Several groups have expressed interest in pieces of land at the bankrupt Gardens of Grapevine property near Grapevine Mills mall, including a developer of indoor/outdoor ski slopes, a real estate executive testified in bankruptcy court this week.
Sherwood Blount, the president and chief executive of Parkway Realtors, who is working to sell the land owned by former Texas Rangers star Rafael Palmeiro, said a letter of intent was received Monday from a developer that offered $24 million for about 77 acres. Blount didn't identify the developer, but said they are currently working on another project in the "northwest quadrant" of Grapevine. Negotiations will continue with that potential buyer, he said.In addition, he said, the Texas Department of Transportation wants to buy 4.5 acres at Texas 121 and Grapevine Mills Boulevard for the road expansion project taking place north of Dallas-Fort Worth Airport. Palmeiro is countering a $3.1 million offer from TxDOT, he said.And a developer of indoor/outdoor ski slopes is interested in acquiring 30 acres for a $55 million project, Blount said. That land is adjacent to a 20-acre site that Palmeiro sold in 2009.Gardens of Grapevine is under contract to sell 17 acres to Lincoln Property Co. Lincoln has an option on a second 17-acre tract, but now says it will not exercise it. That parcel is included in the 77-acre tract the unnamed developer wants, he said.If the current deals are realized, the land would sell for more than $40 million.Blount said he's also talked with "several medical-type users," and has had "conversations with a gentleman in Fort Worth" interested in buying four pad sites for build-to-suit projects.Palmeiro has asked creditors in his bankruptcy case for five years to sell 192 acres of undeveloped land. Palmeiro filed for Chapter 11 reorganization in June. A couple of the creditors object to Palmeiro's plan, including Branch Banking & Trust, the largest creditor at $19 million. Court hearings are scheduled to continue next week in Fort Worth.Birchwood aiding CiCi'sCiCi's Pizza, the Coppell-based pizza buffet chain, has partnered with Birchwood Resultants in Arlington, a strategic site modeling company, to help fuel its growth of 500 stores in the next decade.Birchwood Resultants has started developing CiCi's new "site model" after conducting more than 22,000 guest surveys at 98 restaurants in 26 states, as well as site surveys to assess signage, co-tenants, site visibility and traffic patterns, the company said. The new site model should launch in January.Bill Spae, CiCi's Pizza's chief development officer, called the new site model " robust" and a design that "will help current and future CiCi's franchise partners succeed."Birchwood Resultants, established in 1999, has worked with Sonic, Dunkin Donuts, Popeye's, Pinkberry and Red Robin, among others.CiCi's Pizza opened its first restaurant in Plano in 1985 and today has more than 600 restaurants in 35 states.Sandra Baker, 817-390-7727sabaker@star-telegram.comScott Nishimura, 817-390-7808snishimura@star-telegram.comBarry Shlachter, 817-390-7718barry@star-telegram.comHave more to add? News tip? Tell us
