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Memphis-based Clark & Clark has purchased 113 acres of land near Southwind where it plans to develop a $200 million, 1.6 million-square-foot speculative office park in an area emerging as one of the city's most popular office markets.
Clark & Clark bought the land, which is on Hacks Cross Road across from the FedEx world headquarters, for $10 million from Fieldstone Development LLC.
Fieldstone's partners had the property rezoned from residential to commercial use in January, after plans for a residential community were scrapped.
The success of Clark & Clark's Lenox Park development in the Nonconnah corridor prompted the develop ers to begin a search two years ago for a site for a new office project. But there was never a question that the new office park would be located anywhere other than the Nonconnah corridor, says Nick Clark, principal of Clark & Clark.
"The Nonconnah area was the only area we wanted to be in," he says. "This is something that's been a long time coming and we're glad we were finally able to find the land."
Both Nick and his brother and business partner, Ben Clark, have made visits to several offi
ce parks in Boca Raton, Fla., Atlanta and Denver to evaluate and bring the best design' concepts into their design of the new park
The master plan for the park will be finalized by the end of the year. The Clarks haven't made a selection in which firm, if any, will assist them in the marketing of the new office project, Nick Clark says.
Construction on the first building, which will be a minimum of 100,000 square...