Jackson-Shaw, a real estate development company based in Dallas, has recently started construction on the Lakeview Business District in Rowlett and secured its first tenant. The business district is a master-planned development that will consist of seven buildings spread out over 165 acres, totaling more than 1.7 million square feet. Situated near Merritt and Liberty Grove Roads along the President George Bush Turnpike, the project has signed chassis assembly and component manufacturer SAF Holland Group as its initial tenant. SAF Holland Group has leased a building measuring over 256,000 square feet, with completion expected by March 2025.
The first phase of the Lakeview Business District will include five buildings that will encompass more than 1 million square feet. The estimated construction cost for the entire project is over $15.8 million. Jackson-Shaw has partnered with Compatriot Capital for equity in the development, while financing has been provided by Bank OZK and Affinius Capital LLC. The general contractor overseeing the project is Peinado Construction, with Pross Design Group, Inc. serving as the architect. Hunt & Joiner is the structural engineer, and Kimley Horn is the civil engineer for the development.
In other real estate news, Avison Young US reported in its first quarter analysis that the Dallas-Fort Worth industrial space vacancy rate rose to 11.1% in Q1 2024, up from 9.7% at the end of 2023. The market hasn’t seen vacancy levels this high since the Dot Com Bust or Great Recession recovery periods. The increase is primarily attributed to the slow lease-up of the area’s extensive development pipeline. Despite the uptick in vacancies, the newest properties are being leased, with the surge in speculative deliveries driving the overall vacancy rate.
Additionally, Prime Data Centers is planning to construct six data center buildings worth nearly $3 billion across the Dallas-Fort Worth region. Meanwhile, Columbus Realty Partners is seeking approval to build a five-story apartment complex near the Liberty Mutual campus in Plano, part of the ongoing real estate development in the area.