LEWISVILLE, TX-A long-time investment partnership will break ground in early 2007 on a spec 26,150-sf retail project for a four-acre tract at the gateway to the city's under-construction Hilton-flagged, convention center hotel. As it stands right now, the retail build-out will cost nearly $6 million.
"We're pretty confident in that location," Stephen Scott, president of Eagle Equity Capital LLC, tells GlobeSt.com about the decision to go spec. Lake Vista Shopping Center has frontage on the Texas 121 bypass at its intersection with Lake Vista Drive. Eagle Equity and NDC Capital Partners LLC of New York City bought the development site two months ago from the hotel developer, Second Century Investments of Plano. The Hilton Garden Inn Convention Center Hotel is slated to open in first quarter 2007.
Lake Vista's completion is set for fall 2007. John Rutledge and Logan Wilson with Dallas-based Venture Commercial Real Estate in Dallas are just now prepping the preleasing plan. "If we build it, they will come," Scott says with confidence about the JV's first ground-up project in North Texas. The developers have carved out a 52,000-sf pad site for a 4,600-sf restaurant.
GSO Architects Inc. of Dallas has designed Lake Vista. The general contractor has yet to be picked.
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