Gateway at Southpoint's only space to date is Cigna Insurance Co.'s 150,000-sf service center, which was built early last year on 15 of the developer's 500 acres at the junction of US Hwy. 75 and FM 691. But, construction crews are now moving dirt for a 145-key Hilton Garden Inn and adjoining 17,000-sf event center on a 5.5-acre tract and 36-acre Texoma Medical Center, which will have 252 beds, 26-bed emergency room, 32-bed ICU and 120,000-sf medical office building.
Second Century Investments of Plano, TX, holding an option for a second project, will open the Hilton Garden Inn in fourth quarter 2009. King of Prussia, PA-based Universal Health Services Inc. is planning to bring the medical center on line in first quarter 2010.
"We are moving it forward slowly and methodically," says Norman Brody, owner of the local firm. He tells GlobeSt.com that the first phase of support retail will break ground in first quarter 2009 and a 750,000-sf town center will begin to rise in 2011.
 Hilton Garden Inn |
"The beauty of this is we don't have a specific timetable," Brody says. "We're being very prudent and doing it in phases. That also gives us the option to adjust our plan to suit market conditions."
Tom Johnson, founder of TPJ Properties in Sherman, bought about 30 acres five years ago to chase a retail project that ultimately landed in neighboring Sherman. "He saw the corner had potential and began acquiring additional parcels," says Brody, fee developer and consultant for Gateway at Southpoint.
Brody says it's undecided if future development will entail land sales as it did for the hospital anchor, hotel and Cigna building or if they are going to joint venture on the projects. TBJ and Brody specialize in retail and medical office. The co-developers have seated James Weir, senior vice president with Dallas-based Retail Connection, to prelease Gateway at Southpoint. Jones & Boyd Inc., also from Dallas, is Southpoint's master planner.
Brody says Gateway at Southpoint will result in $750 million to $1 billion of development in the city. "It has the potential to be the most significant development in Denison's history," he says. "And, the city has been very cooperative."
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