For more retail coverage, click GlobeSt.com/RETAIL.
PEARLAND, TX-Shop 'till you drop has taken on new meaning with two mega shopping centers, totaling more than 1.5 million sf, scheduling openings within a year of each other as they race to keep pace with the city's fast-track growth.
Going up against each other for customers and retailers will be the 800,000-sf Promenade Shops at Shadow Creek, planned for the intersection of Beltway 8 South and Texas 288, and the 700,000-sf Pearland Town Center, an open-air, lifestyle development that will rise at the FM 518 and 288 junction. Both centers have already signed nationally known retailers. Foley's and Dillard's have inked agreements to anchor the multimillion-dollar Pearland Town Center while the Promenade has Bass Pro Shops lined up.
Stephen Lebovitz, president of the Chattanooga, TN-based CBL & Associates Properties Inc. which is developing Pearland Town Center, tells GlobeSt.com that rapid growth in the area coupled with a demand by retailers who are underrepresented in the Houston market guarantee the success of his project. And with Foley's and Dillard's as anchors, he says, the shopping center is guaranteed the credibility and strength to draw other retailers to its doors.
"We feel this gives the project tremendous credibility and strength to draw junior anchors, restaurants and other retailers to the project," Lebovitz says about the anchor commitments. He says negotiations are under way with several other retailers, but no firm commitments have yet been made.
The open-air Pearland Town Center, one of the first of its type in the Houston area, will break ground within 18 months. The 110-acre center will open doors in 2008, one year after the Promenade. In addition to the two anchors, Pearland Town Center will include junior anchors for sporting goods, books and electronics along with more than 300,000 sf of specialty shops and restaurants.
Foley's will open a 150,000-sf store in 2009, marking its 17th location in the Greater Houston area. Dillard's is planning a bi-level, 155,000-sf store that will open in tandem with the mall.
The $200-million, 127-acre Promenade Shops at Shadow Creek is being developed by Poag & McEwen Lifestyle Centers in conjunction with partner Prudential Real Estate Investors. For the previous story, click here.
From a demographics standpoint, Pearland's average annual household income is $84,554. From a population perspective, there were 68,000 residents two years ago, but at least 13,000 more will be living inside the city line by the time the retail space delivers.
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