Retail Plan Emerges for Inside Loop Land

HOUSTON-To take advantage of the growth of high-density residential and office in the near southwest submarket, Wellington Development Co. has acquired one acre inside the loop for close to $1 million. Wellington's plans for the plot are to develop about 25,000 sf of retail, with an estimated project value topping out at $3.5 million.

The development tract, assembled in several direct deals with local owners, takes up the corner of Montrose Boulevard and West Dallas Street. "There are very few corners inside the loop that are currently available for development, particularly when you get between River Oaks and Downtown," says Chris Hotze, partner in Wellington Development. He tells GlobeSt.com that Wellington is examining more land acquisitions in the area "if it's available. We've had discussions with the next-door neighbor of what we just bought."

Hotze says the hope is to be moving dirt by first quarter 2007. "This is a strong site for a retail spot," he says. "The 1.9-million-sf American General Headquarters is right there plus a significant number of new projects, lofts and high-rise condos."

Also involved in the project is Wellington Development partner Rocky Stevens who, with Hotze, formed a joint venture with local landowners Mike and Sam Benestante to develop the property. Josh Jacobs of Page Realty Partners Ltd. of Houston will prelease retail space targeting neighborhood-service uses. Fernando Brave of Houston is the architect and local firm, Christians Development Co., is the general contractor.