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GlobeSt.com UPDATE: $200M-Plus Plan Takes Off

WESTLAKE, TX-With ICSC right around the corner, the Hillwood-General Growth JV returns with anchors in hand to tout the one-million-sf first phase for a retail resort. Dillard's and Foley's are in for 200,000 each and AMC's talking for a 16-screen theater.

By Connie Gore | Updated on May 20, 2004

WESTLAKE, TX-General Growth Properties Inc. and Hillwood will hit the 2004 International Shopping Centers Council’s Las Vegas confab to pitch a $200-million-plus plan for the first phase to the 130-acre Shops at Circle T Ranch, which debuted at ICSC last year and returns this year with the anchors in hand to bring the project out of the ground.

The one-million-sf first phase, which could be hiked to 1.2 million sf, has placed two of five anchors and is nearing the end of negotiations for a third. Little Rock, AR-headquartered Dillard’s Inc. and Foley’s, owned by St. Louis-based May Department Stores Co., are signed for the long term to 200,000-sf stores while talks continue with Kansas City, MO-based AMC Entertainment Inc. for a 16-screen theater to anchor an entertainment component. The final breakdown of shops versus entertainment space has yet to be etched in stone, a General Growth spokesman says.

What has been defined is the concept: a retail resort with 1.7 million sf at full build-out. Hillwood’s earmarked 2,500 acres for Circle T Ranch to leave another legacy in the northeast Tarrant County corridor aside from the Alliance Airport-area development, much like it is doing in Dallas with the redevelopment of a brownfield site where its Victory district is anchored by the $420-million American Airlines Center and is adding Westin Hotel & Residences in a build-out that includes office and multifamily product.

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