Denton to Fork Over $9.5 Mil to Two Dallas Companies to Resurrect Golden Triangle Mall
Three months ago we looked at a plan to bail out Denton's beleaguered Golden Triangle Mall, which just last year fell into foreclosure and went up for auction. That plan: Give The MGHerring Group (developer of The Village at Fairview and The Village at Allen) and Cencor Realty Services (an arm of The Weitzman Group, which already manages the mall) $9.5 million in City Hall-approved economic development grants and let them fix 'er up. To which Denton's city council unanimously said yesterday: Sure. Do that.
And so the Dallas-based companies, now known as the singular GTM Redevelopment, Ltd., will begin work overhauling the 765,000-square foot mall, which, like Valley View Center and The Mall Formerly Known as Red Bird, has seen better days, otherwise known as The 1980s. (Its last major makeover came in 2000, when the then-owner dropped around $3.5 million on some cosmetics.)
Many renovations are promised (including, what else and but of course, an In-N-Out); there's a list after the jump. Mayor Mark Burroughs is pleased: A new Golden Triangle, he says, "will offer Denton residents a greater variety of retail and dining options, as well as a place to spend their leisure time."
$9.5 MILLION ECONOMIC GRANT APPROVED FOR REDEVELOPMENT OF GOLDEN TRIANGLE MALLDENTON, Texas - (Aug. 16, 2011) - The MGHerring Group and Cencor Realty Services received approval today from the Denton City Council for a $9.5 million Economic Development Program Grant Agreement for the redevelopment of Golden Triangle Mall.
The MGHerring Group, Cencor Realty Services form joint venture for purchase and redevelopment of 765,000-SF shopping center
MGHerring and Cencor recently formed GTM Development, Ltd., a joint venture created for the purchase and renovation of Golden Triangle Mall. Cencor's brokerage affiliate, The Weitzman Group, and MGHerring have been jointly leasing the mall since September 2010. Cencor manages the property. Renovations are scheduled to begin by the end of the year with a re-grand opening slated for fall 2012.
"Golden Triangle Mall occupies what is, without a doubt, the most visible, accessible and strongest retail location in the entire Denton trade area," said Herbert D. Weitzman, chairman and CEO of Weitzman/Cencor. "It's located at the strongest intersection in Denton, and this redevelopment will enhance the mall's strengths and create a true retail destination for the entire market."
Under the terms of the agreement with the City of Denton, the $9.5 million grant is calculated as a portion of the total anticipated $60 million investment for the purchase and renovation of Golden Triangle Mall. The incentive agreement is performance-based and will become effective once GTM Development proves an initial investment of $9.5 million in qualifying improvements to the property. At that time, the city will allow GTM Development to share in a portion of the incremental sales tax dollars generated by the mall.
"The redevelopment of Golden Triangle Mall will feature major changes, such as interior and exterior improvements, the addition of new retail and restaurants, and upgrading the stores of select merchants to reflect the latest retail prototypes with a wider array of merchandise," said Gar Herring, president of The MGHerring Group. "The City of Denton was recently ranked #13 on MSN Real Estate's list of the fastest growing cities in the country, and this redevelopment will serve the needs of the expanding trade area."
Specific redevelopment plans include:
• Constructing a new exterior façade
• Redesigning the mall entrances
• Updating tenant storefronts to match the retailers' newest prototypes
• A new food court
• Adding new retail and upscale full-service restaurants
• Renovating the common areas with new flooring, materials and design elements
• New amenities throughout the mall including benches, interior landscape, fixtures and directories
• New interior and exterior property signage, graphics and lighting
Golden Triangle Mall is a 765,000-square-foot enclosed shopping center located at the northeast corner of I-35 South and Loop 288. The mall features more than 90 national retailers, specialty shops and restaurants.
It is anchored by JCPenney, Dillard's, Macy's and Sears. Sub-anchors include Ross Dress for Less, Barnes & Noble Booksellers and DSW. Other national retailers and restaurants include Hollister, American Eagle, Aeropostale, Bath & Body Works, The Limited, Victoria's Secret, El Chico, Starbucks and more. Some mall renovations are already underway, including the recent addition of a new roof and extra air conditioning units.
"We are pleased that Weitzman and MGHerring have come forward with plans to redevelop Golden Triangle Mall, which will offer Denton residents a greater variety of retail and dining options, as well as a place to spend their leisure time," said Mayor Mark Burroughs. "Both companies are nationally-recognized shopping center developers, and we look forward to what the redevelopment will bring to our community."
The Weitzman Group and Cencor Realty Services have extensive experience in the Denton market. Herb Weitzman directed the development of several successful retail properties peripheral to Golden Triangle Mall, including Denton Town Center, San Jacinto Plaza and Shops at Colorado.
The MGHerring Group also developed and operates three additional shopping centers in the Dallas area - The Village at Allen & The Village at Fairview, a joint, 3-million-square-foot, regional, mixed-use lifestyle development located at the intersection of U.S. 75 and Stacy Road in Collin County, and Uptown Village at Cedar Hill, a 615,000-square-foot, regional, open-air shopping center located at Highway 67 and F.M. 1382 in Cedar Hill.
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