DKH has branded each development as Alore or "a leisure-oriented retail environment," each boasting the signature print of an elaborate water feature. The developer will bring out Alore III, with 110,000 sf, on 10.3 acres at the intersection of FM 1960 and West Lake Houston Parkway in Atascocita; the 250,000-sf Alore IV at the southeast corner of Texas 96 and FM 1266 in League City; and 160,000-sf Alore V at the junction of Texas 6 and Colonial Lakes Drive in Sugar Land's master-planned development of First Colony. All will deliver in spring 2005.
The 10.3-acre Alore III is a $20-million project with a Dallas-based theater chain now locked in negotiations for the anchor spot, Bryan Dunson, DKH president, tells GlobeSt.com. Designed by Houston architect Jonathan Myers, the 110,000-sf project is 65% pre-leased, he says, adding work begins in mid-June.
Alore IV, planned for 26 acres about 1,000 feet from the Gulf Coast shoreline, will have $26 million of street-level retail that will be topped off with second-floor townhouses, the cost of which is still being worked up, Dunson says. The design by Greg Moe with GSBS of North Richland Hills will have a boardwalk and interactive water feature. Ground is set to break in mid-August.
The Austin-headquartered Alamo Drafthouse Theater chain has committed to a 30,000-sf anchor spot for Alore IV, now resting at 45% pre-leased. And, Dunson says, he's in talks with three big-box retailers for a large chunk of the remaining space.
In Sugar Land, the $24-million Alore V also breaks ground in mid-August. The Moe-designed, 27-acre development, Dunson says, is 40% pre-leased.
A mix of partnerships, led by Jim McAlister Sr. of McAlister Co. in Houston, has put up the land for the trio of projects. The partners will reap their returns on the land when the projects are completed, says Dunson, who's in the midst of talks with several banks to provide construction financing.
Dunson is the nephew of Houstonian Jim "Mattress Mac" McIngvale of Gallery Furniture. DKH's other partners are John Knighten and Sean Hicks.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
