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July 2005 • Volume 2, Issue 7 This issue home | Past issues | Chamber home Upscale Mixed-Use Complex Under Construction In Northeast Richardson First Phase Of The Shire To Open In December
Preliminary site work has started on “The Shire,” a retail and office complex now being constructed in northeast Richardson. Poverty Hill Management, owned by the Dale Wamstad family, is developing the project as an upscale mixed-use retail/office/dining complex. The Wamstad family purchased a six-and-a-half acre tract in the Galatyn Park area near the southwest corner of President George Bush Turnpike (PGBT) and Jupiter Road. The first phase of The Shire project will include The Silver Fox Steakhouse, a creation of Wamstad and Gene Street, on a pad at the front of the 75,000-square-foot development, which includes a two-story building for additional restaurants, upscale retail, and offices. “Creating a unique lifestyle center just east of North Central Expressway on the fast-growing President George Bush connector will help to create the quality economic growth that the City of Richardson is striving for,” said Dale Wamstad. Design plans for The Shire call for a pedestrian-friendly style of architecture reminiscent of the early 20th century, resembling a village center of that era, with restaurants and retail stores on the first floor and office condos on the second floor. “We are pleased to have a restaurateur the caliber of Dale Wamstad develop this new project in Galatyn Park,” said Don Dillard, vice president of the Galatyn Park Corporation. “The Shire is an excellent example of the retail potential of the PGBT corridor. With easy, free off/on ramp accessibility, and the fact that PGBT's connection to IH-635 will be completed late this year, this Galatyn Park strip along PGBT presents an opportunity for high quality, mixed-use retail/office/residential development, of which The Shire is the keystone and eastern bookend.”
The first phase of The Shire project is expected to be completed by December 2005. There are plans for a second phase to be developed on the adjacent 10-acre tract of land to the west. “The City of Richardson conducted a fiscal impact assessment study of the project that examined the economic, employment and tax revenue impact The Shire will have on the city's economic base,” said Richardson Mayor Gary Slagel. “The first phase businesses are projected to have more than 200 employees and an annual payroll of $5.8 million. The study estimated that businesses and shops in phase two of the project would see 300 more employees with a $5.5 million annual payroll. “The study showed that the project could generate more than $400 million for the local economy over the first 10 years,” said Slagel. “The City of Richardson welcomes a developer with creative ideas like Dale Wamstad, who has an established reputation for quality in the restaurant business.” Charles Eisemann, chairman of the Richardson Chamber of Commerce, commented: “Dale Wamstad has chosen Richardson as the place where he and his family will invest their time and financial resources to bring unique dining experiences, as well as other retail boutiques and businesses providing quality products and services, to this neighborhood. We see this new retail center as a strong stimulus to other development along this transportation corridor,” he added. |
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