52,600-SF Center Shopping for Ground-Breaking Tenants

FRISCO, TX-A North Texas developer has a high-end project in its sights, but ground won’t be breaking until the 52,600-sf retail center is 50% pre-leased. That, says the brokerage team, should occur in time for a fourth-quarter start.

The Preston@Lebanon Village will rise about a mile north of the 1.6-million-sf Stonebriar Centre and offer “friendly” competition for its classiest venues. Doug Macari of Insignia/ESG in Dallas and partner, Jay Annand, are looking to sign the creme de la creme for an all-star retail lineup. How that will be accomplished, says Macari, is through the demographics. The annual median income is $101,000 within a three-mile radius, now home to a population of 164,000. Macari believes that’s the hook for top-of-the-line retailers.

Frisco’s growth has been so strong in recent years that it’s difficult to track the constantly changing head count. Hall Office Park and the Billingsley Co.’s International Business Park stoked the development fires as did the plethora of master-planned communities–all sharing in the credit to attract Stonebriar’s developer, General Growth Properties of Chicago. Now, LandPlan Development Co., one of Frisco’s main drivers, believes it’s time for ancillary high-end product to appeal to those who historically steer clear of malls.

Macari tells GlobeSt.com that there are four retailers talking and two close to signing, but won’t give on the names until the ink is dry. That would take care of 15% of the project. The Insignia team is confident the 40-foot elevation to deliver clear visibility from the high-traffic Preston Road and the caliber of the project, designed by Callaway Architects of Dallas, will clinch the deals needed to break ground and fill the center. The rear of the U-shaped center is being pitched to office tenants, such as orthodontists.

Site work begins in 60 days on the southwest corner of Preston and Lebanon. The project cost is still being fine-tuned and will be predicated, in part, by the tenants. It is anticipated, says Macari, that keys will be turned over six months after the construction start.

LandPlan’s principals are Jim Williams Jr. and Bruce G. Smith, both recognized in North Texas for their involvement in high-end residential, health-care and office developments. LandPlan’s Frisco holdings include a land bank and development rights to other key tracts.