550,000SF Mixed-Use Project Gets Underway in Suburban Dallas
- Jan 24, 2008
The Ainbinder Co. has kicked off construction of a 550,000-square-foot mixed-use retail center in Plano, Texas. The project will be developed in phases, with the first retail tenant opening up shop this June. High Street at Stonebriar will occupy 35 acres about 30 minutes outside of Dallas. In addition to the retail offerings, the Class A lifestyle center will feature office space, as well as a boutique hotel. The Container Store has already committed to space and will be just one of a bevy of national retailers planned for the development. Ainbinder, relying on UCR Urban to oversee retail leasing for the urban village, intends to fill up as much as 70 percent with national retailers, leaving the remaining space for local and regional retailers. “The area is underserved by upscale retail,” an Ainbinder spokesperson told CPN today. The office space, 100,000 square feet of which will be developed in the second phase along with an additional 250,000 square feet of retail, will be marketed toward businesses with smaller office space needs, as the site is surrounded by a bevy of corporate campuses. “The office element is crucial to creating the feeling of people being around constantly,” the spokesperson said. “This will be a work-play environment.” Inland American Real Estate Investment Trust Inc. is Ainbinder’s partner on the project, having provided equity capital for both the land and construction. According to SEC documents filed by Inland, the first phase of the project will cost a total of some $55 million, with the final phase carrying a price tag of $66 million. Amegy Bank of Texas is supplying a loan in the amount of nearly $60 million. Based in Houston, Ainbinder is a real estate concern focused on acquiring, developing and redeveloping retail properties across the United States. The company has developed over 2 million square feet of properties. Oak Brook, Ill.-headquartered Inland American is a REIT that acquires retail, multi-family, office and industrial assets in the United States and Canada.