Thursday, June 11, 2015

Tom Thumb will anchor retail portion of Uptown development

A Tom Thumb grocery store will anchor the retail portion of a new Uptown project.
The development, formerly Akard Place, has been renamed The Union, RED Development said Wednesday.
The new office, residential and retail project will total about 800,000 square feet and will be at Field Street and Cedar Springs Road.
“It’s a game changer; that’s why we have been steadfast in our pursuit of it,” said Mike Ebert, RED Development managing partner. “A retailer like Tom Thumb means all-day, everyday energy for this project and adds to the exciting momentum we are creating at The Union.”
Tom Thumb will have a 60,000-square-foot store in the project when it opens in 2017.
“We will have about an additional 30,000 square feet of restaurant and retail space,” Ebert said. “Designing the project to accommodate Tom Thumb’s needs had to come first.”
The $200 million planned Union development includes a 16-story office tower, a 20-story residential building and retail space on vacant blocks just east of Victory Park and near the Perot Museum of Nature and Science.
RED and StreetLights Residential are building the project. CBRE/UCR is marketing the retail space.
“A grocery store is a major amenity for our project, but more than that it is beneficial for creating a great neighborhood — for everyone who lives and works in the area,” said StreetLights partner Doug Chesnut.
Real estate brokers have predicted for months that a grocery store would join restaurants in the retail portion of the development.
The closest Tom Thumb locations to downtown are on Hampton Road in Oak Cliff, Inwood Road in North Dallas and Mockingbird Lane in East Dallas.
“The Union is a premier location for our new Tom Thumb store, at the heart of many nearby neighborhoods and the city’s top attractions,” Scott Hays, president of Tom Thumb, said in a prepared statement. “We are looking forward to adding to this exciting project by serving residents, office tenants and the local community, as we have for over 67 years.”
A Whole Foods Market grocery store is under construction on McKinney Avenue.
“We are thrilled to add another major grocery story to the downtown area to meet the growing demand for services which will also stimulate other retail opportunities for an expanding urban core,” said John Crawford, CEO of the economic development group Downtown Dallas Inc.  

Steve Brown/ Dallas Morning News