Dallas-based real estate development company Jackson-Shaw recently broke ground on the Lakeview Business District in Rowlett, Texas. The project will consist of seven buildings spread across 165 acres and over 1.7 million square feet of space. The first tenant to secure a space in this new business district is chassis assembly and component manufacturer SAF Holland Group, who have leased a building spanning more than 256,000 square feet.
The initial phase of the Lakeview Business District will consist of five buildings totaling more than 1 million square feet. The project has an estimated construction cost of over $15.8 million. Jackson-Shaw has partnered with Compatriot Capital as the equity partner for this development, while Bank OZK and Affinius Capital LLC have provided financing. Peinado Construction is the general contractor for the project, with Pross Design Group, Inc. serving as the architect. Additionally, Hunt & Joiner is the structural engineer, and Kimley Horn is the civil engineer on this project.
In other developments in the Dallas-Fort Worth region, there has been an increase in industrial space vacancy to 11.1% during the first quarter of 2024, up from 9.7% at the end of 2023, according to Avison Young US. This rise in vacancy is attributed to the delay in leasing up the large development pipeline in the region rather than a decline in demand as seen in previous downturns. The report notes that while newer industrial properties are being leased, the high volume of speculative deliveries is driving up vacancy rates.
On another note, Prime Data Centers is planning to invest nearly $3 billion in the development of six data center buildings across