A developer has bought a key Dallas corner at Travis and Knox streets with plans to build an office and retail building.

The property is occupied by a convenience store and flower shop. It's just steps away from the popular Katy Trail and across the street from the Highland Park Pharmacy.

King Laughlin

The 7-Eleven store at Travis and Knox was one of the chain's earliest.

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Shopping center builder Steve Shafer could put as many as nine stories on the 20,000-square-foot site, which was purchased from 7-Eleven.

"It's such a great property – something that comes along only once in a lifetime," Mr. Shafer said Tuesday. "I was amazed it was available."

7-Eleven has occupied the property for decades. Parts of the old buildings date to 1950, according to tax records.

The store was one of the chain’s earliest, according to real estate broker King Laughlin who handled the sale.

"We just completed the purchase Friday, and they have already closed the store," Mr. Shafer said. "I have laid out a new project with 60,000 square feet of office and retail."

A bank could wind up renting the ground floor of the building. But Mr. Shafer said he's in no hurry to finalize a deal for the new building.

"It will be six months before I do anything at all," he said.

Shafer Property Co. developed the Knox Park Village retail and office building at Knox and North Central Expressway. The company also has projects in Uptown and Richardson.