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FORT WORTH, TX-Gables Residential has launched construction on its 348-unt complex, the first phase of the 300-acre, mixed-use Presidio Junction. Meanwhile, project developer LNR Commercial Property has signed a deal with Lowe’s, which will break ground on its retail center during Q1 2010, with completion slated for the third quarter, around the time the apartment units should come on line.

The entire project, located at North Tarrant Parkway and Interstate 35 West will hold more than 1 million square feet of restaurants and retail. Brian Glaser with the Weitzman Group tells GlobeSt.com that the next retail phase after the Lowe’s breaks ground will consist of 150,000 square feet dedicated to junior anchors and other types of retail.

“The anchors we’re looking for should be complementary to the Lowe’s and Alliance Town Center,” Glaser tells GlobeSt.com. Glaser, who is handling retail leasing with Weitzman Group colleague Marc Marrocco says lease rates haven’t be set just yet, but the phase is slated for a 2011 opening.

The Presidio Junction plan also calls for 1,300 apartment units and 750,000 square feet of class A office space and fitness. Stream Realty Partners LP is handling leasing of the office side. A release about the project notes that Stream Realty will focus on selling land to medical office developers, as well as finding build-to-suite office tenants.

Glaser points out that the time is right for Presidio Junction because the growth in the northwest Tarrant County submarket continues strong. Rooftops are continuing to march along, he says, meaning a multiuse project such as Presidio Junction is in an ideal position to capture the market. “There’s been great demand generated with help from Alliance.

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