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UPDATE: Developer Lands $50M Incentive Package

FAIRVIEW, TX-The MGHerring Group, with Prudential kicking in equity, secures final clearance on a 22-year package that opens the door for work to start in the fall on a $150-million-plus development with one million sf of retail and 300 apartments.

By Connie Gore | Updated on March 24, 2006

FAIRVIEW, TX-With local officials clearing a $50-million incentive package, the MGHerring Group will break ground in the fall on one million sf of regional retail space and 300 residential rental units in the northern tier.

Gar Herring, president of the Dallas-based development group, tells GlobeSt.com that preleasing is ahead of schedule with anchor deals about to be sealed for the $150-million-plus Village at Fairview, a 192-acre foothold at the corner of US Highway 75 and Stacy Road. According to a previous GlobeSt.com article, he’s been negotiating with Dillard’s, Foley’s and JCPenney. The Newark-based Prudential Financial Inc. is the development’s equity backer.

Despite the preleasing activity, Herring says the catalyst to get construction moving was this week’s council approval of the incentive package, the value of which is based on reimbursement from sales tax collections and municipal costs for expanding Stacy Road and extending Fairview Parkway as part of the infrastructure development. Under the terms, a percentage of the sales taxes will be reimbursed for 22 years.

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