THE SHOPS AT GRAYHAWK
FRISCO, TEXAS

The Shops at Grayhawk

Name: The Shops at Grayhawk

Location: Northeast corner of FM 423 & Eldorado Parkway, Frisco, Texas

Size: 260,000 square feet on 31.22 acres

Who is involved with project:
• Developer: Archon Group, a subsidiary of Goldman Sachs
• Architect: Richmond Group

What makes this retail special or unique? The Shops at Grayhawk is anchored by Wal-Mart Supercenter at the crossroads of two major traffic arterials, FM 423 and Eldorado Parkway.

Why will it be a success? The draw of Wal-Mart will contribute to the customer traffic for 38,000 square feet of adjacent retail shops plus four pad users.

What type of shopper does it target? Residents in a 3- to 5-mile trade area.

What has been the response of customers so far? Of the community? Very positive.

Why was your company the right company for this project?  Archon was well-suited to this opportunity because we have worked with anchors such as Wal-Mart in multiple developments and continually work with municipalities on specific development issues.

Is there anything else that you would like to share about your project? Wal-Mart is scheduled to open this spring, as are the retail shops and pad users.

THE FOUNTAINS AT LIVE OAK
LIVE OAK, TEXAS

Name: The Fountains at Live Oak

Location: Loop 1604 and IH-35, Live Oak, Texas

Size: 800,000 square feet of retail plus a 300,000-square-foot office park on 130 acres

Other relevant information: The center will be developed in five phases and completion is scheduled for first quarter 2009

Who is involved with project:
• Developer: HPI Real Estate Services and Investments
• Owner: HPI Real Estate Services and Investments
• Architects: MDN Architects
• Engineers: Brown Engineer
• Contractor: Zaplac Reed

What makes this project special or unique? The addition of The Fountains at Live Oak to the existing retail will make this the dominant retail intersection for Northeast San Antonio and its surrounding communities. We are combining three retail concepts — a value center, a restaurant pad park and a power center — into one project.

Why will it be a success? The daytime population from Randolph Brooks Credit Union’s headquarters across the street, in addition to the 200,000 vehicle per day traffic count on the existing retail traffic pattern, will make The Fountains at Live Oak a success.

Will it be a tourism draw? Yes, after completion — along with the 1.2 million-square-foot shopping center across the street — this will be one of the largest retail concentrations in San Antonio. We will draw people from Selma, Schertz, New Braunfels, San Marcos, Northeast San Antonio and even international tourists who are visiting the area.

WEATHERFORD RIDGE
WEATHERFORD, TEXAS

Name: Weatherford Ridge

Location: Northeast quadrant of IH-20 and Main Street, Weatherford, Texas

Size: 390,000 square feet

Other relevant information: The new 50-acre development will be anchored by JCPenney and Belk Department Store along with four junior anchors and 10 pad sites. First phase of the development (235,000 square feet) is set to open October 2007.

Who is involved with project?
• Developer: Jim Ziegler with The Retail Connection|Connected Development Services
• Partners: Steve and John Preston with Sterling Centrecorp
• Architect: Hodges and Associates
• Civil Engineer: Winkelmann & Associates
• Contractor: Precept Builders

What makes this retail special or unique? The site is located at the crossroads of many thoroughfares including IH-20, SH 171, SH 180 and FM 731. The intersection already has successful national retailers such as Target, Lowe’s Home Improvement Warehouse, Best Buy, Kohl’s, Wal-Mart Supercenter and The Home Depot.

Why will it be a success? The project will drive $65 to $70 million of annual sales receipts. Also, Weatherford is growing at a rate of 15 percent per year and there are 3,000 residential lots currently planned or under construction.

What type of shopper does it target? This location is the central retail center of a large trade area that extends from Aledo in the east to Breckenridge in the west and includes many medium-sized towns such as Granbury and Eastland. In total, the trade area includes well over 135,000 people who have a proven track record of making Weatherford their retail destination.

Why was your company the right company for this project? This is a tenant-driven project. The Retail Connection|Connected Development Services development capacity extends the reach of our clients expansion programs.

RAYZOR RANCH
DENTON, TEXAS

Rayzor Ranch

Name: Rayzor Ranch

Location: Interstate 35 West/Interstate 35 East and U.S. 380 (University Drive), Denton, Texas. The site is located on a prime tract of land in North Texas, 32 miles northwest of Dallas, 21 miles northeast of Fort Worth and within 5 miles of two major universities — University of North Texas and Texas Women’s University. 

Size: 405 acres

Other relevant information: Rayzor Ranch is a $850 million, master-planned, mixed-use development featuring residential, retail, hotel and convention center, office and medical facilities. 

Who is involved in the project:
• Developer: Allegiance Development
• Equity Partner: Torreon Capital
• Architects: OmniPlan; Hodges & Associates
• Engineers: Kimley-Horn & Associates; Dunaway & Associates

What makes this retail special or unique? Rayzor Ranch is one of the largest projects of its kind ever to be built in the Southwest. Denton’s downtown area has long struggled to regain its vibrancy and the city has not been successful in shedding their reputation as just a college town. The size, scope and mixed use offerings at Rayzor Ranch will stimulate new economic development and is projected to generate more than $484 million in tax revenues during the next 30 years. When the project is complete, Rayzor Ranch will have a regional impact as the new town square community gathering spot for North Texas residents and a major tourist destination that will attract visitors from far beyond the Texas border.    

