FRISCO, TX-A Dallas developer, who put IKEA on the city's doorstep, is ready to add 60,363 sf of class A retail beside what has become a destination shopping spot for North Texas. The $15-million Shops at Preston Ridge, set to go vertical in the coming weeks, will deliver in August.
The 6.5-acre project gets underway with Dallas-based Weitzman Group at the preleasing helm for Oakridge Investments Inc. Scott Rose, a Weitzman vice president, tells GlobeSt.com that the first deal for the in-line space is about to be signed: la Madeleine de Corps Inc. for a 5,500-sf French bakery and restaurant in prime end cap fronting Texas 121 and Parkwood Lane. Mattress Giant Corp. has preleased half of a 7,300-sf "omni" building for its stake in the continued build-out of Oakridge's 200-acre, mixed-use Frisco Bridges.
"We hope to have it 100% leased looking at the activity," Rose says. "I'm not saying it will be, but we are projecting to it to be 80 to 100% leased when it opens." Besides the 310,000-sf IKEA, Rooms to Go Inc. will deliver a 30,000-sf store in the summer and Ashley Furniture Industries will build a 40,000-sf shop for a 2007 opening.
The Shops at Preston Ridge has been brewing nearly two years, but the new strategy to get in-line shops out of the ground is to build a retail mass with high appeal to females, says Rose, who is teaming with Weitzman associate Elizabeth Nabholtz to court accessories, apparel and high-end salon chains and boutiques. The strategy rolled the assignment into the team's hands, replacing a competitor with a plan to create a furniture retail destination. Retail space in the trade area has pushed slightly above $30 per sf. The Shops at Preston Ridge was designed by Dallas architect Hodges & Associates Architects LLC, with Hodges Development Services as the general contractor.
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