H-E-B’s Sherman Land Deal Could Spark Big-Box Gold Rush
Sherman may soon be known as much for fresh tortillas as for silicon wafers.
Texas-based grocery powerhouse H-E-B has acquired nearly 20 acres at the northwest corner of Heritage Parkway and Crossroads Boulevard along U.S. Highway 75, where it plans to open a new store, according to the Herald Democrat.
The city has committed $10M to infrastructure improvements at the site over the next two years as part of a development agreement with H-E-B and Harkinson Development, which sold the land.
The store will anchor Harkinson’s broader Sherman Crossroads development, rising near the future multibillion-dollar semiconductor and silicon wafer plants from Texas Instruments and GlobalWafers that are set to transform the city’s economy.
Sherman Mayor Shawn Teamann told Bisnow that the traffic and additional density expected to follow the H-E-B store opening would create a world of possibilities for the community.
H-E-B’s presence is expected to draw a steady stream of visitors, Teamann said, making the site a magnet for sit-down restaurants, big-box stores and other businesses looking to capitalize on the traffic it will generate.
“For the amenities and retailers that the citizens of Sherman want, it requires a density of people to be concentrated in certain areas," Teamann said.
While much of the Sherman Crossroads development has already been spoken for, there’s still space available for additional big-box retailers, according to Teamann.
A construction timeline for H-E-B hasn’t been announced, but the grocer is expected to wait until the city completes its infrastructure upgrades before breaking ground. Those improvements include extending roads and sewer lines, filling a 7-acre detention pond and excavating a new 12-acre pond that will feature a hiking trail.
The Sherman store will be the first Grayson County location for the San Antonio-based retailer. H-E-B made its regional debut in Frisco in 2022 and has since expanded into the Dallas-Fort Worth suburbs, with locations in cities such as Allen, Plano, McKinney and Melissa. The company also purchased land in Dallas and Flower Mound earlier this year and is building stores in Irving, Prosper and Murphy.
Harkinson Development founder and President Jeff Harkinson said he was pleased that H-E-B purchased the land, and he credited city leadership with creating the public-private partnership that made the project economically feasible.
“This is yet another milestone for Sherman and confirms the importance of our project as [a] retail destination for this dynamic and fast-growing part of town,” Harkinson said in a statement.
Sherman officials have added millions of dollars of infrastructure to support the more than $40B in investments poised to hit the city in the coming years, as well as the related population and commercial growth expected.
As Sherman continues to grow, developers have started more than $8B in resort projects at the nearby Lake Texoma to turn it into a well-known destination for travelers from across the country.
Centurion American Development Group bought 550 acres in the Preston Harbor master-planned community this week with plans to develop more than 1,200 single-family homes, the Dallas Business Journal reported. The $6B Preston Harbor development will feature a Margaritaville Resort, single-family and multifamily homes, retail and restaurants, and a marina on the Denison side of Lake Texoma.
The $2B Pointe Vista development on the Oklahoma side of the lake will feature a Hard Rock Hotel, more than 19 miles of shoreline, a golf course, an enclosed waterpark and 2,100 homes.
