocations.”
The majority of those deals require parking ratios of at least five spaces per 1,000 square feet, which Cypress Waters could accommodate, Lantz said.
Younger Partners will handle leasing for the new office facility, as well as build-to-suit projects. Moody Younger said market conditions favor the Cypress Waters development, and cited the project’s freeway access, proximity to Dallas/Fort Worth International Airport, and amenities like a 362-acre lake as key lures.
“There are limited big-block vacancies, and transaction momentum increases daily,” he said. “I expect this combination to result in rapid lease-up.”
Billingsley also is breaking ground on a four-lane thoroughfare that will serve as the main entrance to Cypress Waters from Interstate 635 and connect the retail, office, and multifamily components of the development. Work on the roadway should wrap up in October. Additionally, three multifamily neighborhoods, with a total of 637 units, are set to open in Cypress Waters this year: Scotch Creek in June, followed by Parsons Green and Sycamore Park apartments this fall.
Lucy Billingsley, partner at Billingsley Co., said the development’s location is tough to beat. “This incredible land is situated at the crossroads of Dallas and Fort Worth,” she said. “We have a huge canvas on which to create a stunning office campus, and we are raising the bar on design and amenities for this area of the city.”
