The 100,000-sf Main Street Center will be positioned on 19.55 acres at the crossroads of FM 423 and FM 720, arteries leading to nearby suburbs and added buying power. It is part of a 48-acre plan that has been platted for a big box power center with a headline act of a home improvement retailer. Four miles away will be Legacy Center, a 115,000-sf venue at the junction of Lebanon and Legacy Parkway. Both projects are anchored by an Albertsons grocery in the neighborhood of 60,000 sf. Main Street Center's grocery anchor will roll a fuel center into its design.

West Miller, Regency's senior vice president of investments, tells GlobeSt.com that pre-leasing is brisk. Main Street Center's shop space will roll out in two phases of 22,500 sf. About 75% of the first phase already is committed while Legacy's 55,000 sf of shop space has hit the 50% mark, he confides.

Miller, the developer's scout, says Frisco is a good pipeline and he's most likely not done looking in the area. "We're always looking for good shopping center sites and it's all based on residential growth," he says, true to the philosophy of retail developers. The immediate trade area boasts 38,000 residents, who live four miles from the nearest grocery or retail offering, according to Miller's research.

Site work is due to start any day on both locations. Main Street Center will deliver between June 2003 and October 2003 while Legacy is ticketed to come on line in spring or summer 2003. Miller is hesitant to place a cost on the projects since the final number is still being tweaked, as is the final design.

Regency acquired the acreage by buying an option that Lake Crossing LP held with Albertsons for the Main Street Center site. The 19.55-acre tract has eight acres dedicated to Albertsons. Key to the project is its strategic positioning in the 48 acres owned by Oakmont Ltd., a Dallas partnership that has, with Regency's help, gotten site plan approval from the city. Miller says Regency has not garnered the contract for the full development, but it certainly has "the potential" to walk away with all the action.

Instant Insights /

Regency Makes 215,000-SF Double Play in Frisco

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