A local developer is planning to build a new office project in Plano.
Dallas-based Cawley Partners, a full-service commercial real estate company, has submitted plans to develop a five-story, $43 million office building in Plano at 1600 North Dallas Parkway, according to documents filed with the state.
The five-story office development project, named Steeplechase, will begin the initial phase of construction around March 2023, with completion expected in 2025, per state filings reported by The Dallas Morning News.
Cawley Partners contracted Dallas-based MDW Studio to design the office building. Once the building is completed, it will serve as a launching point for the remaining phases of a multi-use development project.
To date, Cawley has constructed several notable retail and office projects in Plano, earning the firm a positive reputation among the city’s development circles. In September, the company announced separate plans to build a four-story office building on Parkwood Boulevard near Windhaven Parkway. A full list of current and future projects of the company can be found here.
“Dallas is thriving while other markets continue to lag because of its central location in the US; you can get to either coast easily,” said Bill Cawley, chairman and CEO at Cawley Partners, in March.
“In addition, the pro-business environment, no state income tax, and great labor pool play to our advantage. Finally, real estate is relatively inexpensive in Dallas as compared to the East and West coasts,” Cawley added.
In June, Cawley Partners sold the HQ53 office building to San Francisco-based investment firm Drawbridge Realty for an estimated $130 million. HQ53 is a 248,861-square-foot office building at 5301 Headquarters Drive in Plano’s Legacy business park
During the 2021 calendar year, 909,127 square feet of new office space was developed across the Plano market, according to a Plano Office Rent Price & Sales Report by CommercialCafe.
The number this year is estimated to be around 798,059 square feet of office space. CommercialCafe has not published its office report for 2022.
While the Plano-Frisco area of North Texas has seen an explosion in growth, the City of Dallas has struggled to compete.
Dallas, unlike Plano and Frisco, has an extensive problem with its backlogged and slow-moving building permit process, which drags down the speed at which developments can get approved and completed. City Manager T.C. Broadnax has largely failed to resolve the city’s permitting, though some modest improvements have recently been made, as The Dallas Express has reported.
