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HOUSTON-Committing to a second commercial development in the region, Trademark Property Co. has signed a 100-year ground lease with the Kagan & Rudy Families Properties Ltd. and Karu Ltd. of Portland, OR. The six-acre site, now holding an auto dealership, will be scraped and redeveloped with a 100,000-sf, mixed-use project for the Galleria submarket.

The Fort Worth-based Trademark’s High Street plan will cost $65 million to $80 million to develop. Ground will break in spring 2007 so the center can open in 2008.

High Street, which will go up at 4410 Westheimer Rd., will have specialty retail, restaurants and entertainment space on the ground floor. It will be topped off with 250 to 350 apartments. Terry Montesi, Trademark’s CEO, tells GlobeSt.com that discussions are under way with a developer to build and lease the residential component.

Trademark is overseeing retail leasing, gearing efforts toward retail and high-end restaurant tenants. “There are a number of national retailers and restaurants that have already expressed an interest,” Montesi adds. “I think we’d certainly have substantial leasing done prior to construction beginning.”

Trademark is the developer of the $90-million, 500,000-sf Market Street in the Woodlands at 9595 Six Pines Dr. The mixed-use space is close to 100% occupancy. Montesi says talks have begun to expand its retail and residential components.

Trademark’s always looking for development opportunities in Houston, but Montesi says the plan is to stay focused on what it has in the works. “The bulk of our efforts are on High Street and Market Street right now,” he adds.

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