The Next $80M Mall
Get ready bargain shoppers: there’s an $80M, 350k SF outlet mall coming soon to the Alliance Corridor next door to Cabela’s. It’s just one of multiple mammoth projects coming online in Cowtown—which is also the 16th-largest city in the US and among the fastest-growing of the 20 largest cities. That’s why we’re stoked to bring you Bisnow’s annual Fort Worth State of the Market event on Feb. 16 at West Seventh (2845 W 7th St in Fort Worth).
The Woodmont Co chairman Stephen Coslik (a speaker at our Fort Worth event) is bullish on specialty retail, but outlet shopping is at the top of his list, too. Among his company’s to-do list for 2016 is the Outlets at Alliance, finishing the Southlake Park Village project, the redevelopment of the Irving Market Place Center and completing the Hay Creek shopping center in Bismarck, ND. Pictured: Stephen, far right, with GFF’s Ted Gupton and Freese & Nichols’ Kirk Millican at a Bisnow event.
Why an outlet mall in North Fort Worth? Stephen says traffic counts along I-35W are about 90,000 daily and about 35,000 to 40,000 along Hwy 170. Woodmont’s Outlets at Alliance is at the northeast corner of I-35W and Hwy 170. Its immediate neighbor: Cabela’s, which is the No. 2 performing store in its chain—attracting 3.5 million visitors annually. The 350k SF project should open in fall 2017 on 45 acres purchased from Hillwood.
Also on Stephen’s to-do list for 2016 is the completion of Southlake Park Village at the southwest corner of Southlake Boulevard and Carrol Avenue, across from Southlake Town Square. The 185k SF shopping center features upscale retailers and restaurants like The Fresh Market, REI, Michaels, Orvis and Beauty Brands. Most recently, The Juice Bar opened on Feb. 3 (pictured.) Stephen says he also hopes to grow Woodmont’s management/leasing component this year and start four new developments. (Ask him about this at the Bisnow event!)
Another Bisnow Fort Worth event speaker, Worth Commercial Real Estate partner Jerry Bolz, says the rise of the West 7th area has served as a complement to the established development in downtown. The area just a few miles west of downtown has blossomed over the past 10 years. It’s a spot he’s bullish on and for good reason; he’s been involved in the leasing of buildings there since 2008. He’s leasing West 7th (the host site for Bisnow’s event at 2845 W 7th St), as well as 5555 N Beach St, Arlington Highlands, Village at Sports Center and Hunter Plaza. Jerry came to Fort Worth during his tenure at Peloton and recently started Fort Worth-based Worth Commercial with partner Tim Bates.
Jerry started leasing West 7th before it was built and, from the start, the building performed well even in a terrible economic time. From 2008 to 2009 it inked great credit tenants at good rental rates. The area attracts tenants looking for Class-A space outside the CBD with a plethora of amenities. There’s a mix of tenants from young employee-based firms to architects, accounting firms, you name it; Jerry says a wide range of professionals want to be here. A few little-known Jerry facts: he’s a Fort Worth native and graduate of Western Hills High School. His first job (at age 14) was as an exterminator. And, if you’re in town, try his favorite meal: the house burger at Lili’s.