August 2006 • Volume 3, Issue 8

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Retail In Richardson Continues To Expand

One of the more promising economic trends in Richardson this year has been the recent growth of the retail sector. And the expansion looks even more promising going into the fourth quarter of the year.

In the spring of 2003, the Richardson Economic Development Partnership (REDP), a cooperative effort between the City of Richardson and the RCC, launched a new outreach program to attract both new retail development and restaurants as well as to assist the existing shopping centers and leasing agents in marketing efforts.  The program also focuses on strategies to promote transit-oriented development around the city’s four light rail stations. 

Sue Walker, vice president of economic development, works with area developers and retailers in this effort, and prepared the following summery of activities and opportunities for Richardson retail.

II Creeks – Lookout Drive at Custer
This area was on a target list of properties that needed immediate attention for possible redevelopment.  Local residents from Canyon Creek formed a development team that are building luxury ($350,000-$700,000) patio and town homes ($250,000-$400,000) and 60,000 square feet of redeveloped retail area bringing old world elegance to this northwest area of Richardson.

Update:  The elegant Spa at II Creeks is now open and Michael Mark’s Trattoria, a new Italian concept, will open in October with both inside and patio dining.

The Block 24 – Jupiter Road at Arapaho
While the retail has been slow to develop, the residential piece has gone well (84 percent occupied). Under new ownership, the project is expected to have more activity this year.

Update:  New tenant Dirty Dawg (fifth in the North Texas area). A restaurant and another tenant are in negotiations. 

Plano and Belt Line Roads –

Update:  Burlington Coat Factory has taken the former Mervyn’s building and is expected to open in September.

LA Fitness  - University Village – northeast corner of East Belt Line and Plano roads
LA Fitness and developer partner Gemini Real Estate Advisors out of North Carolina has purchased the University Village shopping center. They will do a major tear down and build the LA Fitness location in the far northeast corner, and have two building wings come out – one west and one south, each about 18,000-20,000 square feet.  Plans for final approval to the city this fall.

East Rich Center – at Plano and Campbell roads

Update: A new Italian venue, Joe’s Pizza, Pasta and Subs Italian Restaurant opened in the 4,000-square-foot end cap.  Guaranty Bank is under construction on a new banking facility on the hard corner.

The Shire
This project will be one of Richardson’s “crown jewels” with renowned restaurant owner, Dale Wamstad, locating his “Silver Fox Steakhouse” at the site on Jupiter and 190/Bush Turnpike.   

Update: Ye Shire Tavern, Wamstad’s lunch/dinner venue has opened along with Cingular Wireless and The Hair Boutique.  Main Street Bistro & Bakery will open later this month followed by The Parlour, a café and wine bistro. 

Richardson Heights Shopping Center – West Belt Line at Central Expressway
Center was purchased last year by retail developer Steve Shafer, Shafer Properties (his other projects include Knox/Henderson Center, Frisco's Stonebriar Center, McKinney Avenue, etc.).

Update: Two restaurants have opened: Frank’s Sports Grill and Texas Palomina’s Buffet, as Shafer begins the renovation and remodeling of this long-time Richardson landmark.  Final plans should go to city this fall. 

Eastside - southeast corner of Campbell and 75
Fobare Commercial and their financial partners Greenway Investments announced a major mixed-use development on the southeastern 15 acres adjacent to the office building on that site (formerly known as Ericsson building). The upscale Post Apartment Group is the residential partner (450 units) and there will be 90,000 square feet of retail and restaurant sites.

Update: Construction will begin this fall. Several restaurants are in discussions. 

Breckenridge Corners II 
This project at East Renner and North Star Road (northwest corner) has completed Phase I and has nine new tenants. 

Update: Phase II will have 14,000 square feet and is pre-leasing. Starbucks  has broken ground on their building and a corner pad site was purchased by Horizon Bank.  

Central/190 Center
Reid Properties completed construction on a 40,000-square-foot retail strip center along the south frontage of the Bush Turnpike, between Custer and Alma.  Center lies on the north side of the new Texas Instruments wafer fab, which will employ 1,000+ semiconductor engineers and technicians.  

Update: Leasing prospects include a restaurant, emergency vet clinic (completed), bank, another restaurant, and several retail and office tenants all in process. 

Dal-Rich Village on Coit Road at Belt Line       
Refurbishing and significant upgrades for development are underway. 

Update: In addition to the new facades that will begin this fall, they’ve redone the former Grandy’s restaurant pad site for tenant, Big Shuck’s, a Cajun-style Oyster Bar restaurant.

Richardson Square Mall – Plano and Belt Line roads
Simon Group is planning to redevelop the site with a new retailer.  Sears and Target own their sites and will remain intact.  Anticipate an announcement of the new site plans in the next few weeks.

Galatyn Park announced a new upscale apartment project – The Venue - with about 250 units and 6,500 square feet of retail on the northwest corner across from the Eisemann Center.  

Update: The $34 million project is expected to begin January 2007.  Legacy Partners Residential will build the apartments. 

Palisades Village
A project by Richard Howe of InTown Villages (a Plano project), was approved by the City Council last month.  The property is adjacent to the Palisades I & II office buildings on the west side of Central Expressway south of Renner Road.  Howe’s development includes up to 150,000 square feet of retail. There will be 300 upscale condos above the retail. K. Hovnanian, Howe’s town home partner, will build 125 high-end town homes along Collins Boulevard.  A boutique hotel is also planned.

Countrywide
The company now has more than 2,500 of the announced 5,000 jobs at their new location in Galatyn Park in the three former Nortel buildings on the east side of the Eisemann Center.  They also leased another 180,000 square feet on Lakeside Drive and expect to add another 800 new jobs at that site.  They will continue to add personnel over the next year, which will directly impact the hotels and restaurants along Central and in the Plano and Campbell Road areas.

Albertson's
For now Albertson’s is keeping its three Richardson’s stores at Plano and Belt Line roads (northwest corner), Coit and Campbell (southeast corner), and Jupiter at Buckingham (northwest corner).  The beer/ wine sales election in November should help to keep these stores in play as the new owners look at the DFW market. 

Richardson Residents for Quality Retail kicked off a petition drive on May 1 with the help of Texas Petition Strategies, to collect 9,279 signatures from Richardson registered voters to put the issue of allowing the sale of beer and wine for off premise consumption on the Nov. 7, 2006, ballot.  The signatures were confirmed on July 30 and in August the Council officially placed the issue on the ballot.  The REDP is confident that Richardson voters will approve this measure as Plano and Garland did last year.

Total occupancy for retail properties with 10,000 square feet or more space is 87 percent.  Most centers with a major grocery store anchor have few vacancies.

For more information, contact Sue Walker at 972-792-2806 or visit the REDP Web site.

Action News is a monthly publication of the Richardson Chamber of Commerce Communications Department.

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