Press

September 01 , 2005

TEXAS RETAIL

TEXAS RETAIL

Developers are showing more creativity with their projects.
September 1, 2005 - Dan Marcec | Texas Real Estate Business. Variety is the spice of life, so the old saying goes. The demand for retail continues to grow all over Texas due to continued population and business booms, so throughout the state's retail market, this idiom rings true. Texas Real Estate Business has spoken with several developers statewide that are taking advantage of the opportunity to build retail projects, and they are embracing their creative sides in order to undertake different types of development.
ARLINGTON HIGHLANDS
Arlington, Texas, is located approximately equidistant between Dallas and Fort Worth, Texas, and in many ways the market has been under-served, as demand has been unmet as far as high quality retail is concerned.
According to Daniel Fuller, vice president of development for Connected Development Services, a division of The Retail Connection, this factor has provided the impetus for his company's development of Arlington Highlands, a hybrid retail center that is underway at the northeast comer of Interstate Highway 20 and Matlock Road in Arlington.
"Arlington Highlands is a very exciting project from a design standpoint as well as from a tenant mix standpoint," Fuller says. "This is one of the first projects of its kind in North Texas, and it marries the power center tenants with lifestyle tenants, restaurants and entertainment; it's going to be a very high quality project."
At full build-out, the project will encompass almost 1 million square feet. In the first phase, which will break ground in the next couple of months, 600,000 square feet of retail is planned. The tenant mix includes traditional power center users that wrap around the lifestyle center component, and eight restaurant and retail pad sites front IH-20. In addition, the development features a nine-screen dinner theater that shows first-run movies, and a park that runs approximately 1,000 feet long by 70 feet wide adorns the lifestyle component.
One of the most unique features of Arlington Highlands is that the project offers tenants completely new to the local market. Most of the deals for the junior power center anchors and the pad sites are closed, so right now leasing is more focused on the lifestyle component, where Fuller says there is a lot of opportunity.
Other unique aspects of the development are the architecture and the landscape. Good Fulton & Farrell is providing architectural services for Arlington Highlands, which features 100 percent stone masonry with some true twostory buildings, and the rest of the structures have two-story facades. The park includes two creeks, art installations, pedestrian bridges and outdoor seating.
"Obviously, this is a massive project, so it will have an important tax benefit to Arlington, but also there is a tremendous amount of off-site roadway improvements planned in conjunction with its development," Fuller notes. "These aspects strengthen the importance of the super-regionality of the Arlington market and certainly they will bolster retail trade in the area; we hope and believe Arlington Highlands will be one of the signature properties in all of the metroplex."
Fuller says that Connected Development Services plans to complete Phase I for the holiday season 2006, and plans for Phase II will be announced shortly thereafter in early 2007.
THE RETAIL CONNECTION AND GRANITE PROPERTIES PURCHASE QUORUM PLAZA II IN ADDISON
Addison, Texas - The Retail Connection, in a joint venture with Granite Properties, has purchased Quorum Plaza II in Addison. This 80,000square- foot retail center is located on the southwest comer of Belt1ine Road and Quorum Drive. It was acquired from a venture managed by Dunhill Partners. The Retail Connection plans to renovate the property, which will be completed by year's end.