Tanger is planning a "racetrack design" with 380,000 sf of leasable upscale retail in a garden-type setting with water features as its first test of urban infill markets, according to Herbert Gears, Irving's mayor. "It's not your grandpa's outlet mall," he emphasizes to GlobeSt.com. "They believe there's an opportunity. Simply because of the reputation of the quality of manufacturers and widely recognized brands, that it works in the marketplace."
The Greensboro, NC-based Tanger team, including its president and COO Steven B. Tanger arrived last night in the metroplex for today's press conference. Neither he nor his teammates were available by deadline to discuss the development timetable.
[IMGCAP(2)]"This is a very significant announcement for Irving and Tanger. It takes a lot of land to set it up in this upscale fashion," Gears says, adding a hotel site has been included in the plan. Tanger will buy the 50-acre site from the university, which kicked in 200 acres of its land claim toward a 488.4-acre redevelopment proposal launched in 2005 when the NFL team's owner Jerry Jones opted to plant his new retractable-roof stadium in Arlington after pitting Irving, Dallas and other cities against each other for a sports project now touting a $1-billion price tag. "We've been working very hard to generate activity for three years now," Gears says.
The university is the largest landowner in the redevelopment block. Southwest Premier Properties owns 117.4 acres, where it houses a central freight station, and the city's claim is 70.3 acres.
In 2006, city officials selected Cleveland-based Forest City to come up with a plan for its stadium land. Gears says Forest City's team tomorrow will present a development plan for a single-user corporate campus as its anchor for its 373-acre Crossroads proposal, adding there have been enough inquiries from corporate America to warrant the discussion. "But, they have to get our blessings to do that," he says.
Forest City's $2-billion Crossroads plan has been mapped for 4,900 residences, more than one million sf of retail and entertainment, two million sf of office space, 500-room hotel, theater and civic center. The development also will have an amphitheater, lake and 43 acres of open space.
Meanwhile, construction is under way on the first of three major road projects to flesh out the infrastructure for the redevelopment and proposed transit-oriented development for a Dallas Area Rapid Transit light-rail station. The highway projects are being funded by $700 million of state and federal money. To date, the city has collected $12 million to $14 million from a 10% ticket tax and $3 parking charge to get its share of the infrastructure costs.
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