$2M Renovation Revving Up for 163,000-SF Dal-Rich Village

Douglas Howell, assistant vice president and asset manager for Dallas-based Cencor Realty Services, says the former Grandy's building, vacated in November 2002 and seated at the shopping center's entrance, will be divvied into two spaces and redone, inside and outside, as the first phase to bring the 101 S. Coit Rd. property up to par with its newer neighbors. "What we're attempting to do is increase the visibility of the center as well as the visibility of the tenants," he says. "Although it doesn't look bad, we want it to compete with the area."

Howell tells GlobeSt.com that the final costs are still being tabulated, but the preliminary estimate is $2 million will go into redoing the 70%-leased asset, owned by a Dallas-based partnership. The signature Mediterranean-style look will be retained as work gets under way and finishes at year's end amid talks with prospects for the empty Grandy's and a 24,000-sf former Drug Emporium that's been dark since April 2001. He says the project represents the largest renovation in the 41-year-old center's history.

"This center has some age on it," Howell says. "And, we are looking to land some big boxes." The center is made up of four retail buildings, a two-story office building and a ground-leased McDonald's.

Dallas-based Halbach-Dietz Architects' redesign, retaining the Spanish tile roof, includes pop-up facades, exterior crown molding, parapets and sign band with visibility from Coit Road. Howell says the stucco exterior will be redone to include some new colors to individualize store fronts. A general contractor decision is pending.

Rents range from $9 per sf to $28 per sf, with leasing under the watch of Cencor affiliate, the Weitzman Group. Cencor's Kathryn Walker manages it; Weitzman's Tony Albanese, Earl Harris and David Zoller lease it. Whole Foods is the anchor.