Hopewell Development, a Canadian developer based in Calgary, revealed its plans to build a massive industrial business park in Grand Prairie last week.
As outlined in documents filed with the city on May 11, Hopewell Development plans to erect a new business park at State Highway 161 and West Trinity Boulevard that will span over 100,000 square feet, according to The Dallas Morning News. Shady Grove Industrial will contain an office as well as warehouse space.
This is just one of several North Texas projects Hopewell Development has in the pipeline.
It began its foray into the market back in January 2021 when it purchased 21 acres near Texas Highway 114 and Champions Circle in North Fort Worth for a three-building industrial park. The three buildings span over 361,040 square feet, the largest of which offering 196,560 square feet of warehouse space is currently leased.
Its U.S. business had previously been centered around Arizona.
“[North Texas] is in the Sunbelt, it’s business friendly, it’s in a low tax state and the size of the market were all really attractive points. Job growth and population growth were also big factors,” Hopewell Development’s U.S. Industrial Vice President Justin LeMaster told the Dallas Business Journal in 2020.
Alongside the new project in the works in Grand Prairie, Hopewell Development has another 140,940-square-foot industrial space being built in Balch Springs. Conveniently located at the confluence of three highways — I-635, I-20, and U.S. 175 — the site will be ready later this year.
Another 30-acre plot near I-30 in Irving was purchased by the developer last year, according to the DMN. No plans have been announced yet as to how it will use the land.
In operation for nearly 30 years, Hopewell Development has firmly established itself as a leader in the industry. Its portfolio boasts over 25 million square feet of built warehouses.
An additional 18 million square feet is in the developer’s pipeline, including a two-building business park spanning over 1,600,000 feet in North Las Vegas.
Hopewell Development’s new Grand Prairie business park will be designed by Ware Malcomb, an architectural firm based in Dallas, while no contractor has been named yet.
Work should start this summer, with its doors slated to open in the summer of 2024.
Hopewell Development’s entry into Grand Prairie and its continued expansion in the DFW area exemplify the confidence and potential in this thriving market.
Last January, volumes of nonresidential construction almost tripled, as the DMN reported.
This pace seems to have continued over the year and into 2023, making the market the fastest-growing across the nation.
The growth in construction projects matches the high demand for these industrial spaces — especially warehouses.
As The Dallas Express reported, Nike USA Inc. leased a 1-million-square-foot warehouse in southern Dallas County near I-45 this January.
On the other end of the spectrum, the demand for office space is down across DFW, as The Dallas Express has covered. High inventory and low demand resulted in over 18% of DFW office space sitting empty in the first quarter of 2023.
