LEANDER, TX-A Las Vegas development group, staking its first claim in the region, has 6.65 acres under contract for a retail project. If all goes as planned, ground will break in early 2007 on Crystal Falls Crossing.
Turnkey Development Co. is eyeing a 21,000-sf neighborhood center and three pad sites on the last available commercial tract at the entrance to the master-planned Crystal Falls golf course community. Travis Waldrop, a retail specialist with NAI Commercial Properties Co. in Austin, tells GlobeSt.com that Crystal Falls Crossing will deliver in mid-2007 at a crossroads protected from competition due to the layout of the Bagdad Road and Crystal Falls Parkway intersection. One corner holds a Walgreens drug store; another one houses the community swimming pool; and the third is the development's landscaped entry.
Waldrop pegs the project's development cost at $4 million, give or take. Inline space, targeting neighborhood services, is quoted at $20 per sf to $22 per sf while the "for sale" pad sites are tagged at $12 per sf to $16 per sf.
"Leander is getting a lot of attention because the population is growing incredibly fast," says Waldrop, who's teaming with NAI CIP's Monica Moore to prelease the development.
Crystal Falls Crossing was one of several that the NAI team strutted before the crowd at the International Council of Shopping Centers' spring convention in Las Vegas. In a similar play on a smaller tract in another high-growth pocket, the team also unveiled a plan for Twin Creeks Shopping Center, a design with 12,600 sf of inline space and two pad sites planned for the intersection of Anderson Mill Road and Cypress Creek Boulevard in Cedar Park. NAI's Dean Janeff is teaming with Moore on a project that's also destined to start and be completed next year.
"We are aggressively entering the market in terms of new development projects," Waldrop says of the NAI quartet. The largest on its plate is the 50,000-sf-plus Parmer Commons in Northeast Austin, where Phoenix-based Kitchell Development Co. owns all four corners. He says the groundbreaking date has yet to be set, but the push is now in its seventh month to get enough traction for Kitchell to bring its first Austin-area project out of the ground.
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