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3.0_Preliminary AnalysisFINAL DRAFT January 28, 2005 Southlake 2025 Plan S.H. 114 Corridor Plan Area Phase II Analysis & Recommendations 13 3.0 PRELIMINARY ANALYSIS State Highway 114 functions as the dominant economic engine for northeast Tarrant County. The highway serves as a link between DFW International Airport (one of the nation’s busiest airports) and the Fort Worth Alliance airport (important multimodal distribution center). Together, these two transportation facilities form the key transportation hub of the mid-continent United States and make the S.H. 114 corridor extremely attractive nationally and internationally as a location for business, retail and industrial development that will ultimately result in a large number of people working, shopping and dining along the S.H. 114 corridor. A significant portion of land north along S.H. 114 between Kimball Avenue and White Chapel Blvd. in the city of Southlake is currently undeveloped. However, property south of S.H. 114 and east of Carroll Avenue is the location of regional scale retail developments that include: • Southlake Town Square • Village Center • Southlake Corners • Gateway Plaza S.H. 114 in Southlake is also home to key regional employment centers that include: • Verizon Wireless • Sabre Holdings World Headquarters Regionally, S.H. 114 corridor is also home to key employment centers in Westlake that include Fidelity and Solana. 3.1 Major Retail Development in the S. H 114 Corridor in Southlake Southlake Town Square Aerial View of Southlake Town Square Typical Street in Southlake Town Square • A 125-acre master planned, pedestrian oriented, mixed-use development. • 600,000 s.f. of mixed retail, office and government uses employing approximately 1,800 people. • Residential brownstones opening in 2005. FINAL DRAFT January 28, 2005 Southlake 2025 Plan S.H. 114 Corridor Plan Area Phase II Analysis & Recommendations 14 • Grand Avenue commercial district planned to open in the fall of 2006, addition of 400,000 s.f. including full service hotel, movie theater, retail, restaurant and office uses. • Development featured on the cover of multiple Urban Land Institute Publications including the Mixed Use Development Handbook and Place Making-The Making of Town Centers, Main Streets and Urban Villages. Gateway Plaza Image of a large format retail use - Costco Gateway Plaza Master Plan • Regional scale retail center located at the intersection of S.H. 114 and F.M. 1709 (Southlake Blvd.). • Major tenants are Costco, Lowe’s, Kohls, Office Depot, etc. • Mix of retail and restaurant uses. • Total of 615,000 s.f. of commercial employing 150 people. 3.2 Major Office Development in the S. H 114 Corridor in Southlake Sabre Holding’s World Headquarters Aerial View of Sabre Artist’s View of Sabre Master Plan • Located at the intersection of Kirkwood Blvd and S.H. 114. • Total of 849,000 s.f. employing 3,000 people on 175 acres. • Potential for over 2 million square feet, 10,000 employees. • Named “Top 10 Real Estate Project in Nation” by Site Selection magazine. FINAL DRAFT January 28, 2005 Southlake 2025 Plan S.H. 114 Corridor Plan Area Phase II Analysis & Recommendations 15 Verizon Wireless Network Facility View of the Verizon Wireless Facility Verizon Master Plan • Located at the intersection of Dove Street and S.H. 114. • Total of 187,000 s.f. employing 330 people. • Potential for 350,000 s.f. of office space. 3.3 Major Office Development in the S. H 114 Corridor adjacent to the city of Southlake Solana by Maguire Partners View of the Solana Campus Solana Master Plan • Located at the intersection of S.H. 114 and Kirkwood Blvd in the town of Westlake immediately adjacent to the northwest city limit line. Includes portions of the campus in the city of Southlake (Sabre). • An 880-acre master planned mixed-use development which includes a full-service Marriott hotel, office facilities, retail shops and restaurants. • Tarrant County’s largest corporate campus development. • Currently 1.7 million square feet of building space which can accommodate 5,000 people. FINAL DRAFT January 28, 2005 Southlake 2025 Plan S.H. 114 Corridor Plan Area Phase II Analysis & Recommendations 16 Fidelity Regional Office View of the Fidelity Regional Office Campus • Located in the Solana Campus in the town of Westlake. • Total of 615,000 s.f. employing approximately 2,300 people. 3.4 Planned Future Development along the S.H. 114 Corridor Of about 2,600 acres in the S.H. 114 Corridor Plan Area, approximately 1,327 acres are still undeveloped (see figure below). Of the 1,274 developed acres, about 68% is residential and the remaining is in commercial and public uses (including schools, etc.). S.H. 114 Corridor: Distribution of Developed & Undeveloped Property Undeveloped 1,327 Acres, 51% Developed 1,274 Acres, 49% Total Acreage = 2,600 Acres (excluding S.H. 114 R-O-W) S.H. 114 Corridor: Distribution of Developed Property Residential 68% Commercial (Retail, Office, & Industrial) 22% Public/Semi Public 10% Distribution of developed and undeveloped land in the S.H. 114 Corridor. Distribution of developed land in the S.H. 114 Corridor. Most of the S.H. 114 corridor in Southlake is still undeveloped; however, it is expected that the recent completion of the freeway construction of S.H. 114 (12 lanes) west of DFW International Airport will serve as a catalyst for continued strong economic growth in the vicinity. FINAL DRAFT January 28, 2005 Southlake 2025 Plan S.H. 114 Corridor Plan Area Phase II Analysis & Recommendations 17 A number of major projects have been planned or recently underway along S.H. 114 including: Cedar Ridge Office Complex by Panatonni Artist’s rendering of Cedar Ridge Office Complex Cedar Ridge Master Plan • Located at the intersection of Carroll Avenue and S.H. 114 • 7 office buildings and limited retail at the intersection of Carroll and S.H. 114. • Total of 119,520 s.f. employing up to 200 people. In addition to the above development, several concept plans for larger office campuses have been approved over the past few years including Granite, Aventerra, etc. However, depressed office market conditions over the last three years and the highway construction have limited development of these larger projects. Over the past one year, smaller, garden-style (one-story, smaller building footprint) office developments are cropping up along S.H. 114. The goal of this planning effort is to evaluate the best strategy and recommend policies to encourage the development of the S.H. 114 Corridor to its full potential as a retail and employment center for North-east Tarrant County.