News
$500 Million Upscale Retail Development Coming to Las Colinas
October 04, 2007
IRVING, TX - Las Colinas night life and shopping options are set to soar
with the announcement of The Terraces at Las Colinas. A $500,000 mixed-use development, on 65 acres at the southeast corner of George Bush Turnpike and Las Colinas Boulevard, is taking shape on the last remaining uncommitted parcel of undeveloped land in the area.
Completed construction will include approximately one million square feet of specialty retail, a six acre lake, 200,000 square feet of office space, and 250 residential units. Groundbreaking is scheduled for late summer 2008 with completion expected in the spring of 2011.
The Woodmont Company partnered with Prudential Real Estate Investors®, ranked among the largest real estate managers, to bring this vision to reality.“We’ll utilize sloping terrain that falls 60 feet toward the community lake feature. A terraced gathering place will provide elegant ambiance for upscale office, residential and hotel components,” said Greg Rabin, Executive Vice President of The Woodmont Company and originator of the project.
Jennifer Frank, Executive Vice President for The Woodmont Company, will oversee leasing at The Terraces of Las Colinas, in cooperation with UCR Urban. Woodmont is in negotiations with and has received positive responses from both regional and national retailers.
"We chose this property because of its location and because it is the largest tract of land with access to the George Bush Turnpike and LBJ Freeway," said Stephen Coslik, Woodmont's co-founder and CEO. "The retailers told us it would be serving an underserved retail portion of the Dallas Fort Worth market. It’s also accessible through a confluence of highways, allowing easy access for shoppers.
"Over the years, the Las Colinas area became a great daytime office employment center but lacked significant residential development," Rabin said. "There are over 125,000 people working in Las Colinas and an estimated 140,000 living within the immediate trade area. In addition, over 10,000 new residential units have been announced.”The property was purchased from Hines Interests. Rabin said, "It was part of the original Carpenter land assembled to develop a city within a city. We hope Ben Carpenter had something like this in mind for the land."
The Woodmont Company, a Fort Worth, Texas-based commercial real estate investment and brokerage firm, has been in business for 27 years, growing to a nationwide network of more than 60 professionals and dozens of partner companies. Woodmont has developed, managed and brokered tens of millions of square feet, always focusing on a commitment to personal service and the client's perspective. With offices in Fort Worth and Dallas, The Woodmont Company's services include site selection, development, brokerage, investment, and property management. For more information, visit www.woodmont.com.
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