(For more retail coverage, click GlobeSt.com/RETAIL.)
DALLAS-Locally based Brytar Cos. has broken ground in suburban markets on two retail and mixed-use projects totaling 205,000 sf. In Grapevine, the developer is constructing the 150,000-sf Grapevine Mills Crossing across from the 1.6-million-sf Grapevine Mills Mall. In Frisco, Brytar is building a 55,000-sf office/retail complex.
Brytar officials couldn't be reached by publication deadline to learn the development costs of the projects. However, area construction sources familiar with comparable projects tell GlobeSt.com Grapevine Mills Crossing is probably being erected in the $150-per-sf range and the 55,000-sf project in the $200-per-sf range. That would bring the projects to an estimated aggregate development cost of $35 million.
For a potential customer base, Brytar founder and president Scott Remphrey is counting on the 20 million annual visitors that visit Grapevine Mills Mall, the Gaylord Texan Hotel and Convention Center and Bass Pro Shops. The Great Wolf Lodge Hotel & Water Park is also scheduled to arrive shortly in the same general area. Grapevine Mill Crossing is scheduled to open in June 2007.
Remphrey said in a release he was confident Grapevine Mills Crossing will "prove to be one of our most successful projects" because it is "in a premier centrally located position in the DFW Metroplex." The retail center is at Highway 121 and Grapevine Mills Boulevard. The RoomStore and Sleep Experts will head a roster of tenants that Remphrey expects to announce in the coming weeks.
In Frisco, the three-story building will have ground-floor retail with the two floors of office space focused on medical tenants. Brytar's partner in that project is Dallas-based Cirrus Group, a healthcare service developer specializing in medical facilities. The building is tentatively scheduled to open in May 2007. Among its tenants will be Dr. Tarek Souryel, the team physician for the Dallas Mavericks, EDS Credit Union and a major medical provider currently negotiating lease terms.
Remphrey says the Brytar Cos is celebrating its 10th anniversary this year "with its best annual results since the founding of the firm." He says the company has additional retail, industrial and land development projects under way in Colorado, Montana, Austin, TX and Boerne, TX.
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