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Plano: Granite Park

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Plano: Granite Park

Postby Tnexster » 17 Nov 2016 15:16

Fannie Mae gets closer to a consolidated Plano home with $43M permit

http://www.bizjournals.com/dallas/news/ ... j=76493891

The new consolidated regional home of the Federal National Mortgage Association, or Fannie Mae, is one step closer to becoming a reality with officials pulling a building permit valued at nearly $43 million.

The permit, totaling $42.6 million, was pulled earlier this month and real estate sources say this will make way for the team behind Fannie Mae's new regional hub to build out the 10-story, 300,000-square-foot office tower at 5600 Granite Parkway.

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Re: Plano: Granite Park

Postby Tnexster » 08 Mar 2017 12:26

Granite Park seeks 2 tweaks with eye on more development

Plano mixed-use site may revamp areas as nearby density increases

https://communityimpact.com/dallas-fort ... velopment/

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Re: Plano: Granite Park

Postby Tnexster » 08 May 2017 11:37

Global telecom firm bringing hundreds of jobs to Plano

https://www.dallasnews.com/business/rea ... dreds-jobs

Altice USA -- the North American subsidiary of a France-based telecommunications, media and entertainment conglomerate -- plans to locate a 400-person office near the southeast corner of the Dallas North Tollway and State Highway 121.

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Re: Plano: Granite Park

Postby The_Overdog » 02 Oct 2018 14:59

I thought this was kind of interesting, considering that practically every building being built in DFW is about 50% parking, 50% actual office space. The Granite Park ownership group did a multi-state study of their parking, and as a result are asking for a rezoning to 'right-size' their parking, which essentially amounts to building 2.5million sq ft of additional office space, removing ground-level parking lots, and building minimal amounts of additional structured parking on their Plano property.

https://www.plano.gov/AgendaCenter/View ... 12018-2691

Paraphrased, since I can't copy from the PDF:
"The study has consistently shown that during peak demand roughly 30% of parking is not being used and sits empty when a building is 100% leased. Our study found that customers only use 2.17 spaces per 1000 sq ft during peak hour. During non-peak, even more sits vacant. The value of the 6580 unused parking spots of total 22360 is over $100 million dollars. In Granite Park Plano specifically a 4:1000 is offered, the actual use is 1.91:1000. So more than 45% will be vacant on the average peak day. In Dallas, 3.24:1000 is offered, 2.05:1000 is used."

Ideally, the city would see this and make major adjustments to their office parking ratios, but that's doubtful. Additionally, this would be useful to reconsider bank financing of parking, but I don't think Granite is a large enough player to do that either. The actual outcome will most likely that this request is granted but nothing more holistic will occur.

Interesting that both Dallas and Plano run below average for parking, so offices in Houston, Atlanta, Denver, and some place in Southern CA must run higher for the average to be 2.17:1000.

However this does show that the massive over-construction of parking is becoming a problem, and hopefully the large groups like Headington will right-size their lots and construct buildings to make better use of expensive assets.
Last edited by The_Overdog on 02 Oct 2018 15:05, edited 1 time in total.

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Re: Plano: Granite Park

Postby DPatel304 » 02 Oct 2018 15:04

^^ Nice find, and very interesting to hear, especially from a development out in Plano.

I honestly don't mind if we build too much parking for the time being, I just wish we would get creative and build parking spaces that can be converted to something else later on.

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Re: Plano: Granite Park

Postby muncien » 02 Oct 2018 15:50

It is ironic how some suburban developments are reducing parking and adding more urban/pedestrian elements, while our 'urban' developments are adding loads of parking to 'compete' with suburban spaces. lol
"He doesn't know how to use the three seashells..."

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Re: Plano: Granite Park

Postby cowboyeagle05 » 04 Oct 2018 11:15

Keep in mind the driver is not even the Office tenants themselves demanding high parking ratios comparative to the suburbs. Many of these companies hire a team to search for adequate potential space or projects to locate in and they usually pick options based on a large number of stats including parking ratios. It's not like Corporate execs are pushing back on having more parking per say but what drives those locator teams to compare parking ratios as an adequate indicator of a potential office location as a value is what we may need to discuss here. We have to drill down to see what truly causes corporate America to choose one location over another. If parking ratios truly are a sticky number why are they so in love with them when in many cases studies like Granite Park did show there is a lot less need for a lot less parking.

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Re: Plano: Granite Park

Postby itsjrd1964 » 07 Oct 2018 03:21

Here's the DMN angle:

Plano's 20-year-old Granite Park project is getting a makeover with more pedestrian features

https://www.dallasnews.com/business/rea ... n-features

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