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20 FALL CYPRESS 14 WATERS ANATOMY OF A DEAL As featured in the Dallas-Fort Worth Real Estate Review Fall 2014 Reprinted with permission by FALL 2014 DALLAS - FORT WORTH REAL ESTATE REVIEW / 1 CYPRESS WATERS MASTER PLAN ON THE COVER: “HERO’S HORSE,” A 25-FOOT-TALL PEGASUS SCULPTURE BY KEVIN BOX, MARKS THE ENTRANCE TO CYPRESS WATERS. PHOTO BY ANATOMY OF A DEAL MICHAEL SAMPLES. CYPRESS WATERS ARTICLES REPRINTED WITH PERMISSION FROM DALLAS-FORT WORTH REAL ESTATE REVIEW ANATOMY OF A DEAL, FALL 2014 CONTENTS 4 LAKESIDE LEGACY ANATOMY OF A DEAL—CYPRESS WATERS Creating a lakeside legacy ...................................................4 7-Eleven’s new heaven The home of the Slurpee has a brand-new home of its own. ............................................................................9 Nation building About 1,000 employees will move to Nationstar Mortgage’s new headquarters before the end of the year. ...................... 10 10 OFFICE CAMPUS Workplace of the future ......................................................12 A new multifamily paradigm ...........................................14 The 25-year vision ................................................................ 16 Contrasting neighborhoods ............................................ 18 Educating for the future An elementary school unlike any other in the nation. ................................................................................19 Embracing the great outdoors ....................................... 20 A time to be bold Lucy Billingsley, the driving force behind 15 SCOTCH CREEK Billingsley Co. ............................................................................. 22 Dallas-Fort Worth Real Estate Review® is published for The Dallas Regional Chamber and The Real Estate Council by D Custom, a division of D Magazine Partners, 750 N. St. Paul St., Ste. 2100, Dallas, TX 75201; www.dcustom.com, 214.523.0300. Neither the Dallas Regional Chamber nor The Real Estate Council nor D Custom is a sponsor of, or committed to, the views expressed in the reprinted articles. Anatomy of a Deal | Cypress Waters is available online at www.dfwrealestatereview.com. Cypress Waters articles are reprinted with permission from DALLAS-FORT WORTH REAL ESTATE REVIEW. ANATOMY OF A DEAL, Fall 2014, copyright 2014, Dallas-Fort Worth Real Estate Review. All rights reserved. Select content, data, and photos updated as of October 31, 2014 by Billingsley Company. Billingsley Company: We partner in creating life-enhancing communities 1722 Routh Street, Suite 1313 Dallas, Texas 75201 214.270.1000 DALLAS - FORT WORTH REAL ESTATE REVIEW / 3 CREATING A LAKESIDE BY KAREN NIELSEN Billingsley Co. has overcome huge hurdles in making Cypress Waters a reality—from dealing with multiple LEGACY jurisdictions to a lack of infrastructure to lawsuits. Now, after 10 years, all that hard work is finally paying off. 4 / CYPRESS WATERS AS FEATURED IN DALLAS-FORT WORTH REAL ESTATE REVIEW ANATOMY OF A DEAL, FALL 2014 COPYRIGHT 2014, DALLAS-FORT WORTH REAL ESTATE REVIEW. ALL RIGHTS RESERVED. REPRINTED WITH PERMISSION. A ANATOMY OF A DEAL GOOD FULTON & FARRELL ARCHITECTS eveloper Lucy Billingsley and her husband, Henry, first here that they’re developing Cypress Waters. began eyeing land around North Lake in the 1990s. The The vision is to create a “really great place to live, starting to- large suburban tract had a terrific location—just minutes day and going into the future, and a great place to work,” says from Dallas-Fort Worth International Airport, nestled be- Billingsley, who describes the community as sophisticated but D tween Irving and Coppell. casual, high-energy yet relaxed, and immersed in nature. At full “We always said this is a great property if there ever buildout, she expects 26,000 people on-site during the day and was a moment we might be able to get involved with it,” nearly as many in the evening. It’s a place where people can work, says Lucy Billingsley. “Finally, that moment came.” live, and play, and have their children attend excellent schools. The Billingsley Co. partners began assembling land in the area When all is said and done, Cypress Waters, which fronts LBJ in 2003, eventually amassing 1,000 acres along a 362-acre lake. It’s Freeway and Belt Line Road, will include 4.5 million square feet of AS FEATURED IN DALLAS-FORT WORTH REAL ESTATE REVIEW ANATOMY OF A DEAL, FALL 2014 CYPRESS WATERS / 5 COPYRIGHT 2014, DALLAS-FORT WORTH REAL ESTATE REVIEW. ALL RIGHTS RESERVED. REPRINTED WITH PERMISSION. A ANATOMY OF A DEAL IT’S AN OUTSTANDING PROJECT FOR DALLAS. IT’S A LONGER-TERM PROJECT IN THE SENSE THAT BENEFITS WILL BE REAPED OVER THE NEXT 25 TO 30 YEARS, BUT IT HAS VERY, VERY GOOD BENEFITS FOR US. —KARL ZAVITKOVSKY, CITY OF DALLAS office and retail space, 10,000 multifamily residences, three schools, parks, trails, and a lakeside town center. With development well underway, most people are un- aware of the major roadblocks the Billingsleys had to over- come. For one, the undeveloped property lacked basic infra- structure, such as roads