News
Plaza at Rockwall Nominated as Best New Retail in DFW
March 6, 2008
Dallas, TX - Rockwall and points east have seen rapid residential development in recent years, but homeowners have had to head west across Lake Ray Hubbard to do some serious shopping. That's all changing, thanks to developments such as the Plaza at Rockwall, a new 500,000 square foot retail development that opened in 2007 at the southwest corner of Interstate 30 and State Highway 205, about 20 miles east of Dallas.
Developed by The Woodmont Company, the Plaza at Rockwall is now home to major department stores, including JC Penney, Dick's Sporting Goods, Belk, Staples, Shoe Pavilion, Ulta and Best Buy. Woodmont also developed the adjacent Rockwall Crossing, completed in 2005. The 225,000 square foot center includes a TJ Maxx, Circuit City, Bed Bath and Beyond, PetSmart, Famous Footwear, TGI Fridays and La Madeleine.
Combined, the two projects have brought nearly three quarters of a million square feet of shopping space to Rockwall. The developments have a total trade area population of more than 170,000 with an average household income of more than $85,000.
"The more we researched, the more we saw this growing area needed retail." said Stephen Coslik, Woodmont Chairman and Chief Executive Officer.
Along the way, the $60 million Plaza at Rockwall project faced several challenges. Midway through development, the city revised its requirements forcing Woodmont to make significant architectural and design changes to meet the new, more stingent guidelines.
Then, after construction got under way, heavy rains moved in. And, in addition to dealing with Mother Nature, development costs were spiraling upward. "We did this in a time of greatly increasing construction costs," Coslik said. "The rise in costs of materials after Katrina was a challenge."
The first phases of the Plaza opened last year, with the second phase slated to open in 2008. From the get go, business has been brisk for tenants, Coslik says. "We were able to provide something Rockwall didn't have - two department stores," he said. "The center has turned out even better than we expected."
The Woodmont Company, a Fort Worth, Texas-based commercial real estate investment and brokerage firm, has been in business for 28 years, growing to a nationwide network of more than 70 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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