(For more retail coverage, click GlobeSt.com/RETAIL.)
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.
Meanwhile, Cagle says they are working with the owner on the development plan for the balance of his stake at the bend of the Brazos River. The Cagles were the driving force behind Pavillion Court, with 700,000 sf of retail and 50,000 sf of office space, at the North Dallas crossroads of Coit and Campbell roads. He says this is the first major project that they've undertaken in several years. And, he says, "it's the first that we've done as a partnership outside the family's interest."
Hodges & Associates Architecture of Dallas designed the Shops of Granbury, using brick, Granbury stone, awnings and metal shingles to mimic the look of the historic downtown. Spring Valley Construction Co. in Dallas is the general contractor while the DFL Group, also Dallas, is the landscape architect.
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