February 29, 2016
Boyle Begins Work on Fort Worth Power Center
– Boyle Report – Spring –
Following on the heels of its successful power center in suburban Dallas, Boyle has begun work on yet another large-scale retail project in Texas, this one in the Fort Worth area. Boyle has acquired approximately 65 acres of land in Tarrant County and already has begun the initial phase of development, which includes a 450,000-square-foot power center anchored by Lowe’s Home Improvement Stores.
The new, high-profile retail center, Southwest Crossings, will be strategically located at the intersection of Interstate 20, Southwest Blvd. (state highway 183), and Bryant Irvin Road in the high-growth area of southwest Ft. Worth. The triangle-shaped tract is located directly across I-20 from Hulen Mall, one of the most successful regional malls in Tarrant County. Southwest Crossings will include a number of national big-box retailers that are not currently represented in the southwest Tarrant County market.
According to Steve Bowie, Boyle vice president of retail development, “Big-box retail tenants have exhibited a tremendous interest in this project due to the area’s demographics and growth, the project’s proximity to Hulen Mall, and the center’s accessibility to the larger regional market.
This property will be developed in two phases. Lowe’s Home Improvement Stores will anchor the 47-acre Phase I of the project with its newest 180,000 square foot prototype store in the northwest portion of the site. The first stores in this 450,000-square-foot phase are scheduled to open in the fall of 1997. In addition to Lowe’s, other big-box retailers will range in size from 15,000 to 50,000 square feet each. Potential uses may include home furnishings, toys and children’s apparel, men and women’s apparel, shoes, groceries, electronics and furniture. Phase I also will include 30,000 square feet of specialty retail space and five prominent restaurant/retail out parcels.
Phase II will consist of 18 acres in the eastern portion of the 65-acre tract, and will offer several large tracts for destination retail and hotel users, as well as prime restaurant out parcels. Pad sites within Phase II will enjoy outstanding visibility from I-20 and Southwest Blvd.
Boyle’s first venture in the Metroplex was the highly successful Preston Shepard Place, a 370,000-square-foot power center in west Plano, Texas. It was recently sold to the Prudential Insurance Company in July 1996 for $47 million.
Boyle acquired the Hulen area property for Southwest Crossings in conjunction with Milton T. Schaeffer of Memphis and George Allen of Dallas, both of whom were also joint venture partners in the Plano development.
“The development of Preston Shepard Place was a great introductory experience in the Dallas-Ft. Worth market.” says Bowie. “We’re extremely excited about the potential for Southwest Crossings, and we expect to have continued involvement in commercial development in the Metroplex.