(For more retail coverage, click GlobeSt.com/RETAIL.)
FAIRVIEW-The Container Store of Coppell and New York City-Barnes & Noble Inc. are the newest players planning to join the growing roster of national retailers at the $200-million, one-million-sf Village at Fairview. The retail project is scheduled to break ground in spring 2007 and open by fall of 2008.
The Container Store will be 22,500 sf and the Barnes & Noble outlet 28,500 sf. The MGHerring Group of Dallas, which is developing the 200-acre campus 30 miles northeast of Downtown Dallas, did not disclose the estimated construction costs of the two stores.
However, area construction sources familiar with comparable retail projects tell GlobeSt.com that with the continuing rise in materials and labor, the stores are facing estimated hard construction costs in the $150-per-sf range, at least. That would place the estimated hard cost of the Container store at $3.4 million and the Barnes & Noble store at $4.3 million.
In a prepared statement, David Deason, vice president of development for Barnes & Noble, says his company had been "evaluating several planned developments for the McKinney/Allen/Fairview area and really wanted to make sure that we committed to the dominant regional opportunity." Deason predicts the Village at Fairview "will be the most significant development in northeast Collin County." The project is at the northeast quadrant of Stacy Road and US 75.
Anchoring the Village at Fairview will be two full-service department stores--a 200,000-sf Dillard's and a 150,000-sf Macy's. Foley's and JC Penney also plan stores, as GlobeSt.com reported.
The Village at Fairview is one component of a 400-acre mixed-use development located in both Fairview and Allen. Jim Kenny, vice president of leasing for the MGHerring Group, says the Village at Fairview and the Village at Allen will be separated by Stacy Road, but will be developed and designed as one project. When completed the development will have more than two million sf of rental retail. "It will be the premier retail destination on the US 75 corridor," he says.
Kenny says that besides the previously announced retailers for the project, Village at Fairview will have an additional 100,000-sf department store, 500,000 sf of specialty shops and restaurants, 200,000 sf of office space, 700 residential units, a 200-room hotel and a 50,000-sf movie theater.
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