Village at Colleyville

[aceplace]

Does anybody know anything about The Village at Colleyville? It's another New Urbanist development, and it looks very big and substantial.

[Kelley USA]

Aceplace,

I actually live just a few minutes from the Village at Colleyville. Don't be fooled by the renderings though- this place isn't going to be that great or that big. They already have several buildings in place and a few retailers- they're all local retailers so there's no big name brands. They have divided the Village into 15 or 20 different sites for sale- so basically you could have 15 or 20 different developers. There is some neat architecture however, and they are getting ready to start on some townhomes from the 250's... It's really sort of secluded and tough to see from the main road if you're not looking for it. The pedestrian traffic thus far has been horrible- a few cars at best! Several places have actually already closed down! This will also be the new location for City Hall- which is about 4 or 5 months from completion. Let me put it this way- if we had nothing else like it in the area it might be pretty cool- but considering the success and scale of Southlake Town Square they're not even in the same category! Hope that helps!

[aceplace]

Kelley,

Thanks for your input. It sounds like the pedestrian portion has not reached a critial enough mass to support much street life. Perhaps it will get better.

[CTroyMathis]

I guess this is the right place to post this...


IMAX theater to open in Colleyville
Holli L. Estridge
Staff Writer
http://dallas.bizjournals.com/dallas/stories/2005/08/29/daily28.html

Town Center Colleyville's Metro Cinema complex will boast an IMAX theater as part of its luxury entertainment venue.

The cinema, slated for a May 2006 opening, is the first phase of a planned 110,000-square-foot expansion of the Town Center retail hub, located at the southeast corner of Hall-Johnson Road and State Highway 26.

The complex will include six main theaters, totaling about 1,040 seats, two separate "producer" viewing rooms that can accommodate private parties of up to 50 and a high-end, yet-to-be-named indoor-outdoor restaurant with a separate bar and martini lounge area accommodating more than 125, including non-theater patrons.

The IMAX theater (NASDAQ:IMAX) area will include a 40-by-60-inch flat screen and 293 seats. Full service dining will not be available in the IMAX, but patrons will be able to bring drinks in from the restaurant's bar area.

"The business model is essentially a very high-end, upscale movie theater where people can have a full dining experience, just like they would at a regular restaurant," said Bill Baldridge, CEO and founder of Dallas-based TriMark Realty Investments. TriMark is developing the 30,500-square-foot cinema at a total project value of $7 million.

The remaining retail expansion, overseen by project developer Charles Hodges, will include a national anchor that has not been announced. Hodges is a principal with Dallas development firm Melvin and Martindale and founder of Hodges and Associates Architects. Hodges was not available to comment on the retail expansion.

The existing center includes a Market Street grocery store, a 110,000-square-foot Life Time Fitness center and Gloria's Restaurant.

The city of Colleyville has approved a myriad of incentives for the theater, retail expansion and IMAX. The theater and retail developer will almost equally split a reimbursement grant of up to $1.12 million over 10 years, based on generated sales taxes.

IMAX will receive a reimbursement grant of up to $100,000 over a five-year period for funds it spends to promote educational films to area school districts.

The theater project will be TriMark's first retail project. The firm has primarily been involved with apartment and townhome developments over the years.

"My wife and I frequent theaters with this type of concept, and I think it's a very interesting way to see a movie," Baldridge said. "I saw an opportunity to do it a little bit differently."

Baldridge said he originally became interested in Colleyville because of its demographics, city incentives and lack of a nearby theater venue.

[crescentboi]

The IMAX theater (NASDAQ:IMAX) area will include a 40-by-60-inch flat screen

I really hope that this is a missprint or that they are kidding....I know a handfull of people with tvs that size or bigger.

[John Peter Smith]

I drove down SH 26 recently. There sure seemed to be a lot of vacant retail space for lease. Perhaps a fancy theater is just what the city needs, but movie ticket sales have been stagnant for some time.

[CTroyMathis]

^ Welcome to the forum.

