sogod
08 June 2004, 08:31 PM
http://dallas.bizjournals.com/dallas/stories/2004/05/31/story2.html
Fort Worth-based Trademark Property Co. has designs on a high-traffic Central Expressway site in Allen, where it plans to build a 50-acre, mixed-use development called Market Street.
The upscale, urban-style project, designed to cater to the affluent residents of the northeastern Metroplex, will include nearly 300,000 square feet of retail and restaurant space, 50,000 square feet of office space, 150 hotel rooms, 50 brownstone units and 150 multifamily residential units, said Trademark officials, who unveiled the project at the International Council of Shopping Centers convention in Las Vegas.
"Allen is where Plano was 10 years ago," said company representative Reif Chron. "It's really humming. We think Allen is very under-retailed."
Market Street, which is expected to open by early 2006, is slated for the southwest corner of Central Expressway and Bethany Drive on what's known as the old Montgomery Farm property. It is directly across Central from the 5.5 million-square-foot Allen Technology District and just north of Cinemark Tinseltown.
The development will serve as the "town center" of the planned 500-acre Montgomery Farm community, which is expected to eventually feature at least 1,500 luxury residential units, including townhomes, zero-lot line homes and estate lots that will be built by Dallas-based Emerson Partners, as well as 250 acres of open space, according to Trademark.
Trademark CEO Terry Montesi said the firm has the 50-acre parcel at the "hard corner" of Bethany and the south-bound Central Expressway access road under contract for the development.
The firm would likely sell off the hotel portion of the land to a developer/owner, he said.
A site plan for the open-air complex includes a grocery-store anchor space, a pair of two-level buildings with ground-floor retail space and either office or residential components on the second floor, a two-level bookstore and seven restaurant pad sites. No tenants have been announced.
Marketing literature called the mixed-use complex "a natural oasis just minutes from central Dallas...that will serve the fast-growing and under-retailed North Central Corridor, including Allen, East Plano, Richardson and McKinney. The residents of the area that will be served by Market Street have money to spend, but nowhere great to spend it."
The trade area surrounding the development includes a population of 300,000 within a 15-minute drive and an average household income of $87,786. Average household income in Allen is $94,664. There is not a lifestyle center or fashion mall within 7.5 miles of the site, Trademark said.
"As you can see, it has great demographics," said Montesi.
David Palmer, senior vice president and development partner with Dallas-based Cencor Realty Services, said the land "is a great piece in terms of I-75 access and visibility."
Trademark is "a top-quality company and if anyone has the wherewithal to pull it off, they do," he added.
If the site faces any challenges, it will be in immediate population depth, he said. "The broader trade area itself is big."
The 1,500 residential units planned for Montgomery Farm are expected to be priced from $350,000 to $2 million, averaging $500,000, according to Trademark.
Montesi, former principal and co-founder of Huff, Brous, McDowell & Montesi Inc., founded Trademark in 1992. The firm has developed, or is in the process of developing, more than 3 million square feet of retail space nationally.
Fort Worth-based Trademark Property Co. has designs on a high-traffic Central Expressway site in Allen, where it plans to build a 50-acre, mixed-use development called Market Street.
The upscale, urban-style project, designed to cater to the affluent residents of the northeastern Metroplex, will include nearly 300,000 square feet of retail and restaurant space, 50,000 square feet of office space, 150 hotel rooms, 50 brownstone units and 150 multifamily residential units, said Trademark officials, who unveiled the project at the International Council of Shopping Centers convention in Las Vegas.
"Allen is where Plano was 10 years ago," said company representative Reif Chron. "It's really humming. We think Allen is very under-retailed."
Market Street, which is expected to open by early 2006, is slated for the southwest corner of Central Expressway and Bethany Drive on what's known as the old Montgomery Farm property. It is directly across Central from the 5.5 million-square-foot Allen Technology District and just north of Cinemark Tinseltown.
The development will serve as the "town center" of the planned 500-acre Montgomery Farm community, which is expected to eventually feature at least 1,500 luxury residential units, including townhomes, zero-lot line homes and estate lots that will be built by Dallas-based Emerson Partners, as well as 250 acres of open space, according to Trademark.
Trademark CEO Terry Montesi said the firm has the 50-acre parcel at the "hard corner" of Bethany and the south-bound Central Expressway access road under contract for the development.
The firm would likely sell off the hotel portion of the land to a developer/owner, he said.
A site plan for the open-air complex includes a grocery-store anchor space, a pair of two-level buildings with ground-floor retail space and either office or residential components on the second floor, a two-level bookstore and seven restaurant pad sites. No tenants have been announced.
Marketing literature called the mixed-use complex "a natural oasis just minutes from central Dallas...that will serve the fast-growing and under-retailed North Central Corridor, including Allen, East Plano, Richardson and McKinney. The residents of the area that will be served by Market Street have money to spend, but nowhere great to spend it."
The trade area surrounding the development includes a population of 300,000 within a 15-minute drive and an average household income of $87,786. Average household income in Allen is $94,664. There is not a lifestyle center or fashion mall within 7.5 miles of the site, Trademark said.
"As you can see, it has great demographics," said Montesi.
David Palmer, senior vice president and development partner with Dallas-based Cencor Realty Services, said the land "is a great piece in terms of I-75 access and visibility."
Trademark is "a top-quality company and if anyone has the wherewithal to pull it off, they do," he added.
If the site faces any challenges, it will be in immediate population depth, he said. "The broader trade area itself is big."
The 1,500 residential units planned for Montgomery Farm are expected to be priced from $350,000 to $2 million, averaging $500,000, according to Trademark.
Montesi, former principal and co-founder of Huff, Brous, McDowell & Montesi Inc., founded Trademark in 1992. The firm has developed, or is in the process of developing, more than 3 million square feet of retail space nationally.