Tuesday, May 21, 2013
Current News from the Real Estate Convention in Las Vegas
Retail Street Advisors partner Aaron Stephenson shows a first look at the latest Gensler renderings for the 42-acre Preston Hollow Village at the northeast corner of I-75 and Walnut Hill. Developed by Provident Realty Advisors and Kroenke Holdings, the first phase includes an almost 15k SF Trader Joe's that breaks ground in a month, along with a retail portion that should deliver in Q1 or Q2 of '14.
HFF's Cullen Aderhold, Aaron, and Retail Street Advisors partner Zachary Porter. Zachary tells of the second phase of Preston Hollow Village will include 1,000 multifamily units . The majority of RSA projects are mixed-use, he says. Retail is sensitive, and building that from the ground-up is critical to creating a successful mixed-use project, he stated. RSA also leases the Shoppes @ Legacy and Mockingbird Station (among the 18 mixed-use projects it leases across Dallas and Austin).
At the Sundance Square booth, CEO Johnny Campbell—who for 12 years has run this fun and bustling 35-square block area of Fort Worth owned by the Bass Brothers—points to a new plaza area at its center that will open Nov 1. Though on the area's master plan for 30 years, it's been a parking lot until now, and will include three office and retail buildings, a dancing fountain, and 55k SF space with outdoor seating, six giant umbrellas, and a big stage. Johnny predicts this could become a premier venue for outdoor concerts and bring Fort Worth an Austin-like music scene. Urban planners have long studied Sundance as a model for the pedestrian experience. And Starbucks looks likely to feature beer and wine after 4PM as it's done experimentally elsewhere.
CBRE's Jennifer Pierson and Westwood Group Development's Gary Hazlewood. Gary says that he has started a 50k SF retail/office project in downtown Grapevine. His Grapevine Station project is now fully leased and he's leasing up a medical/retail project, LaTerra Village, in Haslet.