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SHENANDOAH, TX-A local partnership has broken ground on the 11,560-sf speculative retail portion of the Marketplace at Shenandoah. The project, which is situated in a fast-growing corner of The Woodlands’ submarket, is slated for a fall, 2008 completion.

The close to five-acre site David Memorial and Tamina Road is near Portofino Shopping Center, the new South Montgomery County 10,062-seat high-school football stadium and the soon-to-open 1,000-seat Natatorium-Woodforest Bank Stadium. Also within shouting distance is a Home Depot and access to Interstate 45.

As a result, Tim Maczko, leasing associate with J. Beard Real Estate Co. LP in The Woodlands believes the retail space will be perfect for tenants wanting to serve a lunchtime crowd. “Some of the things we’re looking at are restaurants and sandwich shops for this,” says Maczko, who is handling leasing for the project. He tells Globest.com that asking rates are between $22 and $25 per sf, triple net, with tenant improvements running approximately $21 per sf. The development costs were unknown, but similar projects have gone vertical for between $5 million and $7 million.

Marketplace at Shenandoah has an extra 3.1 acres adjacent to the retail development. Maczko says the land is available for sale or through a ground lease. “This is an interesting site, as there’s plenty of action going on around it,” Maczko adds.

Household demographics demonstrate that there is plenty going on nearby from a residential point of view as well. Statistics demonstrate that there are approximately 110,385 people living within a five-mile radius of the project, with a median household income of $87,420.

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