The signing, announced this morning, marks the seventh Neiman Marcus store in Texas and the fourth anchor for La Cantera, a subsidiary of USAA Real Estate Co. and USAA, San Antonio's largest employer. Other anchors are Nordstrom, Dillard's and Foley's. A fifth anchor has yet to be announced. La Cantera, which will break ground late this year, calls for 150 specialty shops, home furnishing stores and restaurants. Completion is set for spring 2004.
"A retail center has long been part of the vision at La Cantera and the increased residential growth in the area has helped make this a reality," says Robert G. Davis, USAA president and CEO.
The retail undertaking will be built on 160 acres near the intersection of Interstate 10 West and Loop 1604. The project is expected to pump about 1,000 jobs into the region during construction and 2,000 permanent positions.
The Neiman Marcus Group, headquartered in Chestnut Hill, MA, is a $2.85 billion specialty retailer that had gotten its start 90 years ago in Dallas. Its addition to the La Cantera lineup is being touted as an ongoing effort to bring only the best to the long-awaited retail project, which had been expected to break ground in fourth quarter 2000. The delay, GlobeSt.com had been told, had resulted from development plans taking longer to materialize than anticipated.
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