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Corporate "Build-to-Suit King" Eyes Alpharetta

Dallas' KDC Selected to Develop Office Component at $400 Million Windward Park
February 22, 2018
KDC, developer of metro Atlanta's State Farm campus, is heading northward to Alpharetta.

The Dallas developer said today it has been selected as the office developer for the Windward Park mixed-use project at Ga. 400 and Windward Parkway. Specifically, KDC said it would develop eight acres for built-to-suit office space at the $400 million project.

"Windward Park is quickly turning into the type of vibrant, walkable mixed-use development that checks many must-have boxes for Corporate America," said KDC Regional Vice President Alex Chambers, a former longtime Cousins Properties executive. "This market is prime for built-to-suit development, and interest is strong."

KDC would know. It developed the 590,926-square-foot build-to-suit known as Park Center I State Farm. The building at 236 Perimeter Center Parkway opened last year and was acquired for a then record-setting price of $275.4 million, or $466 per square foot.

KDC currently is developing Park Center II at 240 Perimeter Center Parkway, a 670,000-square-foot tower that will deliver in April 2020. The space is preleased to State Farm as well.

Worthington Hyde Partners (WHP) acquired the 48-acre Windward Park site in 2007 from Prudential. Backed by patient capital, WHP held the land through the Great Recession and began developing a plan for the property in 2015.

In addition to the office component, Windward Park will comprise 200 condominiums and more than 190 townhomes. The townhomes, marketed as Caravelle at Windward Park, are being developed by Lennar Corp. A retail village anchored by restaurants and two-acre park will also be developed. Additionally, Chartwell Hospitality announced plans for a full-service, 249-key Hilton at Windward Park. It is scheduled to break ground this summer.

"We knew 11 years ago that we were acquiring a special site, and we have patiently committed to that belief," WHP Chairman and CEO Bob Worthington said. His company previously was known as Schaedle Worthington Hyde Properties. "The quality of partners and end users who have recently aligned with us at Windward Park has affirmed this belief. The KDC venture certainly serves to punctuate this conviction."

WHP made a good choice in KDC, said David Kahn, a CoStar market analyst who covers the developer's hometown of Dallas. KDC has developed quality build-to-suit properties for State Farm, Toyota and Raytheon in the Dallas/Fort Worth Metroplex and several projects for blue-chip companies such as JPMorgan Chase and Liberty Mutual and FedEx at Legacy West in Plano.

"KDC is the king of built-to-suits in Dallas," Kahn said.

Transwestern will continue to provide advisory services to WHP on Windward Park's office component.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   

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