Local Developer Ready to Start $8M Mixed-Use Project

FLOWER MOUND, TX-With 200 acres under contract or in hand to develop, a local developer is ready to roll out a six-building, medical office and retail project on a six-acre tract at a top-draw suburban intersection.

JC Burciaga, president of JCB Unlimited Ltd., tells GlobeSt.com that negotiations are in various stages to fill the majority of the 41,472-sf Northwest Plaza, set to rise at the intersection of FM 2499 and 1171 in Flower Mound. Burciaga owns or controls 165 contiguous acres and has another 35 acres scattered around a city with high barriers to entry and disappearing developable land. "There are only two pieces of land close to the 2699-1171 intersection that can be developed," he says, "and I own both of them."

Burciaga estimates Northwest Plaza's all-in development cost will top $8 million. The site work will be done by mid-June to keep the project on track for a November delivery, he says.

Burciaga says the turnkey medical office component has landed a pediatrician to buy a 3,500-sf structure while a dermatologist and anesthesiologist have inked contracts to buy a 7,000-sf duplex. The component's third building will have four condos, totaling 8,274 sf, now on the market for $160 per sf to $180 per sf.

As for the retail component, Burciaga says he's negotiating build-to-suit leases with a bank for a 5,250-sf branch and a regional restaurant chain for a 4,500-sf eatery. He is also in the midst of talks with a restaurateur and a jewelry accessories retailer for 6,250 sf of the plaza's largest structure, 12,948 sf of shop space. The developer's quoting $22 per sf to $25 per sf for the inline space.

Cross Timbers Architects and Batson Architects, both from Flower Mound, designed Northwest Plaza, using a waterfalls and courtyard fountain as focal points. Environs Group of Lewisville is the landscape architect while Burciaga is wearing the hats of developer, general contractor and leasing agent.