X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]DENISON, TX-After three years of laying the groundwork, TPJ Properties Ltd. and Brody Associates Inc. are digging into the second phase of the 500-acre Gateway at Southpoint. The mixed-use project will top $750 million of development at build-out.

Gateway at Southpoint’s only space to date is Cigna Insurance Co.’s 150,000-sf service center, which was built early last year on 15 of the developer’s 500 acres at the junction of US Hwy. 75 and FM 691. But, construction crews are now moving dirt for a 145-key Hilton Garden Inn and adjoining 17,000-sf event center on a 5.5-acre tract and 36-acre Texoma Medical Center, which will have 252 beds, 26-bed emergency room, 32-bed ICU and 120,000-sf medical office building.

Second Century Investments of Plano, TX, holding an option for a second project, will open the Hilton Garden Inn in fourth quarter 2009. King of Prussia, PA-based Universal Health Services Inc. is planning to bring the medical center on line in first quarter 2010.

“We are moving it forward slowly and methodically,” says Norman Brody, owner of the local firm. He tells GlobeSt.com that the first phase of support retail will break ground in first quarter 2009 and a 750,000-sf town center will begin to rise in 2011. [IMGCAP(2)]Meanwhile, talks are under way with developers for a 30-acre seniors’ housing project and 250 multifamily apartments. The master plan includes up to 250,000 sf of additional medical office and 100 acres for townhouses and single-family dwellings. The project’s first retail out-parcel has been snapped up by Landmark Bank.

“The beauty of this is we don’t have a specific timetable,” Brody says. “We’re being very prudent and doing it in phases. That also gives us the option to adjust our plan to suit market conditions.”

Tom Johnson, founder of TPJ Properties in Sherman, bought about 30 acres five years ago to chase a retail project that ultimately landed in neighboring Sherman. “He saw the corner had potential and began acquiring additional parcels,” says Brody, fee developer and consultant for Gateway at Southpoint.

Brody says it’s undecided if future development will entail land sales as it did for the hospital anchor, hotel and Cigna building or if they are going to joint venture on the projects. TBJ and Brody specialize in retail and medical office. The co-developers have seated James Weir, senior vice president with Dallas-based Retail Connection, to prelease Gateway at Southpoint. Jones & Boyd Inc., also from Dallas, is Southpoint’s master planner.

Brody says Gateway at Southpoint will result in $750 million to $1 billion of development in the city. “It has the potential to be the most significant development in Denison’s history,” he says. “And, the city has been very cooperative.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.