LocalAg07

Target to lead Bryan center

By APRIL AVISON

Eagle Staff Writer

Developers planning an upscale regional retail center at the southeast corner of Briarcrest Drive and Earl Rudder Freeway announced Tuesday that Target wants to be the first major tenant.

The announcement was made during a Bryan City Council workshop meeting Tuesday afternoon. Officials with Indiana-based Lauth Property Group said they are continuing to work with retailers, restaurants and junior anchors to complement Target, which, at 126,800 square feet, would serve as the development's centerpiece.

"If they're doing business in Texas, we're talking to them," said Bob Oliva, Lauth's vice president.

Target is the first to announce its plans to establish a store in the 60-acre Bryan Towne Center development behind the Garlyn Shelton auto dealership. Preliminary plans show at least two restaurants, three junior anchors and more than a dozen smaller retail stores could open on the site.

The development, which will open in July 2008, is expected to add $46.7 million in assessed value to Bryan's tax rolls by 2010.

Target to lead Bryan center

By APRIL AVISON

Eagle Staff Writer

Developers planning an upscale regional retail center at the southeast corner of Briarcrest Drive and Earl Rudder Freeway announced Tuesday that Target wants to be the first major tenant.

The announcement was made during a Bryan City Council workshop meeting Tuesday afternoon. Officials with Indiana-based Lauth Property Group said they are continuing to work with retailers, restaurants and junior anchors to complement Target, which, at 126,800 square feet, would serve as the development's centerpiece.

"If they're doing business in Texas, we're talking to them," said Bob Oliva, Lauth's vice president.

Target is the first to announce its plans to establish a store in the 60-acre Bryan Towne Center development behind the Garlyn Shelton auto dealership. Preliminary plans show at least two restaurants, three junior anchors and more than a dozen smaller retail stores could open on the site.

The development, which will open in July 2008, is expected to add $46.7 million in assessed value to Bryan's tax rolls by 2010.

"Bryan needs this," Bryan Business Council President Mitch Morehead said after the council meeting. "We are very excited. It's going to be a magnificent development."

The City Council also on Tuesday approved a 282-acre tax zone to finance infrastructure surrounding the development.

A tax increment finance zone, also known as a TIF, allows the city to use a portion of the property taxes collected within the specified region to pay for improvements within the zone.

The city could spend about $6 million in TIF funds to pay for the extension of Wildflower Drive from F.M. 158 to University Drive, and a traffic signal at Wildflower and Briarcrest. The city also will pay for things such as landscaping, concrete, paving, sewer lines and electrical work.

A road will be built to allow access to the development from the frontage road that runs north and south alongside the freeway. The new road will intersect with the Wildflower extension at a traffic "roundabout" and can lead motorists north to Briarcrest, south to University Drive or east to the retail center.

The developers have an option to buy an adjacent 200 acres to the south of the planned retail center if they choose to develop future phases of the project.

David Storrie, Bryan's director of special projects, told the City Council he checked out the Lauth Group and spoke to officials in other cities who have worked with the developers. The firm is the largest private real estate developer in Indiana, Storrie said.

"This is the first time I've gone on record endorsing a TIF," he said, noting that those he spoke with who have worked with the developers said the developers met and exceeded all their obligations.

From Lauth Property Group's Website (www.lauthproperty.com):

"Retail Real Estate Development and Retail Leasing with Lauth Retail

Since 1977, Lauth Retail has been committed to developing innovative retail centers. Each project is precisely tailored for your store and its customer, ensuring satisfaction and success.

Lauth has significant experience in all aspects of retail real estate acquisition, development, construction, management, ownership and disposition in everything from high-end lifestyle centers to grocery anchored neighborhood centers.

Feasibility and Planning

Site Selection and Acquisition

Development

Construction

Marketing and Leasing

Ownership and Financing

Asset and Property Management

We take pride in knowing that the biggest and best names in retail have chosen us to develop their locations.... among them, Target, Kohl's, The Home Depot, Kroger, Circuit City, Bath & Body Works, Dick's Sporting Goods, DSW, Pier 1 Imports, and Wild Oats."

BRYAN'S 5th TIF: East Bypass Development

"Bryan weighs fifth tax zone

By APRIL AVISON

Eagle Staff Writer

An Indiana developer is requesting Bryan's participation in a tax zone that would finance infrastructure for a retail center at the corner of Briarcrest Drive and Earl Rudder Freeway.

Officials with Lauth Property Group have not identified the retailers that will occupy the 60 acres available for development. The first phase of the project will include about 450,000 square feet of retail space, which could accommodate at least one big-box tenant, developers said Tuesday. A minor anchor and five smaller buildings also are planned for the first phase..

AT A GLANCE

Indiana-based Lauth Property Group will have a public hearing on its 282-acre tax increment reinvestment zone at a Bryan City Council meeting Jan. 23. The developer is planning a retail center at the corner of Briarcrest Drive and Earl Rudder Freeway. If the tax zone is approved by the City Council, a portion of property taxes collected in the area can pay for infrastructure surrounding the planned retail development.

Dan Barkes, a representative of Lauth Property Group, said he expects to announce the anchor stores "within the next few weeks."

The development will be constructed behind the Garlyn Shelton car dealership and next to the Brazos Center in an area referred to by city officials as Bryan's future business corridor.

