TEXAS SNAPSHOT, NOVEMBER 2005

Texarkana Retail Market

Developer-friendly Texarkana has enjoyed a healthy retail sector. In recent years, 1 million square feet of retail space has been developed in Texarkana. The new retail has been well-received by consumers as a result of pent-up demand by offering consumers choices without then having to travel upwards of 100 miles away. The medical, educational and culture sectors are also very strong components in attracting consumers to this market in an unprecedented volume. A majority of this new retail development has occurred north of Texarkana along the Interstate 30 corridor.

Texarkana has perfected the art of geography. We are the gateway to the southwest, located among three interstate systems, I-30, I-49, and I-69. The Red River navigation project is proposed to connect Texarkana to Shreveport and then to the gulf area allowing for major benefits from CAFTA and NAFTA (North America Free Trade Agreement). Texarkana's main advantage is its positioning to create distribution opportunities through new inter-model facilities and trade zones.

The city of Texarkana and county of Bowie, in conjunction with TxDot (Texas Department of Transportation), have maintained a competitive edge in staying ahead of the curve of the market infrastructure demands. TxDot is currently investing $75 million in maximizing the I-30 corridor with additional overpasses, ramps and frontage roads as well as extending service roads north and south of I-30 into the Arkansas side of Texarkana. TxDot expects to start construction on the project in mid-2006 with a 3- to 4-year completion timeline. Overall the city has completed 5 million dollars of additional infrastructures creating opportunities and maximizing the prime development sites along the I-30 corridor.

Located at the University Avenue and I-30 interchange, Waggoner Creek Crossing is a premier 500-acre mixed-use development. W Creek extends both north and south of I-30.   Texarkana's newest retail box development is the 67,000-square-foot Gander Mountain located in W Creek at 2301 University Avenue. It is abutting the 300,000-square-foot Texarkana Pavilion Shopping Center, which is anchored by a Cinemark 14-screen movie theater, Bed Bath & Beyond, Old Navy, Best Buy and Goody's.   Adjacent to the Pavilion Shopping Center is the 450,000-square-foot Richmond Ranch shopping center that is anchored by Target, The Home Depot, and PetsMart. The owner, Property Commerce of Houston, recently added to its tenant lineup a UPS store, Starbucks Coffee and Bank of the Ozarks.

Only until recent years have the national and regional retailers bought into Texarkana‚s underlying dynamics as a regional educational, medical, and retail center. These generators will help sustain the growth of retail development in Texarkana for years to come.

— Richard Reynolds is president of Texarkana-based Reynolds Realty Management.

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