Hotel, Office Campus on the Books After Allen’s Stacy Green Tees Off
The Additional Phases of Stacy Green Will Begin After the Completion of the Project’s Initial Phase Next Year
The initial phase of the development, known as Stacy Green, got underway Wednesday at the 80-acre tract at U.S. 75 and Stacy Road. The tract, once owned by the pioneering Stacy family, is being developed by Dallas-based firms Glaser Retail Partners and Provident Realty Advisors.
“We are under construction on the entire site,” Brian Glaser, a partner at Glaser Retail Partners, told CoStar News. “Of the 80 acres, we will develop about 60 of those acres with a hike-and-bike trail that will feed into the hike-and-bike system in Allen.”
Glaser said the greenbelt connecting to the city’s trail system will also connect to a community park at the center of the Stacy Green project.
“Our long-term goal is to be at the center of the community with Stacy Green,” Glaser added. “With a vibrant center, phase II and phase III will follow as the market dictates and we think the market is ready for these phases.”
The additional proposed phases of Stacy Green include a 161-room hotel and a 17-acre parcel dedicated to either a corporate campus or an office campus totaling up to 500,000 square feet of office space.
“When you layer in the restaurant, retail and urban living, which I believe are what employers are looking for today, Stacy Green is really that piece of the puzzle they are looking for,” Glaser said. “Employees want to work in environments that create a community.”
Meanwhile, construction is already underway on roughly 150,000 square feet of restaurant and retail space, a 325-unit urban-style apartment community and 100 townhomes. Glaser and his team already have some of the restaurant and retail space leased to Whiskey Cake, Hopdoddy Burger Bar, ChopShop, Blue Fish Sushi, Lazy Dog Restaurant and Lupe Tortilla.
By finishing the initial phase of Stacy Green next year, Glaser said it will help create a community sought after by hotel developers and corporate America. Dallas-based GFF is the master architect of the project.
“The office space will be a market-driven component,” he added. “We are open and available to build an office complex that suits the market and is looking to be in this environment.”
If the additional phases move forward with the market, Glaser said he would expect construction to begin on the hotel sometime in 2020.