Monday, June 23, 2008
103,500-SF Plaza del Oro Ready to Break Ground
COCKRELL HILL, TX-After a 2.5-year wait, Margaux Development Co. is poised to break ground on the 103,500-sf Plaza del Oro in South Dallas. The $12-million project, already 60% preleased, is the first shopping center in 60 years in a close-in city that's most often regarded as part of Dallas proper.
Penciled for a July 1 construction start, the three-building Plaza del Oro will sit on 10 acres in the 4400 block of Jefferson Boulevard, about three miles south of Interstate 30. Don Silverman, president of Dallas-based Margaux Development, has secured Dallas-based Centennial Fine Wine & Spirits as an anchor, a deal requiring a voters' blessing to allow alcohol sales inside the city line and one that didn't come until last year. Initially, the referendum was penciled for May 2006.
The entire project will come out of the ground simultaneously. Silverman says Centennial's footprint will be a 12,000-sf Big Daddy's store. The 91,500 sf of shop space will hold a 35,000-sf El Rancho Marketplace, a cell phone company, dental clinic, pizza shop and auto parts supplier, with more on the way.
"Once the walls start going up, we're pretty convinced we'll have it pretty full," Silverman tells GlobeSt.com. He says the leasing team from Fronteras Realty in Dallas has several more deals in the pipeline for the predominately Hispanic neighborhood, with the opening quote at $19 per sf, triple net. "Basically, it's a horribly under-retailed market," the developer says, "part of it is because it's been a transitional neighborhood."
Silverman says site prepping has begun. To make way for Plaza del Oro, some single-family houses have to be scraped and seven acres of raw land readied for the project, he explains.
By Connie Gore
Creation Architecture of Dallas designed Plaza del Oro. Silverman says he's in the process of picking the general contractor.
Silverman is partnering with some long-time business associates in Casas Modernas, a single-family homebuilder that caters to Hispanic markets. A separate partnership has been set up for the Big Daddy's. But, all components of Plaza del Oro are intended to be long-term holds, he confides.