Tuesday, November 17, 2009

32 tenants added to Village at Fairview

Despite a difficult economy for many retailers, Dallas-based shopping center developer The MGHerring Group has lined up 32 new stores and restaurants that will open as part of the second phase of its Village at Fairview project beginning in March 2010.

The leasing flurry is being driven by strong sales by existing retailers and a good location, said Gar Herring, president of The MGHerring Group.

“The economy in Fairview and Allen is probably about as good as it gets in the entire United States,” Herring said. “The project really sticks to the fundamentals of what makes shopping centers successful — great demographics, strong access, large anchors, convenience.”

The Village at Fairview, at the northeast corner of U.S. 75 and Stacy Road in Fairview, is being developed in conjunction with The Village at Allen, which opened in October 2008. The two village centers, separated by Stacy Road, were designed and are being developed as one project. Upon completion, the 400-acre project will include 2 million square feet of retail and 1 million square feet of office, residential and hotel space.

The total square footage of the 32 new leases at The Village at Fairview is about 112,000 square feet.

“To be able to announce this many tenants right now is very exciting,” Herring said.

The leases show strong demand for retail in the Fairview and Allen area, which is good because it has a large amount of space to fill, said Steve Lieberman, CEO of The Retail Connection.

“What you’re basically seeing is the natural progression of a cycle where first the anchors open up, and now the small shops that are going to live off of those anchors are falling into place,” Lieberman said. “It shows there’s good underlying support and they’re getting some traction.”

Retailers that have already opened in the area are experiencing strong sales, attracting others, Lieberman said. But not all of the newcomers will flourish, he said: “I think that market will have a hard time supporting everything that’s being built there.”

The first phase of The Village at Fairview opened last ye ar with anchor stores J.C. Penney Co. Inc. and Macy’s. Previously announced second-phase anchors include Dillard’s, The Container Store, Village Roadshow Gold Class Cinemas and Whole Foods Market.

Exterior construction is almost compete on phase two, landscaping is being completed, and the shops and restaurants will soon be turned over to tenants for interior construction, Herring said.

Across Stacy Road, 11 new tenants opened at The Village at Allen this fall, and four more will open by the end of 2009. The Village at Allen is anchored by Best Buy, Dick’s Sporting Goods, Super Target and Toys“R”Us.

MGHerring Group also is having good luck on the south side of Dallas-Fort Worth. Uptown Village at Cedar Hill, a 615,000-square-foot center in Cedar Hill that opened in March, will add its fourth anchor, Old Navy, and 12 new retail stores and restaurants in November. The new tenants bring the total of 2009 openings at Uptown Village to more than 30 stores and restaurants.


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