The final takedown is 11 acres along North Freeway between West and Fallbrook roads in Greens Landing. The 23,282-sf dealership building and land are assessed at $3.4 million, but the developer says he didn't pay that price for the property.
Jim Wallace, the firm's president, bought two tracts directly from the former owners and negotiated the purchase of a third with Clay Peeples of Boyd Commercial in Houston. Wallace says he's in a position that he doesn't have to wait for approval from a lender or secure interest from a prospective tenant to pursue a development site. "We have the freedom to pursue a deal when we see a great location," he says. "We don't need to pre-lease in advance."
With the land locked down, Wallace tells GlobeSt.com that the team's jumped into negotiations with several national retailers for the power center project. "We're considering three to five big box retailers and several pads that could include a bank and fast-food restaurants," he says. The immediate area already is home to large-scale formats like a Wal-Mart Supercenter, Office Depot and Home Depot.
Wallace tells GlobeSt.com that several pieces of the puzzle are in place. Right now, his firm is concentrating on the preliminary site work--utilities and roadwork--and making plans to tear down the building. The project will break ground in the fourth quarter. Completion tentatively is scheduled for the end of 2005.
Wallace says the site has been eyed by numerous developers and end-users who contemplated buying it for several years. The lure is a prime positioning between the entrance and exit ramps of the North Freeway and traffic counts of nearly 200,000 vehicles per day, he says. The area also is a densely populated residential neighborhood so there are plenty of potential shoppers for the center.
Lane Design Group of Houston is the architect for the project. US Builders is the general contractor. The locally based Wulfe & Co. is doing the leasing.
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