(For more retail coverage, click GlobeSt.com/RETAIL.)
HOUSTON-Committing to a second commercial development in the region, Trademark Property Co. has signed a 100-year ground lease with the Kagan & Rudy Families Properties Ltd. and Karu Ltd. of Portland, OR. The six-acre site, now holding an auto dealership, will be scraped and redeveloped with a 100,000-sf, mixed-use project for the Galleria submarket.
The Fort Worth-based Trademark's High Street plan will cost $65 million to $80 million to develop. Ground will break in spring 2007 so the center can open in 2008.
High Street, which will go up at 4410 Westheimer Rd., will have specialty retail, restaurants and entertainment space on the ground floor. It will be topped off with 250 to 350 apartments. Terry Montesi, Trademark's CEO, tells GlobeSt.com that discussions are under way with a developer to build and lease the residential component.
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