What makes the $3.5B Cypress Waters project so alluring?

More than ten years ago, Lucy Billingsley had the idea to develop the 1,000 acres owned by Dallas-based TXU Energy near Interstate 635.  Plans for the massive development are underway and construction has begun on the first three office buildings and a corporate campus park. The $3.5 billion master-planned, mixed-use development at the northeast corner of Belt Line Road and Interstate 635 called Cypress Waters is gaining momentum.

The site’s proximity to Dallas/Fort Worth International Airport and central location in the metroplex are just two reasons the project is attracting national attention.

“It’s so rare to find 1,000 acres of land that’s infill property and near water,” said Billingsley, a partner at Dallas-based Billingsley Co. Development plans include a corporate campus of 4.5 million square feet of office space, 10,000 apartments and townhomes, 400,000 square feet of retail space and three one-acre parks.  The development is contending for a number of large corporate tenants in the North Texas market. Cheddars Casual Cafe, Cypress Waters’ first corporate tenant, will lease a single-story, 31,450-square-foot build-to-suit project at 8951 Cypress Waters Blvd.

As the city of Coppell prepares to start lowering the 700-acre lake on the site to 362 acres, Billingsley’s firm is planning for develop alongside the water’s edge. The lake will be a centerpiece the master-planned community, with lakeside dining, a five-mile nature trail around the lake, and a surrounding park setting similar to White Rock Lake in Dallas.

Source: Dallas Business Journal, February 25, 2014.
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