Houston developer buys land off Texas 114 in Southlake

A Houston-based development firm has bought a 55-acre tract in Southlake just weeks after a previous buyer backed away from the land when residents opposed plans for a grocery-anchored shopping center.

Fidelis Realty Partners closed its deal to buy the property at Texas 114 near Dove Road on May 6. It bought the property from Dove 114 Infinity in Southlake, according to deed records.

Rick Coe, president of Fidelis Realty Partners Dallas-Fort Worth, said his firm also plans a mixed-use project with retail and office space. He said tenants are not lined up yet and no plans have been filed with the city.

“We’re working with tenants right now and working with potential development partners,” Coe said. “We haven’t even determined what we’re going to do.”

Cencor Realty Services was expected to close its deal a couple months ago to buy 26 acres at 500 W. Texas 114, where it planned to develop the Southlake Town & Country shopping center featuring a 103,000-square-foot Kroger. The center was also to include six retail buildings. Nearby residents off Dove Road and Kirkwood Boulevard north of Texas 114 opposed the plan, primarily because of the traffic the center would create, and Cencor let its purchase contract expire.

Coe said Monday that his firm will work with area residents on a proposed design and “do what’s best for the site.” But he noted that the area’s “significant” traffic counts and affluent neighborhoods attracted Fidelis to the property.

This is Fidelis’ first Tarrant County project since it opened a Dallas office a year ago, Coe said. Fidelis owns Eldorado Marketplace in Frisco and Market East Shopping Center in Mesquite, where expansion is planned, he said.

Fidelis has about 50 centers totaling 7 million square feet in its portfolio in Texas, New Mexico and Louisiana, with the majority in Houston, according to its website.

This story was originally published June 22, 2015 at 5:03 PM with the headline "Houston developer buys land off Texas 114 in Southlake."