(For more retail coverage, click GlobeSt.com/RETAIL.)
CEDAR PARK, TX-Endeavor Real Estate Group will break ground in mid-October on the mixed-use, 900,000-sf 1890 Ranch Shopping Center. The development, ticketed to open in October 2007, is carrying an all-in price tag north of $100 million.
The 90-acre project has been in the works for close to two years. The Plano, TX-based Cinemark USA Inc.'s lease signing for a 12-screen movie theater was the firing pin to start construction at the new US Highway 183A and FM 1431. Letters of intent are in hand for PetsMart, which plans to lease 27,880 sf and Office Max, which will take down 20,000 sf. Target Corp. plans to build a 177,531-sf store on its land.
Charlie Northington, principal for Austin-based Endeavor, says the center is filling a void in the submarket so it's attracting strong attention. "The new tollway is just coming through and this is a growing area so we're here at the right time," he tells GlobeSt.com. A recent report pegging retail vacancies at 7% and high single-family housing sales supports the need for more retail space.
The 1890 Ranch Shopping Center will be built in two phases, with the first wave laid out with 530,000 sf of retail and 100,000 sf of medical and office space. Northington says the second phase, 270,000 sf, will begin to rise in early 2007.
"Cinemark's commitment to this project demonstrates the caliber of tenant that Endeavor will be bringing to the 1890 Ranch project to make this a true entertainment and shopping experience for our citizens," Phil Brewer, director of economic development for Cedar Park, says in a press release.
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