Construction is reportedly set to start in December 2022 on Plano’s next office building project.
Cawley Partners is constructing a four-story, 125,000-square-foot building east of the Dallas North Tollway on Parkwood Boulevard.
The project, which will cost $28.6 million, will open in 2024, according to planning documents filed with the state. Gensler, a global architecture firm with an office on Greenville Avenue, designed the building.
The new office is located next to a 120,000-square-foot office building Cawley Partners built. That building will house the headquarters of First United Mortgage.
Both buildings are being constructed on part of the Haggard family’s Plano property.
The historic Haggard family farm, which was settled by C.S. Haggard in 1884, is one of the two remaining farms in Plano owned by the Haggard family. Rodney Haggard and his nephew Josh Bryan say the property could very well stay in the family for future generations. The family owns a roughly 60-acre historic family farm at Custer Road and Park Boulevard in Plano.
The farm sits in juxtaposition to the city of Plano, which is now known for its suburban neighborhoods.
Cawley Partners has had a history of office developments in the Dallas North Tollway corridor. The developer recently sold its HQ53 office building in Plano’s Legacy business park to San Francisco-based Drawbridge Realty Trust.
More than 10 million square feet of office space is under construction in North Texas, most of which is in the Plano-Frisco market and Dallas’ Uptown district.
In 2019, the market’s total construction volume reached nearly $33.8 billion, according to Cumming, a global project management and cost consulting firm. In 2020, that climbed to $35.5 billion, and forecasts suggest it will exceed $36 billion in each of the next three years.
Residential construction leads the way, with a forecasted market value of nearly $16.9 billion in 2021, followed by infrastructure work at $10.6 billion. Single-family homes and multi-family apartments both are strong sectors of the market as the region continues to add residents.