Allen Economic Development Corp. and Peloton Commercial Real Estate are teaming up to develop Allen Central Park, a 190 million office campus that will include a 300-room hotel and conference center. Last week, the economic development group issued a request for quotation to find a hotel development partner to build a 300-room hotel and the 45,000-square-foot conference center near Watters Creek, a mixed-use retail shopping center in Allen, according to a Dallas Business Journal article.
"We've owned this land since the 1990s and we could've developed it into all sorts of things," said Dan Bowman, CEO of the Allen Economic Development Corp. "But we wanted to do something mixed-use with a focus on office space."
"This was good timing for everyone," said Murl Richardson, a partner at Peloton Commercial Real Estate. "I've been active along that part of Central for some time and I thought it would be a good time to invest in the area." The Class A office space will be marketed at about $27.50 per square foot, which is on par of newly developed space in North Texas; according to the latest CBRE research, the average market price for existing office space in the Richardson-Plano area is $18.59 per square foot. Peloton firm plans to lease the project as it gets developed.
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