For more retail coverage, click GlobeSt.com/RETAIL.
HOUSTON-Later this month, Trammell Crow Co. will break ground on a 25,000-sf first phase to Atascocita Commons, a $30-million power center that will have 300,000 sf at build-out. The 38-acre project gets underway with development of four pad sites.
Atascocita Commons will go up along FM 1960 near West Lake Houston Parkway. Craig Cheney, managing director of retail development in Houston for the Dallas-based TCC, tells GlobeSt.com that the team's been working on the project for a year. TCC just recently bought the land from a local seller, JM Texas Land Fund 1.
Before the year ends, construction will get under way on the 275,000-sf balance. Atascocita Commons will be open for business in mid-2006, according to Cheney. He and Oliver Robinson are directing the center's development while TCC's Matt Keener and Wes Miller are leading the retail leasing drive.
"There's a great amount of interest from retailers in this project," Cheney says, adding the location puts it right in the heart of all the population growth. The trade area currently is comprised of 100,000 people with an average household income exceeding $100,000 per year.
Cheney says no big box retailers have committed to any space in Atascocita Commons, but he adds "retailers have realized that the area has grown up and that they need to service it." Small shop space is quoted at $25 per sf.
Houston's CDA Architects designed the project. A general contractor has not yet been selected. According to Cheney, TCC is tapping a revolving line of credit with locally based Amegy Bank to fund the development.
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