(DALLAS) – Hines, the international real estate firm, today announced The Strand, a new 135-acre corporate campus and mixed-use development located at 121 and Alma, in Allen, Texas.
Hines will transform The Strand site into a vibrant and diverse corporate campus and mixed-use neighborhood, complete with office space, supporting retail and urban residential options along a greenbelt and waterway. Master planned by Gensler and situated in a prime location just south of McKinney, the development will serve as a new socio-economic hub for the City of Allen – offering the synergy of a diverse program, unparalleled site amenities and walkable spaces that attract the local public as well as nearby residents.
Phase One of The Strand will include approximately 200,000 square feet of office space, 80,000 square feet of retail space, urban residential options, and the beginnings of the greenbelt park space, all of which will be served predominantly by structured parking over about 35 acres. Phase Two and Phase Three will culminate with the complete build out of 1.5 million square feet of office, up to 300,000 square feet of retail, and urban residential options – all tied together by a 10-acre greenbelt and trail system that draws users through the development and to Watters Creek with connection to the adjacent 75-acre Watters Branch Park project.
Bob Johnson, whose family has owned the land since 1965 and is partnering with Hines on the development, said, “We are pleased to partner with Hines on the overall project and help shape the destiny of the community. Hines’ history of collaboration with world-class designers and planners, like Gensler, will allow The Strand to maintain quality, innovation and a legacy for this part of the city.”
Hines Managing Director Drew Steffen said, “The City of Allen has seen rapid growth in the region over the past several decades, but the north part of the city lacks an identifiable socio-cultural hub. With The Strand, we are creating a new center complete with unique urban walkability, activated public space, parks and plazas and unparalleled on-site amenities.”
Principal and Studio Director in Gensler’s Dallas office Barry Hand explained, “The current and anticipated growth in the North Texas market is unprecedented – and the size and proximity of The Strand will energize a unique collection of lifestyle amenities and flexible corporate parcels at a strategic regional node along 121.”
Ross Conway, design director with Gensler added, “With a diversity of walkable urban-style housing, dynamic architecture and an integrated natural prairie landscape connecting to the city’s park system, our vision and purpose for the project extends beyond the site’s property lines and speaks to the local character and history of the City of Allen.”
“The Strand on 121 in Allen is directly in the path of growth,” said Dan Bowman, CEO of the Allen Economic Development Corporation. “We continue to see strong office interest in the area and support this location as a corporate campus site.”
Hines first became known in the Dallas market for another successful mixed-use project, Galleria, which opened in 1982. Since then, the firm has been continuously active in development, acquisitions, redevelopment and property management. Hines has also completed several successful master-planned residential communities in the Dallas/Fort Worth area and around the globe.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.