OFF 5th Signs 28,000-SF BTS Lease for $1B Rim

SAN ANTONIO-Saks Fifth Avenue’s OFF 5th is the latest tenant to sign a long-term lease for a spot in the $1-billion Rim, a mixed-use development in northwest San Antonio. The 28,000-sf Saks store will open in spring 2009.

Ward A. Kampf, president of retail leasing for the Rim’s developer Thomas Enterprises Inc., says the OFF 5th store will break ground within one week. The store will be located next to Nordstrom Rack, which is slated to open this fall. Located at the intersection of Loop 1604 and Interstate 10, the Rim now has 1.3 million sf, with 288 of its 1,000 acres built out. The tenant list includes Bass Pro Shops Outdoor World, Target, Santikos Palladium Theatre, Best Buy and JCPenney. Future plans call for a hotel and upscale condo.

Kampf says the Rim’s next wave of development will be the Village, a 300,000-sf pedestrian-friendly retail center with dining, shopping and entertainment tenants. “We’re in active negotiations with tenants and about 75% of that space is already committed,” he tells GlobeSt.com, adding construction will begin in late fall. “This will be pedestrian-friendly, with storefront parking and heavy on the food and entertainment areas.” Completion is pegged for 2010.