PLANS ANNOUNCED FOR OFFICE AND MIXED-USE DEVELOPMENT IN HERITAGE CREEKSIDE
Oct 24, 2017 | Press Release
Plans announced for office and mixed-use developmentin Heritage Creekside
JLL selected to lease office space
Plano, Texas (Oct. 24, 2017) — A development venture comprising Patrinely Group and Rosewood Property Company today announced project details for the first phase of office development at Heritage Creekside’s new 72-acre, fully integrated, mixed-use office campus located along President George Bush Turnpike west of 75. The campus will provide over 2.5 million square feet of Class A office space, retail amenities, single-family homes, luxury urban multifamily rentals and hotels.
“Rosewood and Patrinely Group are committed to making Heritage Creekside a very accessible, premier 18-hour destination in North Texas for corporate tenants,” said Dean Patrinely, managing principal of Patrinely Group, the venture’s managing general partner.
Designed with a diverse mix of offerings, the new urban core will complement other Heritage Creekside developments undertaken by Rosewood, including new single-family by Cambridge Homes and townhomes by CB Jeni, multifamily homes, and Shannon Wynne's Flying Fish and Rodeo Goat Ice House restaurants, which are under construction and expected to open summer 2018.
"As you look at the evolution of the office customers, it's about where their employees are going to live, the availability of walkable amenities and covered parking— you hear this every single time," said Bill Flaherty, president of Rosewood Property Co. “We are very excited to be joining forces with Patrinely Group to bring our vision of office development to Heritage Creekside.”
The initial phase of the new venture’s development, One Heritage Creekside, will be a high performance, Class A office building with approximately 343,800 square feet of office space for single or multiple tenants. The 12-story building will offer flexible 38,100-square-foot floor plates on levels 2-3, and 26,950-square-foot floor plates on levels 4-12, and 4 per 1000 structured parking. One Heritage Creekside will be the first of four office buildings in a quad with an additional fifth tower for a large corporate user. The building will feature 11-foot ceilings on lower floors and 10-foot ceilings on upper floors with floor-to-ceiling glass, private elevated terrace garden areas, ground floor dining and shopping and an adjacent covered parking structure. One Heritage Creekside, designed for LEED, can be delivered in the fourth quarter of 2019.
The office quad, located at the western end of the development, will become the urban core of Heritage Creekside.
Patrinely Group and Rosewood have selected JLL as the exclusive leasing agent for the campus. JLL’s Daryl Mullin, executive vice president, and Chris Doggett, senior vice president, will lead the office leasing and marketing efforts.
“Patrinely Group’s extensive office build to suit development expertise and attention to detail, and the well-designed master plan will ensure Heritage Creekside will stand as a premier urban community,” said JLL’s Mullin.
As the office development proceeds, it is likely the venture will include Patrinely Group’s long-time capital partner, USAA Real Estate.
Rosewood Property Company is the creator of Heritage Creekside, a 122-acre urban mixed-use project that was the first project approved under the City of Plano’s Urban Mixed-Use Ordinance in 2014.
For office inquiries, please contact Daryl Mullin at 214-438-6388 or Chris Doggett at 214-438-6390.
About Patrinely Group, LLC
Patrinely Group is a national real estate investment, development and company company with a diverse portfolio including commercial office, luxury residential, mixed-use, high-rise condominiums, hospitality, and entertainment venues. Since 1983, Patrinely Group has developed some of the most successful office and mixed properties in the nation and has completed $7.5 billion in development. With Patrinely Group’s depth of experience, spanning 15 states, the company is a recognized leader in corporate office development as evidenced by its proven 34-year record of accomplishment. For more information, visit www.patrinelygroup.com.
About Rosewood Property Company
Rosewood Property Company (RPC) is the Dallas-based real estate investment vehicle for The Rosewood Corporation, which is wholly owned by the Caroline Hunt Trust Estate. RPC has been involved in the development, investment and operation of institutional quality real estate for over 35 years. For more information, visit www.rosewoodpropety.com.
About USAA Real Estate
USAA Real Estate, with over $18 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors and arranges commercial mortgage loans on behalf of affiliates. The portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.