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McKINNEY, TX-Houston-based Levcor Inc. and CalSTRS are planning to develop at least 500,000 sf as their joint-venture inroad into North Texas. Based on current pricing, sources say the regional power center’s all-in development cost will top $50 million.

Stonebridge Crossing will sit on the going-home side of the US Hwy. 380- Custer Road intersection, a 53-acre tract recently bought in an off-market deal with Dallas-based Hunter Equities LLC. Dan Smith, senior vice president for Levcor, tells GlobeSt.com that the regional development, though still in its infancy planning stage, could break ground by year’s end. The delivery goal is fall 2009.

Smith says interviews are underway with architects and engineers. Stonebridge Crossing is one of five projects that Levcor will be spotlighting at this year’s ICSC’s convention May 21-23 in Las Vegas. The developer also has three million sf on the drawing board for projects in Eagle Pass, Laredo, McAllen and San Antonio.

Smith says Levcor has several options to consider for the Stonebridge Crossing roll-out, eyeing a decision on the tenant mix in 60 to 90 days. “Currently, we don’t have anybody signed up officially. However, the activity is just awesome,” he says. So far, a home improvement retailer and national grocery chain have shown interest in the site. Another option would be a mix of 100% soft goods. He says eight to 10 letters of intent soon will be going out for the project, which includes eight pad sites for restaurants and banks.

The development dirt’s location is the drawing card because it’s one of just a handful of major intersections staggered at five-mile intervals in the corridor. “There’s competition, but there’s not all these great intersections [in one trade area],” Smith explains. “Every five miles, there’s a great intersection, which is great spacing for these tenants.”

With its first North Texas project on the drawing board, Levcor recently hired Jenny Reynolds, formerly with New Hyde Park, NY-based Kimco Realty Corp., to help with the push to acquire existing retail assets in the 100,000 sf or more range and find additional development sites. “We’d love to do more in Dallas,” he stresses.

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