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Hermansen, Rosewood JV on $50M Boutique Center

FLOWER MOUND, TX-In its first retail-weighted investment, Rosewood Property backs the Plaza of the Oaks' specialty retail and luxury office mix. The permitting process has begun.

By Connie Gore | Updated on May 07, 2008

FLOWER MOUND, TX-Hermansen Land Development, with equity backing from Rosewood Property Co., has started the permitting process for the Plaza of the Oaks, a $50-million boutique mix of retail and office. In perhaps its first retail-weighted investment, the JV partner has just come on board in the past week after six months of negotiations.

Dallas-based Rosewood’s traditional playing field has been hotels, resorts and office buildings. “We are very honored to have them as our partner, which makes it the most distinct retail project in Dallas,” Kirk Hermansen, founder of the Dallas-based development group, tells GlobeSt.com. “We approached them. It seemed like a good fit.” He expects the 10-acre Plaza of the Oaks will break ground in roughly three months at the intersection of FM 407 and 2499, right across the street from the Shops at Highland Village, which he co-developed with the Jacksonville, FL-based Regency Centers Corp.

Hermansen says the Plaza of the Oaks will be marketed as a Rosewood-branded retail development. Its design calls for 80,000 sf of retail and 15,000 sf of second-floor boutique office. Hermansen isn’t ready to disclose any tenants’ names, but it will be “high-profile local and national retailers, one of a kind to the market,” he guarantees, hinting that one’s from Las Vegas. “I don’t think we’ll be waiting on the leasing to get started. The activity has been strong.” The project is penciled for a fall 2009 delivery.

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