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HOUSTON-Well-known retail developer Sanford Aron is getting ready to start yet another project, the $15-million Shops at the Vintage. The developer, who's put together a new partnership for the project, has six acres under contract in Northwest Houston.
Aron, who's been involved in about 30 retail projects in the region, expects to close this month on the land, James Bouterie of Hunington Properties Inc. of Houston tells GlobeSt.com. The development site, being bought from a local seller, is at the intersection of Texas 249 and Loutetta Road.
Bouterie says the partnership, Shops at the Vintage Lakes Ltd., expects to break ground in the summer and deliver the space in early 2006. The project includes three one-acre pad sites.
Bouterie, who's preleasing the development, says the area's demographics show a 116,390 population within a four-mile radius that has an average annual household income of $94,487. "We're very excited about the growth in the area and think there will be a lot of demand for the center based on the demographics and high household income," he says.
Bouterie says the site is well-suited for restaurant and other food-oriented uses, like a Starbucks Coffee Co., because it is situated on the side of the highway with a high traffic count in the morning. "The location has terrific traffic counts of 105,810 cars per day," he adds, saying the site's proximity to the Hewlett-Packard campus and new residential development, Kickerillo, and Sueba Apartments, is a bonus.
Bouterie says no leases have been signed, but the Shops at the Vintage has received significant interest from several banks as well as other prospective tenants. The center, being marketed for $24 per sf to $26 per sf triple net, will be shadow-anchored by Home Depot, Target and 24-Hour Fitness.
According to Bouterie, the architectural firm has yet to be picked. The development partnership at this stage is working to secure construction financing, he says.
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