Caddo Offices broke ground recently on a future co-working office building in Flower Mound, according to a news release from the town.
Caddo Office Reimagined will be a two-story, 37,000-square-foot co-working facility in the Lakeside Business District, at the southeast corner of FM 2499 and Spinks Road. The site is a portion of the land known as the Crosby tract, which is currently undeveloped.
The facility will provide executive office suites and co-working space for individuals working independently or desiring collaboratively-shared office space. It’s expected to be completed in spring or summer 2021, and when fully occupied, it will employ about 240 people. Once completed, the Flower Mound location will offer more than 160 private office suites with flexible terms requiring 60-days’ notice for cancellation.
Last month, the Flower Mound Town Council established a Tax Abatement Reinvestment Zone for the facility that includes an eight-year tax abatement (years one through seven at 75%, year eight at 38%) that will save Caddo $145,000, a grant equal to 25% of impact fees ($21,000 in savings) and a building permit fee waiver of $9,500.
The town of Flower Mound estimates that over the first 10-year period, the TARZ will cost the town about $174,000 in taxes and fees, but it will benefit in the amount of $416,000, resulting in the net benefit of about $242,000.