GlobeSt.com EXCLUSIVE: Azteca Finds New Mercado Site

"We're disappointed, but we're moving ahead," Carlos Quintanilla, Azteca's president, tells GlobeSt.com. The mercado operator has been caught up in firestorm over 9334 E. RL Thornton Freeway after the property owner filed bankruptcy, landing GMAC as the receiver and driving an October 2003 take-over of the Dallas location despite a disputed 10-year lease with Azteca. Now, the store is in the process of being sold for $2.5 million to Dallas-based SLJ Co., led by Lou Lebowitz.

Quintanilla is looking ahead and not looking back as he shifts into high gear to roll out a retail mall plan for 3161 Centerville Road. His team will debut the proposal April 26 to Garland officials. Quintanilla says the build-out plan will add up to $1 million of upgrades to a vacant building with a $3.8-million value. And, he adds, the retail hub with predominately Hispanic merchandise will create 350 full-time jobs.

"The concept we have is successful," Quintanilla says. The group's 555 W. Airport Freeway mercado in Irving is operating at 95% occupancy with 150 vendors, five restaurants, a Bingo hall, arcade and three beauty shops in 85,000 sf. "It didn't work out for us in Dallas. We feel very confident in Irving. We are confident in Garland," he says. Meanwhile, the Azteca's scout, Kenon Perry with CB Richard Ellis Inc. in Dallas, is negotiating for locations in Plano and Fort Worth.

Quintanilla says the mercado is waging an identity battle in the community at large--a perception that he will try to change when he seeks Garland's blessing. "We want to show the comprehensive picture. It's not a flea market. It's not a rat hole," he emphasizes. "It's a really creative project in tough times."

Quintanilla says the Garland mercado has 30% of the space already pre-leased and talks underway to take that to 70%. Commitments have been made by a Dollar Store owner, Bingo hall operator and three restaurateurs. Some vendors from Dallas signed for Irving, but Quintanilla's confident the Garland mercado, with an estimated 175 booths, now allows him to recoup 85% of the merchants from the Dallas roster.