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FORT WORTH, TEXAS — With infrastructure and site work wrapping up, vertical construction has commenced for Presidio Junction, a 300-acre mixed-use project located at the intersection of North Tarrant Parkway and Interstate 35W in north Fort Worth. At full build-out, the project will comprise more than 1 million square feet of retail and restaurant space; 1,300 apartments; and 750,000 square feet of hotel and Class A office and medical office space. It is owned and is being developed by Newport Beach, Calif.-based LNR Commercial Property Group.

Lowe’s Home Improvement Warehouse has been announced as the project’s first major retail tenant. The pad site for the retailer is expected to deliver for construction by June 2010, with completion slated for the fourth quarter of 2010 or the first quarter of 2011. The Weitzman Group, which is handling the retail component of Presidio Junction, is advanced negotiations with potential junior anchor tenants, including a major toy retailer, a pet supplier, an office supplies retailer, two discount apparel stores, a grocer, a fitness center and a major discount store. The project is set to take advantage of a favorable trade area, which includes growing suburbs and a strong daytime population fueled by, among other things, the 17,000-acre AllianceTexas inland port.

“The main reason why it’s such a great site is that it is at the junction of two major thoroughfares, Interstate 35W and Highway 287. Also, you have a local road, North Tarrant Parkway, that feeds the entire trade area. So, you get three thoroughfares for the price of one,” says Mark Marrocco, assistant vice president with The Weitzman Group.

Construction has already begun for 348 apartments units, which will begin leasing this summer. The gated community will include a clubhouse with a business center, fitness facilities, a pool and a dog park. The project is being overseen by Gables Residential.

Stream Realty Partners is listing the multifamily, office and medical office spaces of the project. The company plans to focus on finding build-to-suit office tenants, as well as selling land to developers for medical office projects. The site is already located adjacent to a future hospital being developed by HCA and will be near a 47-acre parcel, located west of Loop 820, that was recently purchased by Texas Health Resources for future development.

— Coleman Wood

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