SOUTHLAKE, TX-The Woodmont Company has begun development work on Park Village, a 190,000-square-foot specialty retail center located on 22 acres in the affluent Dallas/Fort Worth suburb of Southlake. Completion is scheduled for Fall of 2014.

The firm says Park Village is more than 50% pre-leased to several premier retailers and restaurants including a specialty gourmet grocer and REI which will serve as anchors for the center.

"Park Village is the perfect complement to the area's recent population growth, highly affluent residents and the successful retail offerings at Southlake Town Square and The Shops at Southlake," said Stephen Coslik, chairman and CEO of the Woodmont Company. "We are confident that the center will serve as a community destination for many years to come."

Peter Jacobsen, vice president, is handling the leasing at Park Village which currently has available space for users ranging from 800 to 12,000 square feet. Coslik, Jacobsen and Rick Machak, president of development services, are overseeing development of Park Village.

Located in the heart of Southlake, at the southwest corner of Carroll Avenue and Southlake Boulevard, Park Village will boast a mix of outdoor and active lifestyle retailers, boutiques and premier restaurants, all of which have been carefully selected to cater to Southlake's affluent consumer base. The center will feature public art, lush landscaping and water features set within a dense streetscape environment designed to create a unique destination for today and tomorrow's best retail and dining concepts. The project was designed by Herschman Architects.

The region maintains strong demographics with household incomes of Southlake residents averaging $210,264. Additionally, more than 56,000 vehicles per day traverse the intersection at Southlake Blvd. and Carroll Ave.

Founded in 1980, the Woodmont Company is a full-service commercial real estate firm headquartered in Dallas/Fort Worth. The firm specializing in the development, management, leasing and sale of retail properties, in partnership with a publicly traded REIT.