500,000SF Retail Outlet Center Planned for Dallas Suburb
- Mar 04, 2008
Despite consumer spending concerns, Prime Retail plans to start construction later this year on an almost 500,000-square-foot outlet center in the Dallas suburb of Grand Prairie, Texas, which was ranked sixth nationwide in population growth rate for cities of 100,000 or more by the U.S. Census. In October, Grand Prairie city officials approved a contract with Prime Retail. Recently, the development agreement, which also includes off-site improvements such as roadway reconfiguration and revamped traffic patterns for the new 64-acre site, was signed into effect. Financials for the project were not disclosed. Prime Outlets-Grand Prairie will feature 485,000 square feet of gross leasable area, along with more than 2,700 parking spaces. Construction on the project (pictured) will begin this fall, with opening to shoppers in time for the 2009 holiday season. Prime Outlets-Grand Prairie will be the city’s first regional retail attraction, potentially bringing in as many as 3 million people annually, according to the city’s figures. In 2007, permitted new construction square feet jumped to 4.2 million square feet, which doubles construction permitted in 2006, according to city figures. Value is estimated to be $181.2 million, a 76 percent increase. Among the retail projects underway in Grand Prairie is the nearly 600,000-square-foot power center Lake Prairie Towne Centre at Camp Wisdom and S. Highway 360. That center added Marshall’s, Ross and On the Border to its tenant list, joining SuperTarget, Home Depot, Chili’s, PetCo and 24-Hour Fitness, among others. Prime Retail is the parent company of Prime Outlets and one of the largest owners of retail centers in the United States, with approximately 15 million square feet of holdings throughout the nation.