April 17, 2014

Neiman Marcus may be headed to Clearfork development

A commercial real estate professional slipped the news into his presentation during an industry forum in Fort Worth, but the developer and Neiman Marcus said no such announcement has been made.

Neiman Marcus may be headed to the high-end shopping section planned for the Clearfork development on the legendary Edwards Ranch property in southwest Fort Worth, according to a Fort Worth real estate professional.

Tommy Miller, managing director and chief investment officer of Fort Worth-based Trademark Property Co., told about 300 real estate professionals attending an industry forum Thursday hosted by Bisnow, an industry news website, that the luxury department store has landed a spot in Clearfork, a 44-acre section of the undeveloped ranchland owned by Cassco Development Co. between Hulen Street and Bryant Irvin Road.

Following the forum, Miller said he has been told by “industry people” that Neiman’s has “signed an agreement” to go into Clearfork, but that there was a “term sheet with a lot of conditions attached to that.”

Neiman’s has long been rumored to be looking for another Fort Worth location. Last summer, it was reported that the retailer was considering a spot in Centergy Retail’s Left Bank project, a planned development in the burgeoning West Seventh Street corridor.

Ginger Reeder, vice president of corporate communications for Dallas-based Neiman Marcus Group, responded to Miller’s pronouncement by saying, “We haven’t made such an announcement. We have not announced plans for that store.”

Neiman’s has operated a store at Ridgmar since the mall opened in 1976, where it has 119,000 square feet of space. It is Neiman’s only Fort Worth store. The company operates a Last Call Outlet Store at Grapevine Mills mall.

Paxton Motheral, a vice president with Cassco, the development arm for the family holdings overseeing the $300 million Clearfork project, also downplayed Miller’s comment. He did say Cassco would be making some announcements in the coming weeks, but would not be more specific.

“We don’t have any announcement to make,” Motheral said. “We’re working with several retail tenants.”

About 35,000 square feet of shopping and restaurant space is under construction at Clearfork along with 395 apartments now being built. The development will have a total of 375,000 square feet of retail space when completed. The size and configuration of that space is still being designed, Motheral said.

“There’s still some pieces moving around,” Motheral said.

Marianne Fasano, a spokeswoman for GK Development, the Chicago-based owner of Ridgmar Mall, located at Interstate 30 and Green Oaks Road in west Fort Worth, offered only this statement: “Neiman Marcus is a current, valued tenant at Ridgmar Mall.”

Miller’s firm, Trademark, is developing Waterside, a $185 million project on the Lockheed Martin Recreation Association property off Bryant Irvin Road. Trademark is also developing Alliance Town Center in north Fort Worth and WestBend on University Drive.

In February, the City Council approved a $30 million economic incentive package for Clearfork. At that time, Mayor Betsy Price said Clearfork “is going to be a beautiful development with much-needed high-end retail.”

Related content



Editor's Choice Videos