Don Silverman, president of Dallas-based Margaux, tells GlobeSt.com that he plans to break ground in first quarter 2008 on the 200,000-sf Westover Village Shopping Center and nine pad sites along Alta Mere Drive near the Joint Reserve Base and north of the 1.3-million-sf Ridgmar Mall in West Fort Worth. Target's groundbreaking date isn't available, but it's "moving forward right away," he says about the relocation plan for the retail giant's Cherry Lane-Interstate 30 store.
The developer says Westover Village Shopping Center's first stores will be turned over for tenant finish-out in early summer 2008. Silverman bought the land 18 months ago. With the Target deal in hand, he's ramping up site work on the last large tract in the Texas 183-Alta Mere Drive pocket, where Wal-Mart, Sam's Club and Lowe's Home Improvement have already set up shop.
"Clearly with the confirmation of Target being part of the project, it's obviously driving retailers who were on the fence," Silverman says. "We're approximately 55% preleased with executed leases or in lease negotiations with substantially all national and regional tenants." Gambit Realty of Dallas is preleasing the project, which has sold out-parcels to McDonald's and is in the middle of talks with two banks.
Silverman also owns an abutting 40 acres right across the Fort Worth line in Westover Village proper, where he's negotiating to sell 14 acres of entitled land, overlooking the Shady Oaks Country Club, to a townhouse developer. If all goes as planned, Silverman says the residential builder will be breaking ground in 90 to 120 days. As for the 26-acre balance, it's going into the developer's bank for additional retail and office development in the future.
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