Plano: Granite Park

Tnexster
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Plano: Granite Park

Postby Tnexster » 17 Nov 2016 15:16

Fannie Mae gets closer to a consolidated Plano home with $43M permit

http://www.bizjournals.com/dallas/news/ ... j=76493891

The new consolidated regional home of the Federal National Mortgage Association, or Fannie Mae, is one step closer to becoming a reality with officials pulling a building permit valued at nearly $43 million.

The permit, totaling $42.6 million, was pulled earlier this month and real estate sources say this will make way for the team behind Fannie Mae's new regional hub to build out the 10-story, 300,000-square-foot office tower at 5600 Granite Parkway.

Tnexster
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Re: Plano: Granite Park

Postby Tnexster » 08 Mar 2017 12:26

Granite Park seeks 2 tweaks with eye on more development

Plano mixed-use site may revamp areas as nearby density increases


https://communityimpact.com/dallas-fort ... velopment/

Tnexster
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Re: Plano: Granite Park

Postby Tnexster » 08 May 2017 11:37

Global telecom firm bringing hundreds of jobs to Plano

https://www.dallasnews.com/business/rea ... dreds-jobs

Altice USA -- the North American subsidiary of a France-based telecommunications, media and entertainment conglomerate -- plans to locate a 400-person office near the southeast corner of the Dallas North Tollway and State Highway 121.

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The_Overdog
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Re: Plano: Granite Park

Postby The_Overdog » 02 Oct 2018 14:59

I thought this was kind of interesting, considering that practically every building being built in DFW is about 50% parking, 50% actual office space. The Granite Park ownership group did a multi-state study of their parking, and as a result are asking for a rezoning to 'right-size' their parking, which essentially amounts to building 2.5million sq ft of additional office space, removing ground-level parking lots, and building minimal amounts of additional structured parking on their Plano property.

https://www.plano.gov/AgendaCenter/View ... 12018-2691

Paraphrased, since I can't copy from the PDF:
"The study has consistently shown that during peak demand roughly 30% of parking is not being used and sits empty when a building is 100% leased. Our study found that customers only use 2.17 spaces per 1000 sq ft during peak hour. During non-peak, even more sits vacant. The value of the 6580 unused parking spots of total 22360 is over $100 million dollars. In Granite Park Plano specifically a 4:1000 is offered, the actual use is 1.91:1000. So more than 45% will be vacant on the average peak day. In Dallas, 3.24:1000 is offered, 2.05:1000 is used."

Ideally, the city would see this and make major adjustments to their office parking ratios, but that's doubtful. Additionally, this would be useful to reconsider bank financing of parking, but I don't think Granite is a large enough player to do that either. The actual outcome will most likely that this request is granted but nothing more holistic will occur.

Interesting that both Dallas and Plano run below average for parking, so offices in Houston, Atlanta, Denver, and some place in Southern CA must run higher for the average to be 2.17:1000.

However this does show that the massive over-construction of parking is becoming a problem, and hopefully the large groups like Headington will right-size their lots and construct buildings to make better use of expensive assets.
Last edited by The_Overdog on 02 Oct 2018 15:05, edited 1 time in total.

DPatel304
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Re: Plano: Granite Park

Postby DPatel304 » 02 Oct 2018 15:04

^^ Nice find, and very interesting to hear, especially from a development out in Plano.

I honestly don't mind if we build too much parking for the time being, I just wish we would get creative and build parking spaces that can be converted to something else later on.

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muncien
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Re: Plano: Granite Park

Postby muncien » 02 Oct 2018 15:50

It is ironic how some suburban developments are reducing parking and adding more urban/pedestrian elements, while our 'urban' developments are adding loads of parking to 'compete' with suburban spaces. lol
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cowboyeagle05
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Re: Plano: Granite Park

Postby cowboyeagle05 » 04 Oct 2018 11:15

Keep in mind the driver is not even the Office tenants themselves demanding high parking ratios comparative to the suburbs. Many of these companies hire a team to search for adequate potential space or projects to locate in and they usually pick options based on a large number of stats including parking ratios. It's not like Corporate execs are pushing back on having more parking per say but what drives those locator teams to compare parking ratios as an adequate indicator of a potential office location as a value is what we may need to discuss here. We have to drill down to see what truly causes corporate America to choose one location over another. If parking ratios truly are a sticky number why are they so in love with them when in many cases studies like Granite Park did show there is a lot less need for a lot less parking.
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itsjrd1964
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Re: Plano: Granite Park

Postby itsjrd1964 » 07 Oct 2018 03:21

Here's the DMN angle:

Plano's 20-year-old Granite Park project is getting a makeover with more pedestrian features

https://www.dallasnews.com/business/rea ... n-features

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NdoorTX
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Re: Plano: Granite Park

Postby NdoorTX » 10 Sep 2019 23:12

New tower in Plano's Granite Park will be the tallest yet for the 20-year-old project
Developer Granite Properties is ready to kick off another high-rise in its West Plano mixed-use project.

