The Sam Rayburn Tollway corridor is getting more office space. TIG Real Estate Services Inc. is developing a six-story, 154,000-square-foot building on land owned by the Allen Economic Development Corp. between Stacy Road and North Watters Road.
Ridgeview Business Center will be the first office project in the city’s 1,300-acre Sam Rayburn Tollway corridor, which stretches from U.S. 75 on the southwest to Custer Road, between S.H. 121 and Ridgeview Drive. Future land uses call for additional office, entertainment, and mixed-use space.
Designed by Gensler, the $31 million office building features a top-floor balcony. Construction will begin once about 25 percent of the project is pre-leased, said Brad McJunkin, director of acquisitions and development for TIG. Asking lease rates are $27.50 per square foot, plus electricity.
“With this site, we can be competitive in the market and value-conscious,” McJunkin said. “We believe corporate office users will find this to be an outstanding opportunity and a logical alternative to what they would find along the Dallas North Tollway Platinum Corridor.”
The AEDC has optioned the eight acres for phase one from nearby Cottonwood Creek Baptist Church, and an additional 17 acres owned by Betty Williams Trust southwest of the site for phases two and three, according to Dan Bowman, executive director and CEO of the AEDC. All told, the acreage could accommodate up to 500,000 square feet of office space, he said.
“Current plans call for phase one to be a multitenant building,” he said. “But at this point, we have the flexibility to adapt the design for a build-to-suit corporate user.
Bowman said the site offers a number of amenities including highway visibility and access and nearby services that appeal to corporate workers, including restaurants, daycare, and exercise facilities.