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Thursday, January 21, 2021

Developer puts 230-acre Allen development up for sale

JLL Capital Markets announced March 4 it has been named by The Howard Hughes Corp. to market for sale its massive 230-acre Monarch City development site in Allen.

Howard Hughes Corp. said in October it would shed about $2 billion in properties as part of a restructuring, as well as move its Dallas-area headquarters to its Woodlands development in Houston.

Monarch City comprises 230 contiguous acres bounded by the Central Expressway (U.S. Route 75) and the Sam Rayburn Tollway (State Highway 121) in a Planned Development District (PD-139). PD-139 allows for a flexible form-based mix of development types and the site has been master planned for up to approximately 10 million square feet of multi-family housing, office, retail and hospitality use. The multi-family housing component has been approved for up to 4,000 units with no maximum density requirements while the office space will have customizable options from large campus layouts to smaller build-to-suit and speculative opportunities to accommodate the full range of tenants, again without any maximum density restrictions. Monarch City will be anchored by a central park and network of pocket parks throughout, including water features, a trail system and amenities for activities and events.

Allen has emerged as one of the fastest growing cities in North Texas, growing more than 27.1% since 2010. The affluent community features one of the top-rated school districts in the State of Texas, an award-winning 62-mile parks and trail system, and is known as a top employment node for telecommunications companies.

The JLL Capital Markets team representing the seller is led by Managing Director Michael Swaldi and Director Jonathan Carrier.

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