and utilities. And although most of KEY PLAYERS Cypress Waters is officially in the city of Dallas, it’s smack dab in the middle of Coppell Independent School District, DEVELOPER: Billingsley Co. TENANT BROKERS: with a southern strip situated in Irving. Avison Young, JLL, When word began leaking out about plans for Cypress MASTERPLAN DESIGN: Swearingen Realty Group Waters, the city of Coppell and the Coppell ISD filed law- Loonie Ricks Kiss Architects suits, concerned about the potential negative impact the (original plan), Space Between OFFICE LEASING AGENTS: project could have on city operations and schools. (current iterations) Younger Partners There was also the matter of hashing out who was going LANDSCAPE ARCHITECT: RETAIL LEASING AGENTS: to pay for what—not an easy thing, with so many parties Studio Outside and SMR Venture Commercial involved, says Karl Zavitkovsky, director of economic devel- (Cheddar’s and 7-Eleven) LEGAL: Thompson & Knight, opment for the city of Dallas. In 2009 and 2010, respective- MULTIFAMILY ARCHITECT: Carrington Coleman, Williams ly, Dallas created two taxing districts for the development, WDG Architecture Dallas PLLC Anderson Ryan + Carroll LLP including a municipal management district and a tax in- crement financing district. Both entities are designed to OFFICE ARCHITECTS: FINANCING FOR VARIOUS Omniplan, Corgan, and Good COMPONENTS ARRANGED FOR help pay for infrastructure development, while the MMD Fulton & Farrell AND PROVIDED BY: HFF, JLL, allows for bonds to be sold later. Dallas remains responsi- Texas Capital Bank, Regions RETAIL ARCHITECT: ble for providing police, fire, and emergency services. Bank, Wells Fargo, Synovus, O’Brien Architects Already the Cypress Waters TIF District’s assessed tax val- Bank of America ue has increased by a whopping 14,171 percent from 2010 GENERAL CONTRACTORS: OTHER KEY PLAYERS: Pritchard to 2013, according to the Dallas Central Appraisal District. Westwood Residential, Alston & Associates, Kimley-Horn The goal is to create additional taxable value of $2.2 billion Construction, and McFadden & & Associates Inc., Binkley & over the TIF’s 30-year life. Miller Barfield, City of Dallas, Dallas “It’s an outstanding project for Dallas,” Zavitkovsky says. LEAD OFFICE TENANTS: 7-Eleven County Commissioners Court, “It’s a longer-term project in the sense that benefits will Inc., Cheddar’s Casual Café, Dallas City Design Studio, City be reaped over the next 25 to 30 years, but it has very, very Meritage Homes, and Nationstar of Irving, City of Coppell, Coppell good benefits for us.” Mortgage Independent School District 6 / CYPRESS WATERS AS FEATURED IN DALLAS-FORT WORTH REAL ESTATE REVIEW ANATOMY OF A DEAL, FALL 2014 COPYRIGHT 2014, DALLAS-FORT WORTH REAL ESTATE REVIEW. ALL RIGHTS RESERVED. REPRINTED WITH PERMISSION. AN ISLAND OF LAND Cypress Waters was one of the last remaining large chunks A ANATOMY OF A DEAL of undeveloped land in Dallas County, and it sat idle for many years. Dallas annexed the 3,000-acre piece of remote property in the 1950s, and North Lake was created to sup- port a power plant, now owned by Luminant. Throughout FAR-REACHING DALLAS the years, the property was used as a public lake and recre- ation facility, but its zoning remained agricultural until the Billingsleys came along. Most of Cypress Waters lies within the city “It’s a very unique area,” says Rick Loessberg, director of limits of Dallas, which annexed the property planning and development for Dallas County. “We’ve got in the 1950s. The island of land is surrounded this ability to go in and do it right and have it be good for upscale housing and office and mixed use.” by Irving and Coppell. Short of Joe Pool and White Rock lakes, there aren’t many areas with water features like North Lake, he adds. Cypress Waters is “a huge development of land that most COCOPPELLPPELL people didn’t even realize was in Dallas,” says Mary Poss, a member of both Cypress Waters’ TIF and MMD boards. “It is a whole new tax base, and any time you create a new tax base, money is available for all parts of the city,” says Poss, PRESIDENT former acting Dallas mayor and City Council member. GGEORGEEORGE BUSH TURNPIKE There’s no lingering animosity about Cypress Waters, TOLL DDALLASALLAS says City Manager Clay Phillips, but questions remain about the development’s outcomes and long-term im- pact. Although it’s not Coppell’s obligation to provide ser- vices such as police and fire to other cities, there are con- cerns about how the influx of people will affect ancillary services such as libraries, recreation sports leagues, and IIRVINGRVING roads. At Alston Construction, we know that what you’re constructing is so much more than a building. It is the standing symbol of your company’s past success and its future endeavors. A symbol of your direction for growth and your outlook for the future. As a true partner, an honest advisor, and a responsible contractor, we understand the mindset it takes to build a solid foundation. We see things from a unique perspective...yours.

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