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Crossing At 288: Retail Center At 2632 Smith Ranch Rd.

elecpharm

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elecpharm

elecpharm

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fire up the grill! things are looking mighty fine here in the lone star state.

Texas' Growth Continues

By Connie Gore

Last updated: March 21, 2005

DALLAS-Retail developers and the shops that support them are circling wagons all across Texas, where economic growth and population projections have created a dense and intense marketplace.

"We are seeing activity the strongest that we've ever seen," Herbert D. Weitzman, president and CEO of the locally based Weitzman Group and Cencor Realty Services, confirms to GSR. "The Texas economy and the growth is so exciting that many companies are coming in. The guys coming to Texas are looking at the growth. Many other states are stagnant."

Texas' Big Four--Dallas/Fort Worth, Houston, Austin and San Antonio--are seeing new names and familiar ones unroll formats to cash in on a fashion-conscious consumer market that helped lead the way for making shopping a national pastime. Several restaurant chains, both fast food and high end, have staked claims in Dallas/Fort Worth and Houston. Cabela's Inc., building its first store in Dallas/Fort Worth, also has staked out a spot in Austin in a no-fear move to take a corner at an Interstate 35 intersection that will pit it against a Wal-Mart Supercenter. Meanwhile, Sears Grand, a freestanding format ready to due battle with Kohl's and J.C. Penney, has roped off an I-35 spot in another part of the state capital while Ikea, with one store in Houston and one rising in Dallas/Fort Worth, is shopping sites in Austin. And San Antonio, long considered the red-haired stepchild of Texas metros, has gotten its blessing as a high-end destination with the planned arrivals of Neiman Marcus, Nordstrom and Bass Pro Shops.

"Texas is cruising," Weitzman says. "Consumers are spending...It's a young market because so many people come here for the corporate growth. And, it's fashion oriented."

For the first time in years, DFW's occupancy has crossed the 90% threshold, hitting 90.5% in a 153.1-million-sf inventory, of which 4.4 million delivered last year. There isn't a week that goes by without another retail groundbreaking, mostly unanchored specialty venues instead of the grocery-anchored mainstays that once dominated the news. Meanwhile, mall and lifestyle center proposals are cropping up all across North Texas, with three alone seeking municipal abatements for the Interstate 35W and US Highway 287 intersection in Tarrant County.

But, Weitzman says, don't put too much stock in all the mall planning because Texas history shows they all aren't likely to make it out of the ground. And if they do, it's not likely that deliveries will come anytime soon or the plan will stay the same. The one-million-sf Firewheel Town Center in Garland, was conceived 12 years ago as an enclosed mall and is delivering in the fall as an open-air product of the Indianapolis-based Simon Property Group.

Weitzman says the only sure bet on Tarrant County's dance card is the Shops at Circle T, a 1.6-million-sf lifestyle resort planned by the locally based Hillwood and the Chicago-headquartered General Growth Properties Inc. The groundbreaking has been pushed a couple times, but planners say it will happen this year.

Houston's 130-million-sf inventory might be second in size, but it's dead last in occupancy, according to Weitzman's research group. The 86.9% occupancy, though, certainly isn't a deterrent for construction. Last year, 3.4 million sf delivered, including the first phase of the 493,000-sf Market Street in the Woodlands, with the balance coming this spring. The city and its suburban spokes are building grounds for a plethora of projects like the 350,000-sf first phase for the 625,000-sf Crossing at 518; 1.3-million-sf Katy Town Center, a mix of office, retail and entertainment space; and a number of power center projects pushing the size of yesteryear's malls.

The state's third largest market, San Antonio, has a 89.9% occupancy. The 32-million-sf inventory picked up 900,000 sf last year and will get far more than that just with the opening of the Shops at La Cantera, a 1.2-million-sf Simon project that took a decade to bring to fruition, according to Weitzman. The project, with its high-end retail concept and names, is San Antonio's mark of maturity as a retail marketplace.

The San Antonio project docket has several large developments on the horizon: the 400,000-sf Legacy, set to open by year's end; 500,000-sf North Rim Market, now in the design stages; 327,000-sf Dellview Marketplace, a big-box play; and scores of others, including freestanding stores from a trio of furniture stars. Ashley Furniture Store, opening its first store in the city last year, has bought two more tracts while Haverty's has grabbed a location for a second store at the Forum at Olympia Parkway, and Basset Furniture Direct has marked its first spot at the Village at Forum Parkway.

In Austin, its 95.5% occupancy and 28.5-million-sf inventory are magnets for development. The 750,000-sf Wolf Ranch, another Simon project, delivers this year as will the 500,000-sf Shops at the Galleria and the Triangle, a mixed-use, "New Urbanism: project with 700 apartments and 125,000 sf of specialty retail in the city's central core. The pipeline holds the 780,000-sf Domain, which has local firm, Endeavor Real Estate Group, teaming with Simon for a late 2005 groundbreaking, and the 1.5-million-sf Hill Country Galleria in the preleasing stage.

