1M-SF Retail Center Is in the Works

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SAN ANTONIO-Site work will begin here early next year for a one-million-sf super regional power center on 100 acres at the southeast corner of Interstate 10 at Loop 1604, one of the city’s busiest highway intersections. The land owner and developer is a 50-50 joint venture of Turnberry Associates of Aventura, FL and Miami-based CABI Developers, which is the US arm of GICSA, one of Mexico’s largest developers. This will be the duo’s third project, the two others being high-end residential developments in south Florida.Jim Gdula, Turnberry’s director of retail development, tells GlobeSt.com that property has been envisioned as a major retail center for years and at least six other development groups have tried to acquire the property from its previous owners, a Mexican family. “This has been the logical place to put it, but nobody could make a deal,” he says.Gdula says Turnberry and CABI were successful in part because of CABI’s Mexico ties. “The Cababie family [owner of GICSA and CABI Developers] was approached by the owners of the land for some residential work and it led to talk of this property,” says Gdula. “Then [the Cababie family] asked us if we would be involved if they were able to pick it up,” which occurred in October. The property is located near the University of Texas at San Antonio campus and a Six Flags Theme Park, and is located across the highway from a Costco. Gdula says all development approvals for the project’s master plan have been secured and Turnberry is currently finalizing the site plan. Construction is scheduled to begin in early 2005 with completion estimated for fall 2006.Gdula says the next step is to secure prelease commitments. He says the design generally will include anchors and sub-anchor tenants, some smaller shop space and about one dozen outparcels. About 80% of the development will house tenants larger than 15,000 sf in size and the remainder will be smaller. “We’re talking to anchor tenants that are already in marketplace and those that are not already in marketplace,” he says. “The ones already here are either looking to add to their market share or relocate.”