The word is out.
This week Imperium Holdings, LP unveiled its plan to market and redevelop the southeast quadrant of Weatherford’s downtown square. Those native to the area will remember it as the old movie theater located at 107-111, College Avenue.
And though the news is exciting, before folks get to revved up, it’s important to note that Imperium has no specific restauranteurs or entertainment venues on board...yet. However, according to the Weatherford Economic Development Authority, they are involved in a direct-mail marketing campaign with the holding company to see who may be interested.
“This is the only significant vacancy in all of downtown Weatherford,” Dennis Clayton, director of economic development authority said. “This is historically known as the “old movie theater” of downtown Weatherford. Over the years the economic development department and Imperium have had some good, with major prospects interested, but clearly none located yet.”
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According to Imperium the project will encompass four units totaling 18,000 square feet of space.
Space that includes a two and three-story, sunset view rooftop patios overlooking the Parker County Courthouse.
“The courthouse is a national architectural icon and is the center of Parker County, home to more than 123,000 residents,” the developer said in a news release. “In 2014, the US Census Bureau ranked Parker County as the 69th-fastest growing county, of 3,143 counties, in the United States.”
Imperium said as Parker County has continued to rapidly expand, so has the “sophistication of local consumers” tastes and needs.
“Imperium’s development will cater to regional restaurateurs whose patrons demand a higher quality dining experience in a unique atmosphere,” the release continues.
According to Stephen Schattner, developer of the project, ample parking, access, and visibility; the convergence of tens of thousands of vehicles passing by daily; and evenly balanced daytime and nighttime populations, make this location ideal for restaurants.
The town square, located at the intersection of US 51 and US 80, has 33,000 cars passing by daily and is within walkable reach of the highest concentration of area homes and businesses.
On and around the square, government, office, education and health care services have expanded several times in just the past few years.
However, the city has a shortage of commerce within downtown proximity, specifically restaurants, and family-friendly evening venues.
“Weatherford is assisting on this aggressive plan to bring retail, restaurants and entertainment to Weatherford’s town square,” Clayton said. “To help ensure the success of downtown revitalization, the economic development has long-established, downtown redevelopment incentives available to drive growth at this location and the entire downtown area.”
Incentives include sales tax abatements, property tax abatements, and personal property tax abatements.
Imperium should be complete with planning and leasing of the Town Square project in the coming months.
One unit encompassing 2,300 square feet will be available in 30-days’ construction time; the remaining three units totaling 15,000 square feet will take approximately five months to construct.
The direct-mail marketing campaign is in full swing where materials have been sent to a list of about 200 national franchise restaurant prospects.
Schattner said Weatherford’s primary trade area represents over 96,000 people and secondary trade area encompasses more than 170,000 people.
“This is huge revenue potential. Demand is unquestionable in [Weatherford] and the supply is not meeting that demand,” he said. “Our objective is to win pre-identified, well-run food and beverage businesses, from west Fort Worth.”
He said Weatherford is only 20 minutes away, which makes the trade area an easy transition and expansion growth target for building their revenue and doing it quickly.
The Weatherford Economic Development Department is co-sponsoring the marketing campaign, with mailer designs suggestions and key community data/information and receiving calls from responding/interested companies, with growth and incentives information.
“There are very beneficial incentives available from the city,” Clayton said. “We already have two to three very-interested responses to the direct-mail cards. This marketing campaign will include up to six direct mail postcards, two have been mailed with historic background, growth and market area key-points.”
Clayton said the redevelopment plan and renderings are a very aggressive in top-quality restaurant design. The actual redevelopment design/construction will be customized to any specific franchise brand requirements.
Imperium has owned the southeast “Quad” of the downtown square for the last seven to eight years.
▪ About Imperium: Imperium is a diversified holding company with focus in real estate investment; real estate and A/E/C-related services; communications technology; Virtual Presence Device and UAV research, development and manufacturing; media; healthcare; and agriculture. Over the past 16 years, Imperium has remained debt-free, and for every asset acquired, has returned profitability or increased investment value.
Owner and Leasing Contact: Stephen Schattner | email@example.com | 972.385.1907 ext. 301 | 2101 Cedar Springs Road, Suite 1050, Dallas, TX 75201 | www.imperium-holdings.com
Incentive Contact: Dennis Clayton |firstname.lastname@example.org | 817.594.9429 | 202 W. Oak St., Weatherford, TX 76086 | www.weatherfordtxeda.org