Bob – Walt, what is going on it Winrock, it sounds like some things are in the works?
Walt – Good morning Bob. Yes things are beginning to happen at Winrock. Regal Entertainment’s 70,000 ft.² cinema, along with an IMAX auditorium and three restaurants, Dave and Busters, Genghis Grill and BJ’s Restaurant and Brewery are all scheduled to open at Winrock in the near future. The Cinema is scheduled to open Memorial Day 2013. So looks like there’s some positive traction at Winrock and deals are in the works, and eventually there will be 30 national and local retailers in this first phase of Winrock.
Bob, one of the mantras for real estate is location, location, location and other key word for any investment is timing. Winrock ran into some timing issues when the developers, Goodman Realty Group, initially planned to redevelop the shopping center.
This location has not diminished and if you look at Winrock’s location at Louisiana and I-40, it’s tough to think of a better long term retail location in the metro area.
The proposed 165,000 square foot Target at Indian School and Uptown will also be a significant traffic driver to the Uptown core as well.
Bob – The Winrock project has been in the works for some time, it’s good to see some movement on that property. Why did it take so long?
Walt – There were several issues, the Uptown Sector plan took time to get through approvals, the TIDD (tax increment development district) had to be created and it took time to get its approvals, but the big stick holding it up the most was the economy. But retailers are pressing forward due to the strong demographics, convenient access and synergy of the Uptown commercial area.
Bob - Walt what else do you have for us today?
Walt – Thanks Bob, I want to again mention the auction we are having on Wednesday, May 23 from 11 AM to 3 PM. It’s an online auction and the property being auctioned is at 401 San Pedro. 401 San Pedro is approximately 4900 ft.² and is an attractive office building for an investor or owner user. Call me at 256-1255 and I can give you all the details.
The auction process is an effective way to turn a real estate asset into cash in a specified period of time. At Sperry Van Ness we are continually striving to find the best alternatives to assist our clients in this challenging market. Call me at 256-1255; check us out on the web waltarnold.com.
Thanks for the time today and I’d like to wish a happy Mother’s Day to all the moms this coming Sunday, I hope you all have a great Mother’s Day. Thanks Bob, talk to you next week.