$5M Mixed-Use Plan Brewing for 5 Acres

Part of the plan includes selling a 35,000-sf hard corner to a bank, a deal that is poised to close in late April or early May. The bank and Arbor Crossing, a mix of office condo and retail, most likely will break ground simultaneously.

Scott Remphrey, head of Brytar and principal in the development partnership, tells GlobeSt.com that he had the land under contract for seven months as the seller, HS & SA Resources Ltd. of Flower Mound, worked the plan through city channels to get it zoned for retail. Now, Remphrey and partner, Worth Williams, are platting a project with 6,500 sf for professional office condos and 20,000 sf of retail.

"It seemed like a very good opportunity. We were pretty aggressive about going after it," Remphrey says of a corner that was on several other investors' radar screens. "We just picked the opportune time to put it under contract. It was just good timing." Shortly after the contract was placed, Dallas-based Direct Development announced it had bought a second corner to develop more retail, with Lowe's signed for the play, to keep up the momentum from its Super Target-anchored Highlands of Flower Mound, which leased up in less than a year.

Larry Jordan and Steve Williamson, a Dallas team with Houston-based Transwestern Commercial Services, are handling the pre-leasing for both components of Arbor Crossing. If all goes as planned, Remphrey says work will begin in May on a project with an estimated $5-million price tag. Delivery is eyed for the fourth quarter.

John Rutledge of Venture Commercial in Dallas brokered the acquisition of the southeast corner for Brytar. The seller's broker was Tod Weaver of JCB Unlimited, also Dallas.