Developers, Real Estate, Finance Pros Discuss Future of Red Hot 121 Corridor
Developers, investors, government officials, and real estate pros were elbow-to-elbow at the recent Bisnow 121 Corridor symposium in McKinney. While construction and development are booming across North Texas, the 121 Corridor – a four-mile stretch in and around Plano, McKinney, Allen, Frisco, and The Colony – is arguably the red-hot epicenter of the office, residential, and mixed-use action.
Event sponsor McGuire, Craddock & Strother and firm attorneys Steven Kennedy, Terry Winborn, Harriet Tabb, Susan Cipione, Ed McQueen, Leslie Roussev, and Lauren Smyth were on hand for the symposium, which included panel discussions addressing trends, growth concerns, and future projects on the horizon.
Writes symposium organizer Bisnow: The history of this region is one of spec space, not build-to-suit, Myers & Crow Co principal and co-founder Marc Myers says. Developers building spec space pioneered the North Dallas office market with a Field of Dreams mentality (you know, “If you build it, they will come.”). After those spec buildings were established, the smaller businesses became the unsung heroes occupying offices. After the 15k SF businesses established the market, the 100k SF corporate tenants started following.
Collin County and the 121 Corridor specifically might have reached a tipping point of traffic and population, says Hines managing director Drew Steffen, but the area is—and will stay—ripe. After all, the office market around the Sam Rayburn Tollway is “like LBJ, but with better schools,” he says. When pitching to investors, spelling out cost alternatives and showing off disappearing land is all it takes to show the value of this location.
McGuire, Craddock & Strother is proud to be a participant in this regional success story.