Developer Flips Switch on 400-Acre Mixed-Use

Fall 2008 is the targeted grand opening of the Village at Fairview and Village at Allen. With the additional deals, the build-out value is approaching $1 billion.

"This is one of the most monumental projects in the history of the metroplex," Gar Herring, president of the development group, tells GlobeSt.com. "It may be unprecedented in the Dallas area." Newark-based Prudential Financial Inc.'s equity is backing the plan.

In the 200-acre Village at Fairview, MGHerring has sold air rights for one of two proposed office towers to Dallas-based Richardson Properties Inc., which will build seven floors of LEED-style office space on top of a retail base. Meanwhile, San Diego-headquartered Fairfield Residential LLC has picked up air rights to put 100 apartments atop the 500,000-sf lifestyle center and has a contract to buy an adjacent 24 acres for another 300 garden-style units as its first phase.

After lengthy talks, JCPenney has finally signed to be the third anchor with a 115,000-sf store. Dillard's will build 200,000 sf and Macy's is in for a 120,000-sf store. At completion, Fairview will have one million sf of retail, 14 restaurants, six cafes, theater and 250-key hotel. Herring says his vice president of leasing, Jim Kenny, is just weeks from signing deals with a theater chain and hotel developer.

In the 200-acre Village at Allen, the developer recently sold 12 of 35 office-earmarked acres to Dallas-based Koll Development Co. to build an Intellicenter.. The preliminary first phase is 150,000 sf, but that side of the road is mapped for 500,000 sf of office to go along with its proposed one million sf of retail.

"When people arrive at Stacy Road and [US Highway ] 75, they will feel like they've arrived at one integrated, mixed-use project instead of several disjointed projects," Herring says. The build-out plan includes a nine-acre park, 2.5 miles of recreational trails and 70,000-sf conference center. The groundbreaking is set for March 21 at 11 a.m.

Herring says he talked to Koll about office development rights for both projects. Richardson Properties, led by Murl Richardson, got the nod for Fairview because "it wanted to be integrated" into the development, Herring explains. The second office tower is in the design stage. "We felt Koll is developing excellent product with the Intellicenter," he adds, "but it fit on the Allen side." Atlanta-based Cousins Properties Inc.'s team in North Texas will lease and manage Fairview's office component.