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FLOWER MOUND, TX-A retail-zoned parcel in a fast-growing suburb with high barriers to entry is coming out of an investment group’s land bank after nearly two decades of waiting for the market to reach primetime.

Cencor Realty Services, affiliate of Dallas-based Weitzman Group, will break ground in February on Timber Prairie Plaza, a 12,286-sf shopping center on a 1.8-acre tract on the northeast corner of FM 1171 and 2499 in Flower Mound. The general contractor’s RFP for the estimated $2.5-million project will be floated in January, Jared Caplan, Cencor vice president of development, tells GlobeSt.com. The project is ticketed for a September completion.

Caplan predicts Timber Prairie Plaza, which will front FM 1171, will be half leased by the time ground breaks. Interest, he says, is running high in the national lineup being courted for a retail plan that has a 3,200-sf end cap earmarked for a restaurant and the balance set aside for community retail and service tenants. The Dallas-based Palm Beach Tan already has reserved its spot. Weitzman’s Robin Barrow and Tim Donovan are leasing the project, designed by Halbach Dietz Architects of Dallas.

Caplan says the joint venture partners bought the tract in the early 1980s. The project site abuts a Chevron service station at the northwest corner of an intersection with three of the four hard spots under the control of Cencor-Weitzman. A cross-access agreement has been cut with the service station owner. “While Flower Mound is a difficult area to develop in, its building code and high standards make it an attractive place for retailers,” Caplan says.

Timber Prairie Plaza will sit on the northeast side of the highway. The southwest corner holds the Kroger-anchored Flower Mound Town Center and the northwest holds the Flower Mound Town Crossing, both Cencor-Weitzman assets. The southeast side is owned by Hopkins Realty of Dallas, which is following the lead and developing a small retail center.

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