ALLEN, TX-Trademark Property Co. and its joint venture partners have forged three more groundbreaking deals to shore up their positioning in the northeastern tier for their 1.1-million-sf Watters Creek at Montgomery Farm. A residential partner is on board for the $52-million first phase while two more retail anchors have signed for the $232-million town center.

Franklin, TN-based Southern Land Co. LLC has joined the development partnership, led by Trademark and backed by Coventry Real Estate Advisors of New York City and Cleveland-headquartered Developers Diversified Realty. Further fanning the development fire, Ann Arbor, MI-based Borders Group Inc. plans to open a 24,000-sf bi-level store in the 68-acre town center and Studio Movie Grill will plant an eight-screen, 1,300-seat prototype at the northern edge beside the proposed 135-key hotel.

Terry Montesi, CEO of the Fort Worth-based Trademark, tells GlobeSt.com that ground will break in 30 to 45 days on two of the three, as-yet un-branded residential structures. The mixed-use buildings will have street-level retail and four floors of residential units. “We will start out with urban rentals, but we are keeping our options open for future condo conversion,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.