HOUSTON-Woodlake Square Shopping Center is getting an extreme makeover. A joint venture comprised of funds sponsored by AmREIT Inc. and AEW Capital Management LP has started construction on the redevelopment of the 1970s-era center.
The JV acquired the grocery-anchored center is 2007 with plans to redevelop it, according to Ron Lindsey, managing vice president of development for AmREIT. “This is excellent real estate, he contends.
Lindsey notes that the property is located on 20 acres at the intersection of Westheimer and Gessner Roads near one of the densest and highest income neighborhoods. In addition, more than 100,000 cars go through the intersection each day.
“It’s a major investment in the corner,” Lindsey says, declining to disclose the total cost of the redevelopment.
The 210,000-square-foot property has been expanded over the past 30 years, and its grocery anchor Randalls also has been expanded and renovated multiple times. “As the center grew over time, it grew less functional,” Lindsey tells GlobeSt.
As part of the redevelopment, significant portions of the existing shopping center will be demolished and replaced with new buildings and the balance of the shopping center will be remodeled extensively. The existing Randalls, for example, will be razed and replaced with a new and larger “Lifestyle” format store.
Although the new format has been introduced to stores in Dallas and Austin, this will be the first one in Houston, Lindsey says. It will showcase enhanced service departments such as floral, produce, deli/food service, bakery, meat and seafood, and emphasizes high-quality perishable products and prepared foods.
The new store will be constructed approximately 100 feet further north on the site than the existing store, which will create significant additional customer parking in front of the store. The Randalls pharmacy and the Wells Fargo branch have been temporarily relocated to another building in the shopping center.
Jos A. Bank will move to a new building in the shopping center and its existing building will be replaced with a Randalls fuel station. Walgreens will remain in its current location and the building in which it is located will be refreshed.
Many of the other tenants will also remain, including, Ragin Cajun, New Image Dental, TFG Cleaners, Merle Norman, S’Home D
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