Southlake City Council approved a new building along Texas 114 that will house Ancor Capital Partners.
The company, which is currently based in Fort Worth, soon may be joined by others looking to have a place along Southlake’s piece of the highway. More office developments are planned there in the near future.
“People are in the belief that there is a market for office users along 114,” Southlake Economic Development Director Shannon Hamons said. “There's a little pent-up demand from the down years of the recession that we’ve rebounded from.”
More developments are planned including a 50,000 square-foot office building at the corner of Texas 114 and White Chapel Boulevard. According to a press release, 3L Realty Group plans to complete the building by the end of 2015.
Kimball Park, another development along Kimball Avenue just north of the Texas 114 frontage, broke ground earlier this fall.
The development will feature a Cambria hotel, restaurants and 100,000 square-foot office building. The development was planned with a hotel in mind, but developer Jeff Medici said an office building is an obvious complement.
Medici plans to begin construction on the office space in April, but already has started preleasing discussions. Medici said there’s a demand for Class A office space in the city.
“We look at a lot of different factors when we think about demand,” he said. “Senior level executives that call Southlake home, with them residing here, many of them have to drive a good distance to get to their place of business.”
The city has a good portion of the Texas 114 corridor planned for office and medical space. Hamons said Southlake is in a great geographical location for companies.
“If you look at the area in Dallas-Fort Worth, we’re uniquely positioned between Dallas/Fort Worth and Alliance airports,” he said.
He added that the city’s amenities such as restaurants and retail across the highway are strong positives for the location, too.
Medici said the city did not have to pitch the location to him for his development.
“This is a property severely underutilized,” he said. “I knew that it was really a diamond in the rough.”
Hamons said he expects to see more developers interested in the area and that’s a good thing for the city for more reasons than the property taxes.
“What they also do is bring a larger daytime population to the community,” he said. “One of our goals is to bring people here to work daily, eat lunch, go shopping.”