CRE Report 05.29.12

Construction beginning at Winrock Mall

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

Image Credit: http://www.labelscar.com/dead-malls/winrock-shopping-center

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 –  Yeah Bob, I’d just like to take a moment to thank all service men and women for serving our country and protecting our freedom.

Also remember for daily CRE news updates follow me on Twitter @waltarnold or become a fan of Sperry Van Ness on Facebook today.  Thanks, Bob I’ll talk to you next week have good one.