Reawakenings
Prolific developer Trademark Property Company is doing its part to ramp up the country’s new development and active redevelopment stats. The Fort Worth, Texas-based firm has five projects under construction:
Victory Park, in Dallas;
WestBend, in Fort Worth;
Waterside, also in Fort Worth;
Napa Center, in Napa, California; and
Saddle Creek, in Germantown, Tennessee.
Waterside is the most current, as Trademark broke ground on the 63-acre mixed-use project in late October. Developed with partner Sarofim Realty Advisors, Waterside is Trademark’s first “Conscious Place” project, a sustainable development model with partner Whole Foods Market that creates a place of “commerce, community and meaning.”
“We have a vision of what this landmark site and its river frontage can become and how it will tie directly to our new ‘Conscious Place’ initiative,” said Trademark CEO Terry Montesi. “We are creating a district that reminds us about the importance of healthy living, sustainability, and connecting with and being involved in the community.”
Besides anchor tenant Whole Foods Market, Phase 1 of Waterside will include retail, restaurants and 375 multi-family rental homes. At completion, the project will feature 200,000 sq. ft. of retail and restaurants, 20 acres of residential, 200,000 sq. ft. of office space and a signature hotel.
Waterside, and Trademark’s other projects that are underway, are in part the positive symptoms of an industry that is reawakening. “The retail development industry started to emerge from a six-year slump in which virtually no new supply was added, with the exception of big boxes or grocery buildings with very little spec,” said Montesi. “In 2014, more redevelopment activity kicked in than in any of the prior five to six years and some talk of a few new projects started.”
In fact, said Montesi, “We closed on our first land purchase for a new ground-up center in 2014.”
On the boards for 2015? “We see completing the design, planning and construction of our major renovation projects, and expansions and lease-up of our new and evolving projects, as well as adding more lifestyle and mall investments and new community center developments to our pipeline,” said Montesi. Trademark’s major renovation projects include:
The Shops at Highland Village, in Highland Village, Texas;
Uptown Village at Cedar Hill, in Cedar Hill, Texas;
Burr Ridge Village Center, in Burr Ridge, Illinois; and
Rice Village, in Houston.