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MANSFIELD, TX-Hanover Property Co. has started site work on a nine-acre tract to add the first retail space for the 185-acre Lowe’s Farm development. The first phase of Lowe’s Farm Market is a $7-million project with 25,300 sf in two buildings.

Hanover has ramped up the work as plans come together to extend Woodcrest Lane to US Hwy. 360, a key move for the municipality, residents and developer, who sold 30 acres in June to Phoenix-based Alliance Residential Co. for the 450-unit Broadstone at Lowe’s Farm. The multifamily project is slated to deliver in spring 2008, shortly after Lowe’s Farm Market comes on line.

The Dallas-based Hanover has reserved 20 acres of the master-planned Lowe’s Farm for commercial build-out. Another 11-acre tract is in hand for the shopping center’s second phase to bump the retail component to nearly 116,000 sf of neighborhood services. Ben J. Luedtke, Hanover’s vice president, tells that talks are underway with a grocer to anchor the second phase. In keeping with industry practice, work will begin when the deal’s signed.

Luedtke says the center’s first phase has two tenants in line for 3,000 sf and talks under way with three more for 4,000 sf. The quoted rate is $22 per sf to $25 per sf, triple net.

The Richmond Group of Dallas designed the first phase of retail with a 14,600-sf building situated at 3807 E. Broad St. and 10,700-sf structure at 3806 E. Broad St. McCaslin-Hill Construction Inc. of Carrollton is the general contractor.

The development site sits at the hard corner of Broad Street and Holland Road. Luedtke says the plan includes extending Broad Street by year’s end to bisect Hanover’s land and create two hard corners, allowing for three pad sites, in the nine-acre tract.

The construction schedule calls for Lowe’s Farm Market to go vertical in early October, with delivery in February 2008. “There’s a lot of work going on out there,” Luedtke says.

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