After 16 years of slowly building mega-development Castle Hills from the ground up, Lewisville-based Bright Realty is getting started on a $1 billion, 3 million-square-foot corporate office park.
The 150-acre office park, called Crown Centre at Castle Hills, will sit on the Sam Rayburn Tollway in Lewisville near the not-yet-completed Nebraska Furniture Mart in The Colony.
The office park similar in size and scope to Hall Office Park in Frisco will attract Fortune 500 companies and firms seeking a high parking ratio, said Bright Realty CEO Chris Bright.
"This was always part of the original plan," said Bright, who has worked on the Castle Hills mega-development for 25 years. "We are starting on the first phase of the 150-acre office park, or about 45 acres, with the idea we can deliver 3 million square feet of office space and a hotel."
Work is underway on the office park's first 200,000-square-foot office building. Bright Realty is already marketing the speculative office building.
Each building in the park is expected to range from 150,000 square feet up to 400,000 square feet, depending on tenant demand, Bright said.
"This is part of an upper-end development with access to amenities and major retailers near the site," he said. "This is almost an infill site; we aren't pioneering a lot anymore and we are taking advantage of the demand that's already there."
The Castle Hills development has already added nearly $1.6 billion to the tax base, Bright said. In the next five to seven years, he expects to pump an additional $1 billion into the property tax base.
Bright Realty has continued to develop home lots, with 3,300 homes or home lots on the ground after the community's first resident moved into the development in 1998.
At full build-out, mega-development Castle Hills is expected to have roughly 4,200 single-family homes.
"We think we are creating a residential environment that provides an effective workforce for those types of businesses with a reasonable commute, which I think will become more important over time as the region grows," Bright said.
The corporate office park, which will take 12 to 20 years to completely develop, is expected to have a lake with water views and outdoor art installations.
505 Design and LandDesign designed the office campus.
The first building at Crown Centre is expected to be complete by the end of the first quarter in 2015.