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Real Estate Briefs

Hillwood Developing 1.7 Million Square Feet of New Industrial Space

Plus: City of Irving is offering up big incentives to lure banking giant Wells Fargo; Construction company Brasfield & Gorrie expands its North Texas presence; and more.
By Carla McCanna |
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Following a sizeable 8.9 million square feet of building leases at the AllianceTexas development in north Fort Worth over the last 18 months, real estate developer Hillwood is poised to add even more industrial space. Nearly 1.7 million square feet of warehouse and distribution space will be built by AllianceTexas developer Hillwood across two speculative buildings.

Adding to the nearly 4 million square feet of AllianceTexas industrial development in 2022 alone, the largest of the two buildings, Alliance Westport 25, will sit in the 1,200-acre Alliance Westport sector and total nearly 1.1 million square feet of space.

The second building—Alliance Center North 4—will total 615,694 square feet and is located on the corner of Litsey Road and the I-35W frontage road, providing direct access to I-35W.

“As we’ve seen record demand within AllianceTexas, leasing over 8.9 million square feet over the past 18 months, Hillwood is thrilled to announce the next round of state-of-the-art speculative logistics facilities with Alliance Westport 25 and Alliance Center North 4,” said Reid Goetz, senior vice president of Hillwood.

Both facilities will benefit from a variety of AllianceTexas amenities such as the proximity to  Alliance Park, hundreds of trailer and car parking spaces, employee transportation services, and more.  The development is expected to deliver in the second and third quarters of 2023.

“Now more than ever, customers are focused on real estate solutions that provide supply chain reliability, optionality, and if possible, low cost. Each of these buildings have immediate access to some of the most unique transportation logistics infrastructure in our entire market – the BNSF Alliance Intermodal Facility and Interstate 35W,” Goetz said.

City of Irving Proposes $31 Million Incentive to Wells Fargo for Large Office Development

According to a recently released City of Irving Council agenda, up to $31 million in economic incentives may be up for grabs for San Francisco-based Wells Fargo.

These potential financial incentive agreements are set to be discussed and voted upon on August 4, only a couple of weeks after the city approved a new 20-acre, 800,000-square-foot office development in Las Colinas.

Set to be located at the corner of Las Colinas Boulevard and Promenade Parkway, this newest development will consist of two office buildings with the capability of housing 4,000 workers, as well as multifamily units and retail space.

According to city documents, the development would be Wells Fargo’s new regional campus if the economic incentives are approved and agreed upon.

The proposed agreements discuss two major incentives for Wells Fargo, including up to $12 million for the construction of the regional campus through the Office of Economic Development and up to $19 million for improvements within the Tax Increment Reinvestment Zone No. 1, which are being recommended by the Financial Services and Economic Development Departments.

According to the city, if agreed upon, the incentive requirements for Wells Fargo include:

  • Purchasing nearly 22 acres of land near Las Colinas Blvd. and Promenade Pkwy by December 31, 2022.
  • Constructing and occupying office buildings that reach a minimum of 400,000 square feet and measure at least 10 stories high by December 31, 2026.
  • Constructing a minimum 4,000-space parking garage by December 31, 2026.
  • Dedicating a Public Recreation and Access Easement to the City of Irving by December 31, 2026.
  • Increasing the real property value by a minimum of $200,000,000 by January 1, 2027. 

Alabama-Based Brasfield & Gorrie Expand Footprint  in Dallas

Stream Realty Partners announced that Alabama-based construction firm Brasfield & Gorrie would be occupying the entire 16,221 square feet of the 10th floor of The Gild office tower.

Formerly known as Cambell Centre, The Gild is located just north of Downtown Dallas at 8350 N. Central Expy.

As it expands its Dallas presence, Brasfield & Gorrie is also serving as the general contractor for the multi-million-dollar renovation of the two-building office complex.

“We’re excited to get started on the renovations and welcome more people to The Gild, where our office has been located since 2016,” said Jason Weeks, the Brasfield & Gorrie regional vice president and division manager. “Seeing the building as occupants and general contractors gives us a unique perspective on the project and makes it special for us.”

Renovations will be brought to life by architecture firm Gensler and will include a complete facelift of both towers’ entryways, updated lobbies, renovated loft spaces, new dining and coffee spots, updated restrooms, new conference centers, a community park, and more.

“We are thrilled that our client, Fenway Capital Advisors, sees the value of this iconic project and is committed to strategically investing capital to bring it to its full potential,” said Marissa Parkin, senior associate at Stream Realty. “Gensler’s renovations bring the energetic vision of The Gild to life, and we are seeing continued significant leasing momentum as a result. The Gild will undoubtedly be realigned as a premier asset within its class with its state-of-the-art renovation and centralized location amid neighborhoods and retail.”

Author

Carla McCanna

Carla McCanna

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