Press

March 08 , 2005

Developer Starts Preleasing Campaign for $10M Retail Project

Developer Starts Preleasing Campaign for $10M Retail Project

March 8th, 2005 - By Connie Gore CARROLLTON, TX-The Billingsley Co. is planning to break ground in May on the first phase to an estimated $10-million retail project beside its 1.4-million-sf International Business Park. If the plan works out, the 10-acre development will start to deliver by first quarter 2006. Jason Thumlert with the Carrollton-based Billingsley Co. tells GlobeSt.com that the first tenant is on board and enough deals are working that ground should break in two months on the 24,000-sf first phase to the Shops on Park. One of Dallas' favorite barbecue chains, Dickey's, preleased a 3,500-sf end cap, making a 10-year commitment for a spot with a planned drive-through, according to Thumlert. "We are waiting for a couple leases to fall in place before we start construction," he says about the 3304 E. Hebron Pkwy. project. "That lease definitely helped. We are almost there." The Shops on Park essentially will plant the first retail along a three-mile stretch west of Midway Road, Thumlert says. On the eastern side of the highway, Billingsley built 26,552 sf of class A retail in two developments and ground leased a pair of pad sites to two national restaurants--neighbors to Jacksonville, FL-based Regency Centers' practically filled, 109,122-sf Hebron Parkway Plaza. Thumlert says it was time to start developing on the western side because there was just one 1.25-acre pad site left to fill across the highway. The Shops on Park, also laid out with restaurant pad sites, will go up at the hard corner of International and Hebron parkways. Thumlert says preleasing most likely will begin in Q1 2006 for the 25,000-sf second phase. David Levinson, senior vice president of the Retail Connection in Dallas, and Wyatt Russo, vice president, are leading the charge to line up retailers for the development, designed by Good Fulton & Farrell Architects Inc. of Dallas. The retail space is being quoted at $25 per sf.