Tuesday, May 19, 2009

D/FW picks Michigan developer

Airport’s mixed-use effort will carry $250M tax value
Dallas/Fort Worth International Airport officials have selected Southfield, Mich.-based Redico to be the master developer for a 1.5 million-square-foot mixed-use project on airport property. As planned, it will have office, restaurant and retail space to go along with two hotels. Collectively, the development could employ more than 2,700 people.

The concept plan for Southgate Plaza calls for 60,000 square feet of restaurant and retail space, 320,000 square feet of office space, a 300-room full-service hotel and a 120-room limited-service hotel, said John Brookby, assistant vice president of commercial development at the airport.

Airport officials and Redico declined to give the project cost or even an estimate, saying too many specifics have yet to be ironed out. Airport projections available from public documents, however, estimate Southgate will add more than $250 million in value to local tax rolls.

Southgate Plaza is planned on a 33-acre piece of vacant land in Euless on the northeast corner of International Parkway and Rental Car Drive. The development is next to and will be integrated with the airport’s rental car facility, and a shuttle-bus system will connect Southgate Plaza with the airport’s terminals.

Dallas Business Journal - by Bill Hethcock Staff writer