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McAllen, Simon Ink 167-Acre Mixed-Use Plan

McALLEN, TX-The project advances after the city signs the lone bidder for the project to buy 70 acres for more than $17 million and develop 650,000 sf of retail to go along with a 174,000-sf convention center and 2,500- to 3,000-seat performing arts center.

By Jennifer Brenner Andrade | Updated on January 19, 2004

McALLEN, TX-With no other bids on the table, Simon Property Group Inc. has stepped up to the plate as retail developer for a 167-acre, mixed-use development in the City of McAllen, agreeing to spend at least $5.50 per sf or more than $17 million for 70 acres to develop the 650,000-sf component. The city’s stake with a price tag upward of $60 million is to build a convention center and performing arts auditorium in the Rio Grande Valley.

McAllen voters OK’d the mixed-use project in September 2002. McAllen Mayor Leo Montalvo tells GlobeSt.com that the Indianapolis-based Simon was the only developer to respond to an RFP floated about four months ago. Simon is expected to close in September on 70 acres of retail-zoned land at the northeast corner of Ware Road and Expressway 83, which abuts 18.8 acres set aside for the 174,000-sf convention center.

Montalvo says the call for the convention center’s general contractor will go out in late spring. Construction, with a 15- to 18-month schedule, will get under way about the same time that Simon buys the acreage. When the convention center’s completed, work will ramp up on a performing arts center with 2,500 to 3,000 seats, according to the mayor. He says the city plans to spend about $60 million for its portion of the project.

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