Buster Freedman, president of United Equities bought theland--now holding seven, 1960s-era buildings with 16 tenants--fromits 30-year owner, Curtis Loveless of Denton. "This is a teardown,"Freedman tells GlobeSt.com. "The tenants will all have anopportunity to come back. That will be their decision."

Freedman's team plans to be scraping the land in six to ninemonths to make way for University Town Center, a project that'sjust now going onto the drawing board of Hermes Architects inHouston. The development tract takes up nearly an entire block atthe corner of Fry and Hickory streets, right at the gate of the31,000-student university.

Freedman envisions a mix of restaurants, drug store andbookstore as part of the pedestrian-friendly design that he wantsto create. "It is very much under-retailed," he says, "and there'sno new retail around."