The Dallas-based team of Weber & Co. and Today Realty Advisors are teaming once again as construction crews move onto the site of Pleasant Run Towne Center, an inside source for the partnership has confirmed. The first of five anchors is in place: a 174,000-sf Super Target. The others will be announced in three to four months, Mark Hajdu, senior vice president of Dallas-based Henry S. Miller Commercial, tells GlobeSt.com.
"I'm sworn to secrecy for a little while longer," Hajdu says. But, the intent is there to sign, a good sign for Hajdu who sold the land and now holds the project's leasing assignment along with Ryan Hamilton, a Henry S. Miller Commercial associate. Robert Grunnah, president of Henry S. Miller Commercial's land division, co-brokered the land sale, with he and Hajdu representing the seller, Retail Plazas Inc. of Dallas.
If the partnership holds true to form, Today Realty has kicked in the equity for Weber to develop, much as they did when they shaped the retail in the Cityview section along Interstate 20 in Fort Worth. The Cedar Hill site sits about four miles from that same interstate and takes up the southwest corner of Pleasant Run and US Highway 67.
About five years ago, Retail Plazas bought 100 acres at the intersection. The balance will be sliced into lots for residential development, according to Hajdu. The deal has been two years in the making, tied to an interstate exit, road expansion and bond sale to foot the bill for the much-needed infrastructure. The Super Target will open in October 2003; the balance of the project ready to go by next year's holiday shopping season.
Cedar Hill has been running at full steam most of this year, starting in January with a 420,000-sf lease with Spectrum Supply Chain Services that turned around 1,000 jobs just eight months later. A 27,000-sf retail center is under construction; a 160,000-sf one has opened with Ultimate Electronics as its anchor. The year also brought openings for a state drivers' license office, bank and 208,000-sf Wal-Mart Supercenter. Earlier this month, the Cedar Valley Community College was to have broken ground on a technology center.
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