"The envelope is always being pushed in Texas," Weitzman says. "I've never seen it that it's not being pushed." But the amount of development isn't cause for alarm because the bulk of the rising space is preleased. And, he adds, the occupancies of each metro are clear signals that there's no reason for a red flag to rise.

Whether it's Dallas/Fort Worth, Houston, Austin or San Antonio, Weitzman says "the new blood of the market" is keeping all markets dynamic. "When you see really good restaurants from New York come here, you've got to take notice," he stresses. "They are nice touches. It says you're arriving."

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kjb434

kjb434

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Good point.

And by the way. Where is the economy bad? Texas is a powerhouse when is comes to progress and economic viability. The pro growth orientation in Texas has allowed is to become a place for people to move here to work and live.

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kzseattle

kzseattle

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Houston's 130-million-sf inventory might be second in size,

So even with the galaxy of strip malls and big-box retailers created by the lack of zoning, as well as one of the largest shopping malls in the country (Galleria), Houston's retail inventory is still second in size in the state? It is hard to imagine a city where retail activity is even more intense than Houston. However, it appears that DFW has even more retail centers than Houston, despite the zoning. Perhaps, they only counted shopping malls and life style centers?

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tamtagon

tamtagon

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It is hard to imagine a city where retail activity is even more intense than Houston. However, it appears that DFW has even more retail centers than Houston, despite the zoning.

It's probably a matter of trading area population. The broad defination of "inventory" in the article is not very specific, but it states that the DFW area currently has 18% more "inventory" than the Houston area (130 x 1.18 = 153). Although the current population of metropolitian DFW is 11% greater than the metropolitian Houston area, the trading area of DFW includes about five million (+/-) more residents.

The Houston trading area is kinda boxed in on the North and West by DFW, Austin, San Antonio while the DFW trading area extends toward Oklahoma City, Albuquerque and El Paso. I'd say the "inventory" difference between Houston and DFW is greater than the metropolitian populations would indicate simply because DFW is the closest big city for more rural folks.

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kzseattle

kzseattle

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It's probably a matter of trading area population.  The broad defination of "inventory" in the article is not very specific, but it states that the DFW area currently has 18% more "inventory" than the Houston area (130 x 1.18 = 153).  Although the current population of metropolitian DFW is 11% greater than the metropolitian Houston area, the trading area of DFW includes about five million (+/-) more residents. 

The Houston trading area is kinda boxed in on the North and West by DFW, Austin, San Antonio while the DFW trading area extends toward Oklahoma City, Albuquerque and El Paso.  I'd say the "inventory" difference between Houston and DFW is greater than the metropolitian populations would indicate simply because DFW is the closest big city for more rural folks.

That would explain it. Thanks!

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  • 6 months later...
TJones

TJones

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Speaking of galaxy, isn't Galaxy Furniture closing?

Also I think I heard that Gallery Furniture was closing. Is this true?

Mattress Mac is not going anywhere, he has an Annual Tennis Cup Debacle to keep writing off, got to keep the money coming in from somewhere. He is a really good guy, I heard a "tyrant" to work for, but that man is there almost everyday, right at the front door when you walk in. Gives tons back to the community. :)

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  • 2 years later...
marmer

marmer

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I ate at one in St. Joseph, Michigan a couple of summers ago. Had a Cajun-seasoned steak with fries, a good salad, and plenty of peanuts to throw shells on the floor. I was very impressed. They had Texas license plates decorating every booth. I told them they couldn't have the ones on my car!

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tmills77

tmills77

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bread and chili is not food :huh:

Ok, since we have to be technical, the items on the dinner menu are not that great. The chili is served as an appetizer in a cup or you can order a bowl. The basket of bread is complimentary. Hopefully this clears everything up for you.

Which On the Border are you talking about?

On the Border by the JC Penney.

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PapillionWyngs

PapillionWyngs

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We have one out here in Clear Lake - off El Dorado. It serves pretty good food - just don't go if you are allergic to peanuts - shells and dust all over the floor. Also, some of the waitresses wear short cur off jeans, and the management has them line dance a couple of times every hour. I could do without that.

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Timnwendy

Timnwendy

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Probably between the On the border and Friday's, but I don't really see much room for another restaurant there.

Yeah...the lack of a feeder road along northbound 288 has got to be hurting these restaurants (with the possible exception of the Olive Garden). It's just so much (driving) pain to get to them.

If they can hold on until the feeder road project gets done by early 2010, they should be ok. Just my opinion.

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Chamo

Chamo

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Probably between the On the border and Friday's, but I don't really see much room for another restaurant there.

Saw the sign today. It is actually in a pad between Friday's and the strip center next to JC Penney where Charmin Charlie's is.

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sheeats

sheeats

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We had a Texas Roadhouse in Waco and -- along with Red Lobster and Olive Garden -- it was the nicest restaurant in town. ....yeah. I saw many a high school pre-prom dinner and scary "fancy date night" there. :lol:

Never was a huge fan of the Roadhouse, but it's a better option than On The Border (we had one of those, too...blech).

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