THE SHOPS AT GRAYHAWK - FRISCO, TEXAS
Name:The Shops at Grayhawk
Location:Northeast corner of FM 423 & Eldorado Parkway, Frisco, Texas
Size: 260,000 square feet on 31.22 acres
Who is involved with project:
- Developer: Archon Group, a subsidiary of Goldman Sachs
- Architect: Richmond Group
What makes this retail special or unique? The Shops at Grayhawk is anchored by Wal-Mart Supercenter at the crossroads of two major traffic arterials, FM 423 and Eldorado Parkway.
Why will it be a success?The draw of Wal-Mart will contribute to the customer traffic for 38,000 square feet of adjacent retail shops plus four pad users.
What type of shopper does it target? Residents in a 3- to 5-mile trade area.
What has been the response of customers so far? Of the community? Very positive.
Why was your company the right company for this project? Archon was well-suited to this opportunity because we have worked with anchors such as Wal-Mart in multiple developments and continually work with municipalities on specific development issues.INVESTMENT HIGHLIGHTS:
• Acquired agricultural site with retail zoning from private owner for ground-upde velopment of power center.
• Strategy includes sale of 21 acres to Wal-Mart for a Super Center, the sale of 3.8 acresto a private developer to build 38,000 SF of adjacent retail shops, as well as the ground lease and investment sale of four pads.
• Sourced and closed anchor leasing commitments.
• Negotiated public incentive package in the form of sale tax grants and cost reimbursement of o-site work by economic development corporation.
• Archon role: Acquisition, Development, Asset Management, Oversight of External Leasing, Disposition.
• Trade area demographics of 87,200 residents and $74,000 average household income in a three-mile radius.
• Tra-c counts exceeding 30,500 cars daily on FM 423 and 7,700 on Eldorado Parkway.
• High growth area in a affluent bedroom community of North Dallas.
Call me for Available space and price per Sqft. at 214-234-6901.