Allen-based Pillar Commercial, a commercial real estate investor and operator is partnering with Oklahoma's Hall Capital to develop One Bethany North, a new 225,000-square-foot tower in the Watters Creek business district.
According to Visit Celina, the nine-story tower is situated at 701 S. Watters Road on a four-acre site directly across from the Delta by Marriott Convention Center Hotel. The property is owned by the Allen Economic Development Corporation, which is currently developing an incentive package to kickstart construction.
“It is an absolute privilege to partner with Hall Capital and the Allen EDC in promoting and developing this exceptional office tower concept,” Founder and CEO of Pillar Commercial Manny Ybarra said in an official statement. “Allen continues to attract high-quality corporate users, and we are excited to be a part of the community’s next evolution of growth.”
Pillar Commercial and Hall Capital will spend the next several months developing construction plans. The project, with an estimated construction cost exceeding $100 million, is expected to take 18 to 24 months to complete.
The property's courtyard will feature outdoor seating and green space, with amenities including putting greens, pickleball courts and a fitness center. Additionally, the development will include a 3,500-square-foot retail space.
Pillar Commercial will spearhead the marketing and leasing efforts for the new office development. The Allen Economic Development Corporation is prepared to offer prospective tenants incentives similar to those provided to NetScout and semiconductor designer Onsemi when they relocated their corporate offices to Allen.
According to Pillar Commercial, over the past three years, Pillar and Hall acquired the campus' other two office buildings, One Bethany East and One Bethany West, which together encompass 320,000 square feet. Earlier this year, the partners sold One Bethany East to the Credit Union of Texas.
In addition to the credit union, One Bethany East and One Bethany West are home to companies such as MD7, Netflix, Inbenta, Pushpay and Highland Residential.
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