Dallas-based developer Trammell Crow Co. said it has completed its deal to buy 314.4 acres near Alliance Airport, once targeted for an Intel Corp. plant, and started construction on what will be its largest development ever.
Trammell Crow said it bought the land at the northwest corner of Interstate 35W and Eagle Parkway, just north of the airport, in a joint venture with Prudential Real Estate Investors, the real estate investment management and advisory business of Prudential Financial.
The land was sold by Intel, which once planned a $2 billion microchip plant on 527 acres there. Intel halted the project in 2000. In 2011, Intel sold 212.5 acres to Quicksilver Resources of Fort Worth.
The project, called Trammell Crow 35/Eagle, will have 1.6 million square feet of speculative industrial space. Construction has started on a building with more than 1 million square feet and another with 548,495 square feet, both expected to be completed this year, the company said. The industrial park will eventually have 4.2 million square feet of space and will include Class A office and retail space.
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In June, Trammell Crow sought permission from the city to replat the land into 12 industrial lots. At that time, Trammell Crow executives declined to talk about the project.
But in a news release Tuesday, Scott Krikorian, managing director of Trammell Crow’s Dallas office, said: “This is a milestone project for us. The Alliance market is a branded destination for sophisticated users and has a strong demand for first generation space.”