Elevator firm KONE going up with Allen office park projectElevator firm KONE going up with Allen office park projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=31472014-09-08T11:43:00Z2014-09-08T07:05:00Z

ALLEN - Global elevator and escalator company KONE Inc. plans to make a major expansion in North Texas as it relocates a light manufacturing division from Mexico to Allen, bringing 80 new jobs to the city.

As part of the international relocation, KONE will help start a soon-to-be developed Class A office park in Allen, called AllenPlace, on the east side of North Central Expy. between Bethany Dr. and McDermott Dr.

AllenPlace is expected to cost upwards of $90 million after it’s fully developed.

The $26 million initial phase of the five-building, 700,000-sf office park will keep KONE growing, said Ron Bagwill, vice president and director of supply operations for KONE Americas.

KONE will occupy more than 169,000 sf at AllenPlace, where the company committed to be the lead tenant in May. This increases the company's original lease by more than 110,000 sf from its original commitment.

The Allen Economic Development Corp. (AEDC) sold the tract to the developer as part of a public-private partnership. As part of the new deal, AEDC gave KONE a $200,000 economic development grant as part of developing the light manufacturing facility.

Construction is scheduled to get underway this year on the initial phase of the project. KONE is expected to move into its new offices by summer 2015.

Read more at the Dallas Business Journal.

For more on KONE's initial commitment to AllenPlace in May 2014, see previous story New $70 million office park coming to Allen.

Dallas Business Journal
Dallas-Fort Worth-Arlington
http://www.bizjournals.com/dallas/news/2014/09/04/kone-elevator-company-to-relocate-mexican-division.htmlRead more at {Source}

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