Prospera Rolling Out Hotel-Retail Projects

DALLAS-A locally based developer has just broken ground on a five-acre suburban tract for a hotel and retail project. The all-in development cost is $9.5 million for a 71-room La Quinta Inn & Suites and 25,986 sf of retail.

Prospera Cos. is planning to build at least two more combos in the coming year. “They’re complementary. They drive traffic to each other,” Jay Rajpal, president of Prospera Cos., explains to GlobeSt.com. “Because we buy sort of prime locations, it makes sense to do retail next to it. And, we can take down a larger piece of land or a more expensive piece of land.” Dirt work has just started on the first combo product at 1405 S. Hwy 81 in Decatur.

Rajpal says the retail component, though, isn’t patterned after the recognizable La Quinta design. “It’s contemporary,” he says, adding that was done to build in a separate identity although under one owner’s umbrella.