PLANO, TEXAS — Granite Properties will break ground on Granite Park Four, a 300,000-square-foot, speculative office building, in the first quarter of 2013. The property will be the fourth Class A office building in Granite Park, Granite’s 3 million-square-foot master-planned development in the Upper Tollway/West Plano submarket.
“There’s been virtually no construction here since 2008 and with Granite Park’s excellent accessibility and numerous surrounding amenities we feel strongly that Granite Park Four will be received well,” says Greg Fuller, chief operating officer of Granite Properties.
Also slated for construction early next year is the 300-room Hilton Granite Park, which will be centrally located within the master-planned community. The conference hotel will offer 37,000 square feet of conference space. Granite Park Four and Hilton Granite Park have a combined value of more than $150 million, according to the Dallas Morning News.
“We feel it’s the right time to move forward,” explains Fuller. “Vacancy in this submarket is 5 percent and the existing buildings in Granite Park are 95 percent leased.”
BOKA Powell is the architect for Granite Park Four, which will take 14 months to build. Granite plans to choose a contractor for the building by mid-December.
Granite Properties is a privately held commercial real estate investment and management company with offices in Atlanta, Dallas, Denver, Houston and Los Angeles. The firm has a primary focus on office properties.
— Brittany Biddy