Why will it be a success? Residents in the city of Denton and surrounding communities have long been underserved when it comes to retail. Market research shows residents were driving as far away as 50 miles to shop, unheard of in Texas where there is 28 square feet of shopping space for every Dallas/Fort Worth resident — one of the highest ratios in the country.
     Rayzor Ranch is conveniently located along one of the country’s busiest highways in an area called the “Golden Triangle,” directly in the growth path of the Dallas/Fort Worth metroplex. The area is projected to grow at a rate of 5 percent to 10 percent annually.

What type of shopper does it target? The average household income of the primary trade area is an impressive $75,194. The North Texas market (comprised of Dallas and Fort Worth) is one of the most retail savvy in the country and shoppers in the Rayzor Ranch town center trade area have long been deprived of the latest retail concepts offered at other centers in the metroplex. An upscale shopping experience is very much desired as supported by the primary and secondary trade area demographics and market research conducted in the fall of last year. The heavy concentration of college students and academia will be a major target as well as the large number of young families moving into new housing developments surrounding the Rayzor Ranch site.     

Will it be a tourism draw? Rayzor Ranch Town Center is expected to be a major tourist destination when the center opens in spring 2009. The center is projected to draw shoppers from as far away as 90 miles reaching over the Texas border into southern Oklahoma. In addition to the retail and dining offerings, plans are underway to bring two established museums to Rayzor Ranch adding a cultural element to the project, critical to sustain a successful tourism business. Doug Elliott, grandson of ranch founder J. Newton Rayzor, is spearheading the development of these cultural attractions in partnership with Allegiance Development.
     The combination of a full-service hotel and convention center complemented by retail, restaurants, entertainment, outdoor amphitheater and museums all in walking distance, will undoubtedly put Rayzor Ranch on the map as a must-visit tourism attraction.   

What has been the response of customers so far? Of the community? The response from the community has been overwhelmingly positive. Our development team was confident the demand was there, but the enthusiasm and excitement the community has expressed has been a nice surprise. It seems everyone wants to know how quickly we can get the project open.

Why was your company the right company for this project? The opportunity to develop something unique that will greatly enhance the community and provide a legacy of his career spanning three decades was very appealing to Allegiance Development founder and owner, Charles D. Ames. Most parcels of land this large in the path of progress have long been divided. The Rayzor Ranch site is one of only a few remaining undeveloped tracts in North Texas. As a rancher himself, Rayzor Ranch is a project not far from Mr. Ames’s North Texas roots and one that is very close to his heart.   

HILL COUNTRY GALLERIA TO BRING 1.3 MILLION SQUARE FEET OF MIXED-USE SPACE TO WEST AUSTIN AREA

Upon completion, Hill Country Galleria in Bee Cave, Texas, will span 1.3 million square feet and feature retail, restaurant, residential and office space.

Hill Country Galleria, a new large-scale mixed-use project, is currently under construction 16 miles west of Austin in Bee Cave, Texas. Upon completion, the project will span 1.3 million square feet and feature retail, restaurant, residential and office space. The unique development will also house Bee Cave’s City Hall building, making Hill Country Galleria resemble a small town.

Opus West Corporation, which is leading the development of Hill Country Galleria, found that the Austin area is one of the strongest markets in Texas for this kind of project, despite some difficulty with approvals and environmentally sensitive areas.

“The Austin area retail market has consistently done well, even when the market takes some hits,” says Joel DeSpain, senior director of real estate development for Opus West. “But the southwest area of town is hard get development approvals on. This particular development is positioned at the confluence of three major roadways, so it was an environmentally sensitive area, but it is a big tract of land that we were fortunate enough to get entitled.”

The residential and office section of Hill Country Galleria is located within walking distance to the retail portion and is expected bring a dedicated consumer base to the project. With approximately 700 people planned to be living on-site; 450 to 500 people working in the office space; and more than 1,500 employees of the retail shops and restaurants, Hill Country Galleria is expected to build a convenience-based project that will keep people coming back.

“We are building 309 wrapper apartments units,” says DeSpain. “All the residents of those apartments can walk to the restaurants, the shops and the movie theater. It is literally within 100 to 300 feet. Then we have 46 condominium/townhome units that also will line the northern ring road, which are right across the street from the apartments units. That street creates its own urban street design.”

The retail section comprises a department store anchor (Dillard’s), a cinema (Cinemark), a bookstore (Barnes & Noble), and a grocery anchor. Other tenants scheduled to join Hill Country Galleria include T&T Wireless Services, Banana Republic, California Pizza Kitchen, Lane Bryant, Chipotle Mexican Grill, Sylvan Learning Centers, Starbucks Coffee, Creative Hairdressers and Kohl’s.

In addition to the long list of brand-name retailers, the retail portion of Hill Country Galleria will be a Main Street-style design, giving the project the feeling of a small town. There is an amphitheatre area across from the City Hall building that features water structures such as fountains and streams as well as benches for customers and residents to sit and enjoy the surrounding area.

“We did this for two reasons,” says DeSpain. “One, it feels good to everybody, and then in turn, the retailers like it because those kinds of architectural elements make people stay there longer. It is designed to look good, but it is also to make people spend more money.”

Perhaps one of the most unique aspects of the projects is the Cinemark theater area. The 50,000-square-foot movie theater, which is located near the center of the development, will be surrounded by small specialty retailers such as jewelry shops, sandwich shops, coffee vendors, pastry shops and a pasta house.

“Most projects that are retail oriented with a cinema would place the cinema way over on the edge of the property and have a giant parking field around it without anything next to it,” says DeSpain. “We designed the cinema to be surrounded by small, specialty retailers, not only to be more visually appealing, but to have it function better so that when people go to the show, they have got something else to do.”

— Stephen O’Kane