globest.com02/13/04
2M-SF, 113-ACRE INDUSTRIAL PROJECT PLANNED By Connie GoreDeSOTO, TX-A Dallas County city, with a 35,000 population, has readied the stage for major league play with a 10-year incentive package for as much as 100% abatement on 113 acres assembled by Hillwood for a trio of buildings that will add nearly 1.9 million sf of distribution space to the Interstate 20 corridor.The incentive package has been at the bargaining table about five years. “I believe they recognized that sound, commercial industrial development is an important part of rounding out their tax base,” Dan Tatsch, senior vice president of Hillwood Investment Properties tells GlobeSt.com. The tax-break package includes an exemption equivalent to Triple Freeport. Hillwood and United Commercial Development in Dallas jointly acquired the land in 1992 at a Resolution Trust Corp. auction. In striking a new deal, United Commercial sold its 50% stake in 93 acres and held onto a vested interest in a remaining 88 that front Interstate 35E, explains Steve Howard, vice president of Hillwood Capital. Hillwood bought another 20 acres from Byron Potter, a private investor from DeSoto, to assemble the Crossroads Trade Center site.With the land and the incentive now done deals, Hillwood expects to start dirt work by summer on Crossroads Trade Center while others on the team continue to chase industrial build-to-suits, the build-out strategy for a tract on the west side of Interstate 35E and slightly south of Interstate 20. “We now have a clean piece of paper,” Tatsch says of the open land, “so we can write whatever we want on it.” He estimates the completed trio could add $54 million of building value to DeSoto’s tax roll. “With its proximity to I-20 and I-35, Crossroads Trade Center may have the best east-west, north-south freeway access in North Texas,” Tal Hicks, president of Hillwood Investment Properties, said in a press release about the developer’s first commercial project in Dallas County’s southern sector. The tract has access along North Danieldale Road and Centrepark Boulevard while the plan calls for a third road to connect the pair of primary streets.News Article | 2/13/2004