"This project serves an area that the city of Bryan has identified as something that we need to go after," said David Storrie, Bryan's director of special projects, who processes TIF applications. "We need more retail in Bryan. Retail brings sales tax."

The tax zone, if approved by the City Council, would not divert sales tax from the city's general fund, Storrie said.

Lauth Property Group is under contract to buy 60 acres from Jack Lester and has an option to buy another adjacent 200 acres to the south if future phases of the development are desired. The proposed tax zone covers about 282 acres, including the Brazos Center.

Once the tax zone is in place, the city can use tax increment financing to fund construction within that zone. A portion of the property taxes collected after the zone is established is placed in a fund and used to repay the city's debt issued for projects in the area.

Projects such as Lauth's request are commonly referred to as TIFs.

According to preliminary estimates, the city will be asked to issue $6 million in debt, and pay for infrastructure improvements totaling $5.6 million. The money will go toward landscaping, concrete, paving, sewer and electrical work, among other items. A bridge may need to be built over a creek in the area, said Mike Gentry, an area attorney representing the Lauth Property Group.

The developer also is asking to use city funds to extend Wildflower Drive into a north-south corridor between F.M. 158 and University Drive, Gentry said.

"The value of a TIF in this case is the city and county's participation in infrastructure will significantly enhance transportation," he said. "There's significant value to the city in having a north-south thoroughfare from [F.M.] 158 all the way to University Drive. The TIF will enable the development of that property with the infrastructure in place."

According to a preliminary plan filed Dec. 12 with the city, the first phase of the proposed "Bryan Towne Center" is expected to add $46.7 million in assessed value by 2010. Each year as the value rises, more tax increment is collected to pay off the city's debt.

After 20 years, or once the debt is repaid, the TIF is dissolved and the property tax increment goes into the city's general fund.

If approved by the City Council, the Bryan Towne Center project will be the city's fifth tax increment finance zone. Similar zones are active in the Traditions golf and residential community and Park Hudson office park. Applications establishing TIF zones have recently been approved by the City Council for a zone near William Joel Bryan Parkway and Villa Maria Road, and in downtown Bryan.

Storrie said municipalities can have numerous TIF districts, as long as they feel confident that the property values will rise in the approved areas.

"The biggest risk to a city that has a bunch of TIFs is if they don't meet financial expectations," he said. "That puts the general fund at risk."

Lauth officials said Tuesday they expect to break ground on the development in June, and construction will take about a year to complete.

"As a side note, I get kind of sick at these neighborhoods constantly being referred to in the Eagle articles as "affluent". Tiffany Park is certainly above average, but not what I'd usually think of as "affluent" - I think of places like Miramont and Traditions when I think "affluent". Maybe you would call Park Meadow "affluent", but Wheeler Ridge?"

Hahaha, I thought the same thing. I think it's a lame attempt by the B/CS media to promote the haves vs. have-nots perception surrounding this issue...Traditions=Affluent. Wheeler Ridge=not so much. Nice try, B/CS Eagle... This adds to the sentiment that I think a few 'have-nots' have that these 'affluent' residents are elitist/snobs/subtle-racists who don't want their children exposed to those 'not like them.'

Although I am generally a proponent of socioeconomic balance, keyser brings up many good points as to why Bryan's current proposal is weak. I have not once heard the school board say that they are going to work to bring SFA/Long up to Rayburn's "standards" (although an 'acceptable' rating is hardly anything to rave about). Social experiments are not the answer; families that do not benefit from it are not going to "take one for the team," they're going to load up the U-Haul and perpetuate the imbalance by 'getting the heck outta Dodge.' Maybe BISD should view this as a fact of life in the school district, and pioneer new education initiatives that address the root issues. I recently read an article describing how school districts are now more segregated than ever, and this is AFTER a the Supreme Court declared this unconstitutional...my point is, people are going to find ways to avoid 'uniform mediocrity' and forced mandates, and choosing another option (College Station Schools), will make Bryan's bad situation even worse.

BISD seems to have gotten itself in a pickle with this attendance zoning issue... I attended Sam Rayburn M.S., and there is definitely a socioeconomic gap between it and Long/SFA. Although I understand Bryan's concerns for income/race/class distribution, I would hate to see development in East Bryan hindered because current & prospective residents move elsewhere to avoid living in a 'bad' school zone. It seems like no matter what they decide, BISD/City of Bryan would be 'robbing Peter to pay Paul,' so to speak.

Wow. Although there's still a long way to go, Bryan is definitely on the right track. Miramont, Traditions, Park Hudson, Boonville/Austin's Colony area, Downtown, Tejas Center, and the new HSC are all projects that give Bryan a totally different atmosphere than it had only 5-10 years ago. I'm a lifelong Bryan resident & current A&M student, and nothing is more frustrating than to see Bryan classified as the 'ghetto' or inferior city. Hopefully the current growth trends will bring Bryan up to par while benefiting the two cities as a whole.

I look forward to visiting the area in a few years once all this has come to fruition.

p.s., has anyone else in the area noticed how Miramont is a beautiful monstrosity with very few homes, while Traditions has understated (i.e., almost no) landscape enhancements, but plenty of gorgeous homes that are being built & purchased very quickly? Hmmm.... Someone noted earlier that Don Adam's projects generally take forever to complete, and Miramont/University Dr. HQ/Bldg. on Briarcrest near Broadmoor are prime examples.