Bright Realty President and COO Eric Stanley was center stage at BisnowÂ’s August 25th Â“121 Corridor ExpansionÂ” event, sharing his insight, experience and even some anecdotes on growth in the area with a room of more than 200 DFW-area commercial real estate executives. Stanley shared the stage with Hines Managing Director Drew Steffen, Granite Properties Director of Development David Cunningham, TIG Director Brad McJunkin, Myers & Crow Company Principal and Co-Founder Marc Myers, and panel moderator Dan Bowman, Allen EDC CEO and executive director.
The panelists offered a current assessment of the office market in the State Highway 121 area and compared the activity there with the rest of Collin County and DFW. They also addressed the level of tenant interest, space needs and costs, what drove them to develop on 121 and what changes they anticipated in the coming years. Each of the panelists added to the discussion with insight on a significant project they won or contributed to in the area.
Â“There was no Sam Rayburn Tollway or State Highway 121 back in the Â‘50s when the Brights started buying the land that is now Castle Hills,Â” said Stanley. Â“People thought we were crazy to put that price point on homes in the area but at the end of day, weÂ’ve got almost 4,000 rooftops, with more coming, as well as more than 4,000 apartments under construction. With The Realm at Castle Hills and our Crown Centre corporate campus, we have a good size little town in Castle Hills with components for walkability. Our residents and tenants can work, play and live there.Â”
The panelists, who together brought decades of real estate experience to the presentation, agreed that the major game changers in the 121 corridor expansion are both the Sam Rayburn Tollway and job creation. The tollway has allowed for an easier commute to DFW International Airport and to other parts of the city, and major corporate relocations have impacted the area.
Â“The pallet is big and the time is now,Â” one panelist stated. Everyone onstage, and in the audience, agreed!