Arlington will gain a 1.6-million-square-foot industrial park at the northwest corner of Interstate 20 and State Highway 360, Dallas-based Ridge Development has announced.
Known as Park 20/360, the 119-acre speculative project is owned by a venture through Invesco and Ridge Development, the industrial development arm of Transwestern Development Co.
Groundbreaking is planned for the second quarter of 2016, with the first of two phases expected to reach completion in early 2017. The second phase is expected to reach completion in mid-2018. Each phase will feature four buildings.
“Park 20/360 is divided into three different types of space to accommodate multiple industrial user types including bulk distribution, warehouse and flex,” said Kent Newsom, executive vice president of Ridge Development, commenting in a news release.
The property, spanning 1,605,620 square feet, feeds into the Great Southwest Industrial District, one of the nation’s largest individually platted industrial districts.
Newsom pointed to several factors as warranting such a project: a thriving Texas economy, record-setting occupancy within the Great Southwest Industrial District, a diverse commercial make-up in Dallas-Fort Worth and what he called an “outstanding location.”
An Arlington official described the project as positive for his city.
“We have a very healthy amount of industrial space and this is just adding to it,” said Bruce Payne, the city’s economic development manager.
What effect the park has on the city’s tax base is not known, as no tenants have been announced.
“You don’t get a picture of valuation until you see what the [tenant] lineup is going to be,” Payne said.
The city already boasts sizable industrial acreage along the Interstate 20 corridor.
“I think we’re in a sweet spot for those are are looking for that sort of space,” Payne said.
Phase I will feature four buildings totaling 1,249,560 square feet expected to reach completion in first-quarter 2017. Phase II, also comprising four buildings, will total 356,060 square feet. It is scheduled to break ground in third-quarter 2017 and open in second-quarter 2018. Transwestern Vice President Joe Rudd and Principal John Brewer are providing leasing services.
The park site is within a triple freeport tax exemption zone and considered a gateway within the Great Southwest Industrial District, which offers more than 100 million square feet of distribution and manufacturing space.
Under the triple freeport tax exemption, companies moving inventory in and out of the park pay no inventory tax on goods moving in and out of the state within 175 days. Providing the tax savings are the city of Arlington, Tarrant County and the Arlington Independent School District.
The park is about 18 miles from Dallas/Fort Worth International Airport. Its buildings are expected to accommodate users from 20,000 square feet to 715,000 square feet. The park will feature the following buildings:
• Building I (Phase I) – cross-dock building totaling 711,360 square feet with 36-foot clear heights, 284 parking spaces and 180 trailer parking spaces
• Building II (Phase II) – rear-load building totaling 127,140 square feet with 32-foot clear heights, 111 parking spaces and 23 trailer parking spaces
• Building III (Phase I) – rear-load building totaling 203,320 square feet with 32-foot clear heights and 231 parking spaces
• Building IV (Phase I) – rear-load building totaling 191,360 square feet with 32-foot clear heights and 224 parking spaces
• Building V (Phase I) – front-load building totaling 143,520 square feet with 32-foot clear heights, 186 parking spaces and 28 trailer parking spaces
• Building VI (Phase II) – rear-load building totaling 143,530 square feet with 32-foot clear heights and 148 parking spaces
• Building VII (Phase II) – single-user building totaling 36,000 square feet with 32-foot clear heights and 58 parking spaces
• Building VIII (Phase II) – single-user building totaling 49,400 square feet with 32-foot clear heights and 59 parking spaces
Serving as project architect is Alliance Architects Inc., with Pacheco Koch Consulting Engineers Inc. serving as civil engineer and Professional Services Industries Inc. providing geotechnical and environmental services.
Ridge Development is managed by the former principals of Ridge Property Trust. Ridge Development specializes in industrial development and investment in warehouse, distribution and manufacturing facilities throughout the United States and Mexico. Ridge serves North American clients from five U.S. offices and one office in Monterrey, Mexico.