17 Acres of Retail Starts on Brazos Banks

GRANBURY, TX-After a year of laying the groundwork, a Dallas couple has started work on an estimated $10-million first phase for a 17.24-acre retail development on the banks of the Brazos River. If the project keeps to the schedule, a second phase will break ground at year’s end.

The walls to the 71,450-sf first phase will be going up in the coming week, with spaces ready for tenant finish-out by mid-May, Mike Cagle, executive vice president for Dallas-based John Bowles Co., tells GlobeSt.com. He and his wife, Lou B. Cagle, are developing the Shops of Granbury on land fronting US Highway 377 in a North Texas city with a historic town square surrounded by enclaves of second homes and hotels for weekend and vacation getaways. Developing as the Shops of Granbury Ltd., the couple has landed long-term anchor deals for a 35,000-sf Bealls’ new large-format shop and 14,600-sf Staples office supply store. The Shops of Granbury’s grand opening is planned for late August.

“We’ve always wanted to do something in Granbury,” says Cagle, whose family has had a ranch in the Hood County town since the 1940s. The couple has sold two pad sites to Spring Creek Restaurants, a 26-year-old, family-owned chain with 29 locations in Dallas/Fort Worth. One pad will hold a Spring Creek Barbecue and the other, a Mexican Inn Cafe. There is one pad site left in the 11.24-acre first phase and several more planned for the six-acre phase two, which will add another 75,000 sf to 80,000 sf of retail space to the Shops of Granbury. The inline space is quoted at $16 per sf to $18 per sf, triple net.