By Steve Brown

Twenty years after kicking off the project, developers of Plano's Granite Park business campus are gearing up for the largest building yet.

Developer Granite Properties is already marketing office space in the 18-story, 415,000-square-foot high-rise it plans to build on State Highway 121 just east of the Dallas North Tollway.

"This will be the tallest building in Granite Park," said Will Hendrickson, Granite Properties' senior managing director. "It will also be the nicest and the most heavily amenitized building we have ever delivered."...[/color]

https://www.dallasnews.com/business/rea ... d-project/

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Tnexster
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Re: Plano: Granite Park

Postby Tnexster » 11 Sep 2019 10:26

I'm surprised they are only at 18, I would have thought they had something taller than that by now or tried to pull off a bigger mixed use tower.

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DAFW
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Re: Plano: Granite Park

Postby DAFW » 25 Sep 2019 22:16

They have 20+ story towers in their master plan. They just haven’t gotten to those yet... I agree they should be going bigger by now, especially with how quickly office is filling up in that area

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undefinedprocess
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Re: Plano: Granite Park

Postby undefinedprocess » 05 Apr 2021 14:57

Bumping this for casual conversation about the area. With office demand shrinking (I know that's a blanket statement and doesn't hold true for every market), I'd love to see some residential go in at Granite Park.

You have LVL29 & Windrose Tower across DNT in Legacy West. Just south in the Shops at Legacy, you have The Kincaid. Other higher density residential is nearby (north of 121 in Frisco), and plenty of properties like Instrata, AMLI (Ballpark & Frisco Crossing), etc. I think Granite Properties should capitalize on the decent amount of traffic they already have going through the development, especially at The Boardwalk. Imagine adding some apartments on TOP of the restaurants that line The Boardwalk. I've always loved the idea of that. Would be a pretty cool view (at least for units not facing the tollway lol).

Ground floor restaurants, upper floors for residential, and nice "outdoor" space in The Boardwalk itself...

Obviously not that simple, but what do y'all think? I think there's a lot of potential in Granite Park, including some of the open lots. If money grew on trees, I'd add units on top of the restaurants, add a residential tower or two, and try to extend the Boardwalk into a linear park of some sort (no clue how). Definitely would get rid of all of those surface lots that border the 121 & DNT frontage roads.

Tnexster
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Re: Plano: Granite Park

Postby Tnexster » 05 Apr 2021 20:29

If residential wasn't on their radar before it more than likely is now. Although I expect this office market to do better than some others, they could probably get a lot more development out of going residential for a while and make the entire area a little more mixed.

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The_Overdog
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Re: Plano: Granite Park

Postby The_Overdog » 06 Apr 2021 09:05

Ground floor restaurants, upper floors for residential, and nice "outdoor" space in The Boardwalk itself...


Mary Billingsly said (or one of her employees) in one of her re-zoning requests that 2nd floor over restaurant rents at a big discount in Plano so far due to the noise/smells/etc, so assuming what she said is true, the land value would have to be crazy or it would need to be many floors on top of those restaurants to support the cost.

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undefinedprocess
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Re: Plano: Granite Park

Postby undefinedprocess » 06 Apr 2021 09:22

The_Overdog wrote:
Ground floor restaurants, upper floors for residential, and nice "outdoor" space in The Boardwalk itself...


Mary Billingsly said (or one of her employees) in one of her re-zoning requests that 2nd floor over restaurant rents at a big discount in Plano so far due to the noise/smells/etc, so assuming what she said is true, the land value would have to be crazy or it would need to be many floors on top of those restaurants to support the cost.

Yeah, agreed, just kinda dreaming out loud I guess. If no additional floors of MF added on top of those restaurants, would really love to see highrise residential enter Granite Park. That place is dead during the day.

Tnexster
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Re: Plano: Granite Park

Postby Tnexster » 14 Dec 2021 16:31

Granite Properties signs first tenant for new Granite Park tower in Plano

Developer Granite Properties has signed its first tenant for the Granite Park Six office tower in Plano.

Granite Park Six has just started construction and will be a 19-story tower with 420,000 square feet of space and is scheduled to be completed and ready for tenants in mid-2023. The Plano property’s construction was delayed due to COVID.

Commercial finance and leasing company Stonebriar Commercial Finance will lease two floors totaling 52,000 square feet in the office building.


https://www.bizjournals.com/dallas/news ... lease.html