We keep hearing great things about the office development side of commercial real estate, but it is important to note that the retail sector is also doing extremely well. Below, we look at three stories from retailers across the great state of Texas that are expanding and creating new jobs. Such growth is indicative of the positive direction that Texas is heading in.
Aldi is a grocery store giant and it is intent on making a splash in the Houston area. It has announced plans to begin the construction of a distribution center that will be a whopping 650,000 square feet. Everything is just about ready to go and work will begin on the site in the spring of 2014. The building will act as Aldi’s regional HQ and it is located along the US 90A, which is in close proximity to Rude Road.
The entire project should be completed by fall 2016 and should add an extra 150 jobs to the local economy. It is believed that the center will come with a capital expenditure investment of around $60 million. The Rosenberg City Council also deserves credit for making this project happen, as it approved a70% tax abatement on the equipment and building for 10 years to sweeten the deal for Aldi.
The Shoppes at Renaissance Square is a major retail store that recently opened in a 400,000 square foot space. It is just 5 miles from downtown Fort Worth and cost some $75 million. However, this price tag is not a problem for the store since it is backed by Wal-Mart! The Shoppes is the jewel in the crown of plans to revitalize the area and it is believed that 1,000 jobs will be created. 80 acres have been zoned for apartments for seniors and single-family homes in an area known as The Villages.
The Laredo Retail Sector has experienced fantastic growth in the last couple of years and the Bob Bullock Loop, the main retail attraction in the area, is the subject of massive interest. For example, the city has sold almost 80 acres to Laredo Town Center LP and this property will be turned into a shopping center.
There is also going to be an outlet center thanks to a partnership between Horizon Group Inc. and the city. There are plans in place to redevelop the old River Drive Mall, which was originally built in the 1970s. It is believed that phase one of the plan will comprise 350,000 square feet, while adding a total of 2,800 jobs, over 40% of which will be permanent with the rest seasonal. Additionally, the Paseo Casa Blanca Shopping Center is a 350,000 square feet development that is currently underway and is being undertaken by Killam Development Limited.
As you can clearly see, the Texan retail landscape looks pretty promising and these are only some of the developments that are currently underway in the Lone Star state.
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