ARLINGTON, TX-After a two-year hold on the land, a North Texas developer is ready to break ground on his first solo project: a 17,750-sf neighborhood center on 4.5 acres.
Steve Isbell, president of Strategic Equity and Investments, picked up project funding from his former employer, RCP Capital Partners Inc. of Colleyville, to get the ball rolling on Cross Creek Center at 2001 SE Green Oaks Blvd. Ground will break in the coming weeks on the $2.2-million project, with delivery penciled for first quarter 2006. "I felt very privileged to have learned from Realty Capital and then have them invest in my first project," Isbell says.
Cross Creek Center will rise with a 9,500-sf Dollar General on one of two pad sites. Isbell, who's also using Colleyville as his home base, says he's in the midst of negotiations with another retailer for the other tract. He tells GlobeSt.com about 40% of the center is committed. The tentative roster includes a nail salon and spa and local restaurant. City Commercial Realty of Dallas is preleasing the project, using $16 per sf to $18 per sf to open talks.
RCP purchased a partnership interest in GONY Ltd., set up by Isbell to develop the center. "Our investors like Southwest Arlington," says Donna Arp, RCP's president. "The demographics are good. We're always open to developers there."
Isbell's land flanks both two sides of a CVS/Pharmacy at the hard corner of New York Avenue and Green Oaks Boulevard. CNK Architects of Grand Prairie designed Cross Creek Center; Fast-Trak Construction Co. of Dallas will build it.
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