ianbryant
01 February 2002, 01:19 PM
This is a really good article from globest.com. It looks like downtown might finally be getting a grocery store and more retail might be coming on line within the year! Take a look...
New Tenants Will Prove Shot in the Arm for Downtown's Retail Recovery
By Connie Gore
Last updated: Feb 1, 2002 10:20AM
DALLAS-One of Dallas' retail coaches says a lead tenant for a 10-block Downtown revitalization will be signed in 90 to 120 days.
It most likey will be a grocer since high-level talks have three talking serious business, Richard Lake, managing partner of Madison Retail Group, tells GlobeSt.com. But, he quickly adds, it could be another top retail draw. The point is a signing looms.
The Washington, DC firms of Roadside Development and Madison Retail Group along with teammate Cincinnati-based Madison Marquette Realty are in the final month of a contract with the Center City Tax Incentive Finance District to game out a retail strategy to revitalize the Downtown. The assessment is done. The cost benefit analysis, still being fine-tuned, is ringing up right now at $500 million or more. Implementation and management phases are next in line. Lake says he doesn't foresee a problem in a mutual re-upping to steer the project to fruition. RTKL Associates of Dallas holds the design task for Main, Elm and Commerce streets.
Neiman-Marcus' flagship store and headquarters along Main Street stands as a testament to what should be a thriving retail district in a vibrant office market. Instead, the CBD is the seat of the nation's highest office vacancy, 27.7%, according to Grubb & Ellis Co.'s latest calculations.
The public-private partnership entails about two dozen building owners, all keen on renewal and some short on dollars to battle remediation. Center City TIF has a $30-million pool being shared by several projects, one of which is the retail revitalization spearheaded by the Dallas Downtown Partnership.
Under the plan, the 150,000-sf Neiman-Marcus will anchor the project area being marketed to grocers, restaurateurs, bookstores, entertainment venues and a plethora of other prospects. The TIF district already has attracted 60,000 sf of new retail that coupled older venues account for about 250,000 sf, according to Lake's best guess. Another 250,000 sf of retail lines the tunnel system, he says. But, it's far short of what should be found in a world-class city's CBD. Lake believes the first retail wave for 250,000 sf to 300,000 sf should be ready to roll out by late 2002 or early 2003. He's optimistic and confident that the retail seeding will bring about the desired results: a revitalization and eventually a 24/7 CBD.
The plan can't stand alone, as other major metros discovered in the late 1980s when they undertook projects of similar magnitude. "It takes a long time to change the psyche of retail," Lake says. More infrastructure is a must-have, particularly parking.
Lake concedes the West End has done an outstanding job of securing a foothold on Downtown day and nightlife. Others are on board to spur the effort and reap financial rewards from a vibrant Downtown: Ross Perot Jr.'s Victory development, South Side Development and numerous multifamily developers with their 1,300 units on line and another 500 waiting in the wings. It's now time for the city's core to step out of the shadows. "The real test is cooperation and how successful the first phase is," Lake says.
New Tenants Will Prove Shot in the Arm for Downtown's Retail Recovery
By Connie Gore
Last updated: Feb 1, 2002 10:20AM
DALLAS-One of Dallas' retail coaches says a lead tenant for a 10-block Downtown revitalization will be signed in 90 to 120 days.
It most likey will be a grocer since high-level talks have three talking serious business, Richard Lake, managing partner of Madison Retail Group, tells GlobeSt.com. But, he quickly adds, it could be another top retail draw. The point is a signing looms.
The Washington, DC firms of Roadside Development and Madison Retail Group along with teammate Cincinnati-based Madison Marquette Realty are in the final month of a contract with the Center City Tax Incentive Finance District to game out a retail strategy to revitalize the Downtown. The assessment is done. The cost benefit analysis, still being fine-tuned, is ringing up right now at $500 million or more. Implementation and management phases are next in line. Lake says he doesn't foresee a problem in a mutual re-upping to steer the project to fruition. RTKL Associates of Dallas holds the design task for Main, Elm and Commerce streets.
Neiman-Marcus' flagship store and headquarters along Main Street stands as a testament to what should be a thriving retail district in a vibrant office market. Instead, the CBD is the seat of the nation's highest office vacancy, 27.7%, according to Grubb & Ellis Co.'s latest calculations.
The public-private partnership entails about two dozen building owners, all keen on renewal and some short on dollars to battle remediation. Center City TIF has a $30-million pool being shared by several projects, one of which is the retail revitalization spearheaded by the Dallas Downtown Partnership.
Under the plan, the 150,000-sf Neiman-Marcus will anchor the project area being marketed to grocers, restaurateurs, bookstores, entertainment venues and a plethora of other prospects. The TIF district already has attracted 60,000 sf of new retail that coupled older venues account for about 250,000 sf, according to Lake's best guess. Another 250,000 sf of retail lines the tunnel system, he says. But, it's far short of what should be found in a world-class city's CBD. Lake believes the first retail wave for 250,000 sf to 300,000 sf should be ready to roll out by late 2002 or early 2003. He's optimistic and confident that the retail seeding will bring about the desired results: a revitalization and eventually a 24/7 CBD.
The plan can't stand alone, as other major metros discovered in the late 1980s when they undertook projects of similar magnitude. "It takes a long time to change the psyche of retail," Lake says. More infrastructure is a must-have, particularly parking.
Lake concedes the West End has done an outstanding job of securing a foothold on Downtown day and nightlife. Others are on board to spur the effort and reap financial rewards from a vibrant Downtown: Ross Perot Jr.'s Victory development, South Side Development and numerous multifamily developers with their 1,300 units on line and another 500 waiting in the wings. It's now time for the city's core to step out of the shadows. "The real test is cooperation and how successful the first phase is," Lake says.