Press

January 22 , 2004

$50M Retail Projects Coming With Ikea

$50M Retail Projects Coming With Ikea

January 22nd, 2004 - By Connie Gore FRISCO, TX-The spotlight on the $40-million Ikea announcement overshadowed another $50 million of retail space that the developer making the catch will bring out of the ground in Frisco Bridges. The retail projects will rise in sync. George Allen of Oakridge Investments Inc. in Dallas tells GlobeSt.com that the plan calls for 100,000 sf of ancillary development beside the 310,000-sf Ikea and another 340,000 sf in the second-phase build-out of the Centre at Preston Ridge, situated a quarter-mile to the south. Allen says the projects aren't dependent on each other, but will be pushing out of the ground at the same time. If all goes as planned, all deliveries take place in spring 2005. Oakridge Investments and New Plan will buy 13 acres beside the 25-acre Ikea tract at Texas 121 and the Dallas North Tollway, eyeing a simultaneous closing in April and ground-breaking in May with the Plymouth Meeting, PA retailer. Before the deals can close with the Huffines family, Frisco Bridges Association must revise a lock on the land through 2015 limiting uses to corporate office and hospitality, Allen explains. The deal isn't done, he says, but it is well positioned to grab board approval. About six years ago, Oakridge acquired 172 acres to develop Frisco Bridges. To date, 132 acres have been built out with 1.3 million sf of retail. Oakridge's plan is to sit on the remaining 40 acres and buy the tract beside Ikea, a northeastern shopping favorite that's building its first store in North Texas and second in the state. Allen says the ancillary development will cost up to $15 million to develop. The pre-leasing contract for the Ikea neighbor reportedly is the first "trophy" award to roll to the recently formed Retail Connection, led by Steven A. Lieberman and a team of other top retail execs from Dallas/Fort Worth. Charles Hodges of Hodges & Associates in Dallas is designing the as-yet unnamed center. Down the road, Oakridge simultaneously is negotiating with two sporting goods retailers, both Texas newcomers, to land an anchor for a $35-million second phase at the 934,000-sf Centre at Preston Ridge. The size of the second-phase launch, which also breaks ground in the spring, hinges on which retailer signs first: 80,000 sf with a 48,000-sf anchor or 130,000 sf with a 90,000-sf anchor. Oakridge's second-phase plan for 30.1 acres at the northeast corner of Gaylord Parkway and Parkwood Boulevard calls for another 340,000 sf of retail and a hotel.