[John Peter Smith]

^ Well, thank ya' CTM. I'd been asking myself for a long time why there wasn't something like this online. A few days ago I found out there was.

[saxman66]

I really hope that this is a missprint or that they are kidding....I know a handfull of people with tvs that size or bigger.

I bet it was a misprint. Most likely 40 by 60 FEET. That sounds about right

[carousel]

Does anybody know anything about The Village at Colleyville? It's another New Urbanist development, and it looks very big and substantial.

The design looks great! Hopefully, these drawings are executed.

[John Peter Smith]

The Wall Street Journal had an article last week on movie ticket sales for the critical summer season. Hollywood had one of its worst summers at the box office in recent years. Adjusted for inflation, movie attendance is way down. Even worse, a large majority of people surveyed said that they'd just as soon sit at home and watch a movie. I suppose there's some novelty in having a beer while you watch a movie or even watching one on an IMAX screen. But once the novelty wears off, I don't think the movie theater is going to do much for Colleyville's project.

[John Peter Smith]

Here's a couple of the townhouses they have for sale. There sure seemed to be a lot of vacant ones.

Personally, as I looked down the street I found it hard not to laugh. I guess it is supposed to be some kind of Italian town? You know how when you're walking around at Six Flags, you turn the corner and find yourself suddenly in "France" or "Spain"? That's what it feels like. Very Disney-like.

[gc]

I like the way they look. It just does not seem to fit in Colleyville.....at all.

[Kelley USA]

Do you know what the prices are for these?

[John Peter Smith]

Do you know what the prices are for these? I think they start in the upper $300's and go up from there.

[John Peter Smith]

Some pics of the project.

Pic 1:
I believe that the second floor is office space for lease and the third floor are condos/apt.s. So you really can live over the store.

Pic2:
Most of the retail is around this traffic circle.

Pics 3 & 4:
So far as I can tell, these two buildings have never been occupied.

Pic 5:
The "residential" section. This street is mostly townhouses. They start at $350 k. You can't really see it, but the building at the far left is part of the retail in Pic 2. So it is a true Mixed-Use project.

I guess it is supposed to be some kind of Italian village? Overall, the architecture evokes the feeling of being on a hollywood sound stage. It just doesn't feel right to see a little slice of Italy constructed in a pasture in north Texas. The concept is great, and in the right area would be a winner. But I seriously question the long-term viability of the project. I realize that the middle of the afternoon on a day when the temperature approaches 100 is not exactly the best condition for a pedestrian friendly project. But the shopowners have to pay their rent, no matter what the temperature and I saw very little traffic, pedestrian or otherwise while I was there. I know there is a market for townhouses where you can walk out your front door in the morning and get a fresh bagel at the bakery on the corner. But I seriously question whether that market is going to pay 350 grand to do it in a place that screams suburbia like Colleyville does. The city has constructed their new city hall in the project, so I'm sure they figure that they have to make the project a success. But I predict the taxpayers of Colleyville will be asked to shell out even more money before this thing is finished.

[Kelley USA]

I used to live about 10 minutes from here- and have always liked the area. The 3rd photo has always been one of my favorite buildings. I do think that in order for this to be a success- they need to attract some national retailers... You can go to Southlake Town Square on the same 100 degree weekday and see quite a few people.

[rantanamo]

If the suburban life is so great, and no one wants a part of the city or urban experience, then wth is this stuff?

[vman]

If the suburban life is so great, and no one wants a part of the city or urban experience, then wth is this stuff?

This is urban suburban. It gives suburbanites an urban experience minus the homeless, crime, graffiti, etc you would find in the urban city. Although I consider myself a city dweller, and try to avoid the suburbs, I can easily see the appeal of these developments.

[John Peter Smith]

If the suburban life is so great, and no one wants a part of the city or urban experience, then wth is this stuff?What this stuff is, is what you get when politicians, at the advice of their city planners, grab on to the latest fad. The Colleyville City Council has already agreed to a $6 million tax break package to get a theater constructed here in order to try and get some life in the project. That will not be the last government handout either.