TEXAS SNAPSHOT, OCTOBER 2007

Corpus Christi Retail Market

According to a recent “Best Places” survey in Forbes magazine, Corpus Christi was voted as one of the top 20 cities in which to do business. Conveniently located midway along the Texas coast of the Gulf of Mexico, the city is in an ideal location for many businesses due to its easy access to rail lines, highways and the Gulf Intracoastal Waterway. And, as more and more businesses are locating to the area, the population growth has created a demand for housing and, subsequently, retail.

The majority of retail growth in Corpus Christi is taking place with the neighborhood centers ranging from 12,000 to 24,000 square feet, according to Laura Schaberg, a retail specialist with Joe Adame & Associates in Corpus Christi. “These centers appear to be at least 30 percent leased before construction,” Schaberg says. “Rates range from $19 to $22 per square foot for the new construction.” A few of the 20- to 30-year-old centers also are being refaced in an attempt to trade up in their quality of tenant, but, overall, Lamar Park remains the premier lifestyle center with its upscale tenant mix offering a unique shopping experience in the market.

According to Schaberg, the south side of Corpus Christi is a high growth area due to the continued expansion of the residential and satellite medical services market. “When considering a 5-mile radius from Staples Street and Saratoga Boulevard, ‘main-and-main’ population counts are at approximately 153,925 with an average income at $64,093, and traffic counts are at 64,000 vehicles per day,” she says. As evidence of the area’s growth potential, two new H-E-B Plus! stores have become either the anchor for strip and/or shadow centers at Staples Street and Saratoga Boulevard and on S.P.I.D. and Waldron Road in Flour Bluff.

Moving further south, Padre Island has announced several new projects to include residential/resort-type living with golf courses, marinas, restaurants and retail space. Cinnamon Shore is a new seaside village on Padre Island, which has completed Phase I of its residential development. Phase II, which is now under construction, will include residential and retail.

Other new retail projects that are planned or already underway in Corpus Christi include Quick & Company’s proposed redevelopment of Parkdale Plaza, where the company is working toward putting a Wal-Mart and then developing the pad sites; Crosstown Commons, a multi-acre, four-phase, open-air retail center by CBL & Associates Properties and the Hawkins Company that has been approved to be built on Holly Road between the Crosstown Expressway and Greenwood Drive, with a projected completion date of Summer 2009; and the two-phase, 32,000-square-foot retail center project in the early stages of development at IH-37 and McKinzie Road.

Outside the city limits, negotiations are at the beginning stages for a possible 355,000-square-foot outlet mall to be built on 45 acres in Robstown, 15 miles west of Corpus Christi. In addition, 10 miles north of Corpus Christi in Portland, The Esplanade at Northshore will break ground this month on a 37,200-square-foot retail center, Schaberg says.

In terms of redevelopment, Padre Staples Mall is in the process of being remodeled, and 6 Points (where South Staples, South Alameda and Ayers streets converge) has been redeveloped to include antique and gift shops, restaurants, coffee shops and other uses.

Retailers that are new to Corpus Christi include Taco Bueno, Jack in the Box, Francesca’s Collection, Rudy’s BBQ, Nine West, Forever 21, Shi and Love Chrysler Auto Dealership.

In the coming months and years, Calallen is one area to watch. Located on the outskirts of Corpus Christi, Calallen has one of the highest traffic counts in the city as well as an encouraging median household income to match its growth, according to Schaberg. “The growth in this northwest area is moving west from the Highway 77 and FM 624 intersection,” she says. “There is a retail development taking place at the southwest corner of Bazemore (CR 69) and Northwest Boulevard (FM 624) with some very familiar national tenants in mind. With proposed medians and other improvements in the pipeline for Northwest Boulevard, this site will be superior to any located near Highway 77.”

— Laura Schaberg is a retail specialist with Corpus Christi-based Joe Adame & Associates, Inc.


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