Grapevine Towne Center is a 330,000-square-foot project located on State Highway 114.
GRAPEVINE, TX—With continued growth in established neighborhoods, developers increasingly have turned to redevelopments to create modern shopping environments that will attract expanding tenants. When Grapevine Towne Center opened more than two decades ago, it was the first power center and, at the time, the largest retail center in the growing Grapevine market. Now, 24 years after it first opened, Weitzman's management division has begun a major renovation at Grapevine Towne Center designed to keep the landmark center as convenient for shoppers as when it first opened.
As part of a shopper-focused package, Weitzman has rolled out an updated shopping center website as well. And, a full digital marketing package includes social media pages, location-enabled retailer outreach programs and promotions.
“Thanks to dedicated leasing and management, Grapevine Towne Center has always been a strong performer,” said Jennifer Chandler, Weitzman's asset manager for the center. “This renovation is adding modern lifestyle elements and pedestrian-friendly features, as well as an updated facade to ensure that the center's next two decades are as strong as its first.”
Grapevine Towne Center is a 330,000-square-foot project located on State Highway 114 between William D. Tate and State Highway 26. The Target-anchored center features national retailers including Ross, Big Lots, Bealls, Office Depot, Jason's Deli, eatZi's, Haltom's Jewelers and Merle Norman.
The architect for the remodel is Hodges & Associates. Chandler is directing the renovation on behalf of the center's ownership and Weitzman's Kathy Detrick is overseeing construction.
Weitzman's brokerage division team of Blane O'Banion and Matt Luedtke direct leasing at Grapevine Towne Center. Weitzman handles property management for the center, and the property manager is Debra Hays.
“Grapevine Towne Center is one of several renovations we have underway,” O'Banion tells GlobeSt.com. “The center serves as a top retail destination thanks to both its strong retail line-up and its location at a key regional intersection that serves the Grapevine, Colleyville and Southlake markets.”
During 2018, construction in new and expanded retail centers totaled only 3.5 million square feet, which is especially low for a market that is a national economic leader in both jobs and population growth, according to a year-end report by Weitzman. Specifically, the 2018 space deliveries declined when compared to 2017, a year when slightly more than 4 million square feet came on line.
By keeping new development on pace with demand and adding little if any speculative space, or relying on redevelopment of existing centers, the market has avoided the overbuilding that marked previous periods of strong retail market performance. One notable redevelopment in 2018 involved Victory Park, a major mixed-use development that created a new retail environment for a number of restaurants and a new entertainment anchor, luxury cinema Cinépolis.
The 2018 survey and forecast is based on Weitzman's review of a total DFW retail market inventory of approximately 199.3 million square feet of space in projects with 25,000 square feet or more–the largest retail inventory for any metro area in Texas. Weitzman surveys more than 1,400 centers in 42 submarkets, of which 30 submarkets are in the Dallas-area market and 12 submarkets are in the Fort Worth-area market.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
