Addison, Texas — AMLI Residential and Stream Realty Partners have been named master developers for a $472 million, 18-acre, mixed-use development in Addison, roughly 15 miles north of Dallas. The Town of Addison has been acquiring land for the project since the inception of the DART Light Rail system in 1983 with plans for a transit-oriented development. The project is centered on a DART Silver Line station currently under construction near Addison Circle Park, a 10-acre, master-planned public park. DART has partnered with the Town of Addison through a ground-lease …
Development
Dallas and Coppell, Texas — Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) has agreed to acquire family entertainment concept Main Event for $835 million in an all-cash transaction. The seller is a joint venture between Ardent Leisure Group Limited and Red Bird Capital Partners, and the deal is expected to close later this year. Chris Morris, current CEO of Main Event, will act as CEO of the combined entity upon closing. The purchase price represents a valuation of approximately nine times Main Event’s 12-month adjusted earnings before interest, taxes, depreciation …
Marietta, Ga. — Eden Rock Real Estate Partners and Connolly have broken ground on a 90,000-square-foot building to be occupied by Kroger at MarketPlace Terrell Mill, a $120 million mixed-use project at the intersection of Terrell Mill and Powers Ferry roads in Marietta. Planned features for the building, which is scheduled for completion in April 2023, include a drive-thru pharmacy, dedicated area for online order pickups and an 18-pump Kroger Fuel Center. The new store will replace an existing Kroger situated on Delk and Powers Ferry roads less than a …
Chicago — McHugh Construction has broken ground on FanDuel Sportsbook, a new 13,000-square-foot sports betting venue being developed by online gaming company FanDuel Group at the United Center in Chicago. The United Center is the home of the Chicago Bulls and Chicago Blackhawks. Completion is slated for August. The two-story lounge is being constructed in areas that formerly housed offices for the United Center and Blackhawks staff as well as two lower-level suites. HOK is the architect for the project, which will feature state-of-the-art viewing and sports wagering technology. The …
Billerica, Mass. — PROCON has broken ground on the redevelopment of Billerica Mall on the northern outskirts of Boston. Development plans include the demolition of an 84,000-square-foot structure that was vacated by Kmart several years ago and the construction of a new 43,000-square-foot grocery store at that site. In addition, the development team, which is led by an entity doing business as F.B. Billerica Realty Investors LLC, will deliver 18,000 square feet of new restaurant space and upgrade the property’s signage, landscaping and utility systems. Lastly, the project team will …
Public-Private Partnership Plans 600,000-Square-Foot West Grove Mixed-Use Project in McKinney, Texas
McKinney, Texas — De La Vega Capital and Development has unveiled plans for West Grove, a 600,000-square-foot mixed-use project being developed through a public-private partnership with the City of McKinney, located roughly 32 miles north of Dallas. Positioned at the southeast corner of U.S. Highway 380 and Custer Road, the 53-acre open-air development will include a mix of retail, restaurants and entertainment space anchored by Whole Foods Market; a 420-unit luxury residential complex; 55,000 square feet of office space; and a two-acre park. San Francisco-based architectural firm Gensler designed the …
Miami Springs, Fla. — MV Group USA has plans to redevelop two undisclosed retail centers totaling 30,000 square feet in downtown Miami Springs. The redevelopment efforts will include the addition of outdoor seating and enhancements to existing retail and restaurant space. The project is scheduled for completion by the end of the year. The renovated retail spaces will feature some of the existing tenants that have renewed long-term leases at the properties. Additionally, new restaurant tenants will be opening at the centers in fall 2022.
Odessa, Texas — Cross B Development is working on the next phase of development of its Parks Bell Ranch North, a 1,700-acre master-planned community in Odessa. The latest phase of development centers on the connection of Yukon Road to State Highway 191, which completes the main thoroughfare and provides residents and commuters with access to other areas within the development. Included in the next phase is Northwind Crossing, a 500,000-square-foot shopping center and planned construction of a medical and professional hub.
Johnstown, Colo. — Buc-ee’s has unveiled plans to enter the Colorado market with a travel center in Johnstown, approximately 47 miles from Denver. The development — which will be the company’s first location outside of the South — is set to open in 2024. Located south of Weld County Road 48 and west of Interstate 25, the 74,000-square-foot property will offer 120 fueling positions and a store with snack, meal and drink options.
Austin, Texas — Inspire Development, an Austin-based developer of residential and commercial properties, has broken ground on the first phase of Pearson Ranch, a new mixed-use campus in northwest Austin. The $2 billion project will include 2.6 million square feet of new office space; 200,000 square feet of stores, restaurants and community and cultural spaces; two hotels; thousands of high-end residences; and 30 acres of park land. Phase I of Pearson Ranch will span 41 acres and feature approximately 600,000 square feet of office space, three high-end apartment communities and …