June 11, 2014

Shopping center planned in far north Fort Worth

Weber & Co. plans to develop Presidio Towne Crossing on 70 acres in the Presidio Junction development west of I-35W and north of U.S. 287.

Dallas-based Weber & Co., which developed the Target-anchored shopping center at Montgomery Plaza on the near west side several years ago, has bought about 70 acres in the Presidio Junction development in far north Fort Worth with plans for a shopping center there.

The center would be near a Costco Wholesale warehouse club that recently opened at 8900 Tehama Ridge Parkway, on the west side of Interstate 35W and south of North Tarrant Parkway, across from Alliance Town Center.

Weber acquired 48 acres in early April from LNR Property Corp. in Newport Beach, Calif., which bought about 188 acres north of U.S. 287 and west of I-35W for the master-planned development in 2007.

Weber acquired other parcels from Lowe’s, which had bought the land from LNR in 2008 but decided not to build a store there, and from Target in a land swap.

LNR has planned 1 million square feet for shops and restaurants, 1,300 apartments and 750,000 square feet for a hotel, a fitness center and Class A office space. LNR previously completed the Wyatt at Presidio Junction apartment community.

John Weber Jr. said the company obtained 10.3 acres from Target but sold the retailer 9 acres closer to Tehama Ridge Parkway and North Tarrant Parkway, where Target expects to have a store open in 2015.

Weber & Co., which already owned 39 acres at the northwest corner of U.S. 287 and Harmon Road, plans a shopping center called Presidio Towne Crossing.

Weber said that the developer has letters of intent with several junior anchor stores, and that store announcements and other details will be made public within weeks.

“We’re under contract with a lot more land out there,” Weber said. “We view this as a true retail destination. We’re proceeding forward.”

An executive in LNR’s regional office in Dallas did not return phone calls seeking comment on the sale. LNR bought the land seven years ago from Diversified Real Estate, which had been working with Legacy Capital Co. in Dallas to develop the shopping center, once called Presidio Vista.

Since then, Hillwood, the developer of the 18,000-acre AllianceTexas development, formed a joint venture with Fort Worth-based Trademark Property Co. to build Alliance Town Center on the east side of I-35W.

An outlet shopping center with about 50 stores, to be called The Outlets at Alliance, is also in the works for a site off I-35W just north of Cabela’s. Fort Worth-based Woodmont Land Co. is under contract to buy 45 acres from Hillwood Properties for the 350,000-square-foot project.

Besides Montgomery Plaza, Weber & Co. developed Cityview Towne Crossing in far southwest Fort Worth, Lake Worth Towne Crossing, Watauga Towne Crossing, Heritage Towne Crossing in Euless, North Richland Hills Towne Crossing and Mansfield Towne Crossing.

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