Terry Montesi, founding partner of Fort Worth-based Trademark, says the company and its partner, a joint venture between the CalPERS and an affiliate of Miller Capital Advisory Inc. of Skokie, IL, were interested in adding more retail space to Corpus Christi through ground-up construction because it is an underserved market. When Padre Staples Mall at 5488 South Padre Island Dr. was brought to market by its local owners, P. Small LP, Montesi says "we decided that the right situation was to redevelop the existing mall because it's so well located."
Montesi tells GlobeSt.com that renovations on the nearly 40-year-old mall will begin within 45 days. Beginning immediately will be interior renovations, furnishings and graphics and then upgrades will be done to the food court and children's play area. "The final phase will be a renovation of the outdoor lifestyle court," Montesi says. The upgrades are anticipated to be done in fall 2009. The developer is also seeking LEED certification for the center.
The Trademark team unveiled its plans at a press conference yesterday in the mall's center court, with local officials in attendance and the news embargoed until it was over. Also unveiled was the mall's new name, La Palmera.
The 75%-leased retail center is situated on about 20 acres. Its roster is mainly national tenants, including Abercrombie & Fitch, American Eagle Outfitters, Buckle, Dillard's, Express, Forever 21, Gap, Macy's, Nine West, New York & Co. and Victoria's Secret.
Montesi says there is no immediate lease roll at La Palmera. Les Garrett with Trademark is overseeing leasing. Fred Walters, also with Trademark, will be the mall's general manager.
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