Signature Plaza, gleaning its name from the Kroger anchor, will rise on the Texas 121 border of the two fastest-growing cities in the state. The Plano-seated development, if all goes as planned, could deliver in fourth quarter 2004. "But, everything has to go absolutely perfect for that," James Buis, Regency's managing director for the Southwest and Midwest regions, tells GlobeSt.com.
The development will consist of a 61,962-sf Kroger Signature store and fuel center, 28,795 sf of inline space and four pad sites, situated at the high-traffic corner of Coit Road and Texas 121. The pre-leasing campaign, with a quoted rate in the low $20 per sf range, is under way with Regency's preferred customer roster for shop space while negotiations are progressing with a bank and fast-food restaurant for pad sites.
Buis says Regency has had dibs on the land since 1995. Seller Joseph Haggar, a local investor, has spent the time outfitting 80 acres with mostly single-family rooftops for Regency to bring in the first wave of neighborhood retail to the highway's north side. "We've been waiting for the population to get enough to have a store," Buis says of the eight-year wait. In back-to-back closings, Regency acquired the site and immediately sold nine acres to Kroger.
Buis says Signature Plaza's delivery is being timed to open immediately after construction wraps up on Texas 121. "That's the kind of planning we like," he says. O'Brien & Associates of Dallas are fine-tuning the design for an RFP to go out in February for general contracting bids.
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