Property Types Hospitality
May 2, 2008
By: Tonie Auer, Southwest Correspondent
In an area sorely lacking a select service hotel with meeting space, Dallas-based Jackson-Shaw broke ground on two Marriott hotels and announced the completion of the first phase of The Cascades at The Colony, a 100-acre master-planned community located along the State Highway 121 corridor in the Dallas suburb of The Colony.
The four-story Marriott Fairfield Inn & Suites will offer 104 guest rooms and a 7,540-square-foot event center, including a 3,325-square-foot ballroom. The four-story Marriott Residence Inn (pictured) will feature 102 guestrooms. Both hotels are financed by Colonial Bank.
In addition to breaking ground on the hotels, the company has completed Phase I, the Campus @ Cascades, comprising six buildings totaling over 200,000 square feet of flex space. This phase also includes the focal point of the development--a two-acre park with cascading water feature.
“There is nothing like this in The Colony. Full-service hotels are not adding a lot of meeting room space because it is expensive to build,” Ted Carter, vice president of hotel development for Jackson-Shaw, told CPN. “The meeting space with its proximity to transportation with the tollway and 121 makes this an attractive project. Highway 121 should be finished by the time the hotels open. Additionally, we have the access to DFW International Airport and the campuses in the area, which are doing more training and looking for a select service environment while doing training and even in which to do training.”
Carter added that the timing for the project is good because of the capital markets and cost of construction are acting as a barrier to entry right now.
“We’ve been able to work around that barrier with our great relationship with lenders,” he said. “There is not a lot of product like this coming on line and there is a definite need for it.”
Upon completion, The Cascades at The Colony will include 200,000 square feet of office space, 200,000 square feet of flex space and 100,000 square feet of retail. In addition, KB Homes will develop 184 townhome units and 108 garden homes. Situated between the North Dallas Tollway and IH-35E, the community is positioned to provide tenants and residents easy access to the Metroplex.
Jackson-Shaw, a national real estate development company headquartered in Dallas, has completed more than 38 million square feet of development since its founding in 1971.
By: Tonie Auer, Southwest Correspondent
In an area sorely lacking a select service hotel with meeting space, Dallas-based Jackson-Shaw broke ground on two Marriott hotels and announced the completion of the first phase of The Cascades at The Colony, a 100-acre master-planned community located along the State Highway 121 corridor in the Dallas suburb of The Colony. The four-story Marriott Fairfield Inn & Suites will offer 104 guest rooms and a 7,540-square-foot event center, including a 3,325-square-foot ballroom. The four-story Marriott Residence Inn (pictured) will feature 102 guestrooms. Both hotels are financed by Colonial Bank.
In addition to breaking ground on the hotels, the company has completed Phase I, the Campus @ Cascades, comprising six buildings totaling over 200,000 square feet of flex space. This phase also includes the focal point of the development--a two-acre park with cascading water feature.
“There is nothing like this in The Colony. Full-service hotels are not adding a lot of meeting room space because it is expensive to build,” Ted Carter, vice president of hotel development for Jackson-Shaw, told CPN. “The meeting space with its proximity to transportation with the tollway and 121 makes this an attractive project. Highway 121 should be finished by the time the hotels open. Additionally, we have the access to DFW International Airport and the campuses in the area, which are doing more training and looking for a select service environment while doing training and even in which to do training.”
Carter added that the timing for the project is good because of the capital markets and cost of construction are acting as a barrier to entry right now.
“We’ve been able to work around that barrier with our great relationship with lenders,” he said. “There is not a lot of product like this coming on line and there is a definite need for it.”
Upon completion, The Cascades at The Colony will include 200,000 square feet of office space, 200,000 square feet of flex space and 100,000 square feet of retail. In addition, KB Homes will develop 184 townhome units and 108 garden homes. Situated between the North Dallas Tollway and IH-35E, the community is positioned to provide tenants and residents easy access to the Metroplex.
Jackson-Shaw, a national real estate development company headquartered in Dallas, has completed more than 38 million square feet of development since its founding in 1971.
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