Construction began this month on Tech Center One, the first phase of an office/warehouse complex at Greenville Avenue and Bethany Drive in Allen. Completion of the 38,000-square-foot office/warehouse hybrid building is expected in August. Two additional building phases are planned, for a total of 94,000 square feet.
A groundbreaking ceremony for the project is set for Thursday, Feb. 25. at 2 p.m.
“We know there’s a demand for this type of product,” says Bruce Heller, President of the Allen-based development firm JaRyCo. “As we were in the leasing process for another office project in Allen, we heard from a number of businesses that were looking for an option that offered both office or showroom and warehouse space together. There just wasn’t anything like that in the city, and that’s when we saw the need.”
Office/warehouse combinations are available in other areas, Heller explains, including Plano and Richardson. However, the majority of these complexes were built 10 to 15 years ago and lack modern appeal, as well as today’s efficiencies and amenities.
“We’ve come up with a space that has an attractive look in front for the office user, along with that storage space they need in the back,” Heller explains. “We’re talking about simple overhead doors that come to the parking level so companies can drive vehicles in for easy loading and unloading, or parking service trucks at night.”
In addition to relocations, they’re targeting companies looking to consolidate their office and warehouse facilities. While the cost per square foot of the new facility may be higher, companies may still be able to save money by consolidating shared areas and equipment or existing in a smaller, better-designed footprint.
“There is strong demand from companies that are currently located in other cities, but their executives live in Allen,” says Allen EDC Executive Director Dan Bowman. “They’d prefer a shorter commute and access to restaurants just down the road at Watters Creek.”
This will be the 10th project in Allen for JaRyCo in the last 15 years. Lee & Associates DFW’s George Tanghongs and Brett Lewis are marketing the property. Heller says he expects that the Tech Center will attract a diversified group of businesses, including some that may not have previously considered the city because the option for a flex space wasn’t available.
“The city of Allen has always maintained high quality when it comes to developments, and that matches with what we do,” Heller says. “We’re long-term owners who focus on quality, and really understand the Allen market.”
ABOUT ALLEN ECONOMIC DEVELOPMENT CORPORATION
In 1992, the citizens of Allen passed a citywide half-cent sales tax in support of an economic development corporation. Since its inception, the Allen Economic Development Corporation has been charged with facilitating company relocations and assisting the expansion of existing businesses, which creates jobs and additional tax revenue to the community. Since 1992, the AEDC has recruited over seventy new businesses and industries to Allen that have contributed to increasing Allen’s total ad valorem tax base from $729 million in 1992 to over $8.3 billion in 2013.
The AEDC Board of Directors, appointed by the Allen City Council, governs the corporation’s operations. These individuals represent a diverse spectrum of interests and expertise, which is invaluable to making prudent decisions with regard to the quality of Allen’s economic development.