Walmart begins Timbercreek construction. What about the Town Center?
Does the announcement that construction begins this week at the former Timbercreek apartment site mean that the real estate recession is over in Dallas? Does it mean that initial vertical construction of the Town Center is just around the corner?
It's probably wise not to be that optimistic. More likely, the Timbercreek site is such a great location (Northwest Highway and Skillman Street) that Walmart and Penney's have enough credit sources to make something happen even during a horrible market for commercial real estate. And also likely: the Town Center is still quite a ways off in terms of getting actual building construction off the ground, because that project is more like the rest of the vacant real estate in Dallas — not a bad site, but not ready for prime-time lending yet, either.
The DMN reports construction will begin this week on a 320,000-square-foot, two-story Walmart (second floor) and Sam's (first floor). Early next year, Penney's will begin building a 104,000-square-foot store. And sometime in the next couple of years, another 60,000 square feet of outparcels (bank, fast-food restaurant, etc.) will be developed, making that retail corner one of the most-developed in Dallas. Let's just hope the traffic at the intersection doesn't become unbearable, given the relatively small ingress/egress driveways that have been built so far.
- Posted by Rick Wamre on Nov 23, 2009 at 04:00 AM in Business, Development, Wamre, Advocate Mag, Lake Highlands
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- Comments (9)
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The Wal-Mart/Sams project at NW Hwy/Skillman is a fulfillment of two purposes - relocating the existing Sams Club store from a substandard Park Lane location - and finally finally finally giving Wal-Mart a true "in-fill" store location with close proximity to the Park Cities, Lakewood, etc. (remember the Mockingbird Lane/Lemmon Ave. proposed Wal-Mart project that was squashed by heavy neighborhood opposition). Also, any Wal-Mart or Sams development is a "user" deal - not a purely speculative development such as the proposed LH Town Center. I'm fairly certain we'll see a few pad site buildings at the Timbercreek development go up simultaneously with the Wal-Mart (hoping here for Raising Canes chicken strip restaurant!!), but small shop spec space will likely be the very last component (if ever).
..."small shop spec space will likely be the very last component (if ever)."
Seems the small shop stuff there really would be out of place and wouldn't get very good foot traffic. Hopefully this space focuses on the big box anchor + could of pad sites that it's best suited for. Leave the small shops to the Town Center - the context is much better there for that.
My wife is very anxiously awaiting the JC Penney opening!
Brian
Who's going to fight the Wal-Mart and Sam's type traffic for some chicken fingers...even if they are Cane's?
Anyone know what is slated for the parcel of land at NW Highway and Abrams? Or is it still for sale?
They are still calling it "Timbercreek"? That makes me LOL.
We need a ChickFilA and a Whataburger in there.
Are you kidding me? Park Cities and Lakewood folks will not be shopping at that Wal-Mart - the crime on Park will just move a bit East. I've already stopped shopping at the Wal-mart on Forest. It's just plain scary sometimes. I'm back to being a Target shopper even if prices are higher.
The LH Wal-Mart is very, very scary...especially at night. Although I like the store, I don't feel comfortable going there. Anyone else feel the same way?
I don't find the LH Wal-Mart to be scary at all. It's nothing compared to the old Spring Valley location. Not to say that I would spend a lot of time in the parking lot at night but you should be aware of your surroundings anywhere in Dallas at night.
I agree with Bill that it is not the most secure feeling walking from your car to the Wal-Mart at night. I wouldn't want my wife or kids shopping there in the evening.
However, with this said, I'm glad to see the store busy and would much rather have Wal-Mart there than old, run down apartments or aging retail/stores. LH should figure out they cannot stop progress (i.e. all the attempts at trying to stop Wal-Mart from building.) Heck, we could not even stop the adult oriented business (The Gold Club) from going up on Plano Road. Examples of capitalism prevailing.
The Lake Highland Towne Center deal was for only certain developers and their sponsor(s) in the city council to get the up-front TIFF money and worry about details--what to build, tenants, etc.-- after they have their development fees in the bank. The price tag was 400 million according to prior press statements. This is about the cost of American Airlines Center, or the Olympic Stadium in Beijing. What we can expect, in my opinion, is a tree farm and DART station. However, at least the apartments are gone.