Retailer Plans $1.5B Commercial Complex in The Colony; Omni Dallas Hotel Inaugurated
- Nov 21, 2011
The Omaha-based furniture retailer Nebraska Furniture Mart Inc. is planning a $1.5 billion complex in The Colony, a suburb of Dallas. The complex will include a theme park, hotels and a 1.8 million-square-foot retail and distribution center for the retailer. In detail, the nearly 2 million-square-foot center will include 1.2 million square feet of warehouse space, a 546,000-square-foot showroom and 25,000 square feet of regional corporate office space.
The Dallas Business Journal reports that the furniture retailer is on the lookout for partners in the area to develop and design the future commercial complex, which will be located south of State Highway 121 between Plano Parkway and West Spring Creek Parkway.
The giant project is very important for the Dallas-suburb community, as the developer plans to hire 1,700 employees by the end of 2015, when construction work should be completed. For its part, the developer will greatly benefit from building the center in The Colony. Studies show that the highway systems in the North Texas area will provide visibility and easy access to the new retail-anchored development.
The center, however, is awaiting the Colony city council’s consideration of a plan to form a tax-increment reinvestment zone, the buiness journal reported. If it moves forward, the new center is expected to bring eight million customers a year and $600 million in sales.
In other real estate news, the city of Dallas recently inaugurated the 1,001-room Omni Dallas Hotel in the downtown. The new convention center, owned by the city, features more than 110,000 square feet of meeting and event space and two ballrooms occupying 47,000 square feet, according to Citybizlist.com. It puts Dallas back in the running for meetings and conventions.