| The MGHerring Group and Cencor Realty Services got approval yesterday from Denton?s City Council for a $9.5M economic development grant to redevelop the 765k SF Golden Triangle Mall. The two retail kings recently formed a JV (GTM Development) to buy and renovate the mall, which altogether has a $60M price tag. Cencor?s brokerage affiliate, The Weitzman Group, and MGHerring have been jointly leasing the mall since September 2010. Cencor manages the property. Renovations are scheduled to begin by the end of the year with a re-grand opening slated for fall 2012. | |
| The redevelopment of Golden Triangle will include interior and exterior improvements, new shops and restaurants, and upgrading the stores of select merchants to reflect the latest retail prototypes, says The MGHerring Group prez Gar Herring (pictured at ICSC's 2010 Southeastern Conference in Atlanta last year). Denton was ranked No. 13 on MSN Real Estate's list of the fastest growing cities in the country, and this will serve the needs of the expanding trade area, he says. Gar says the grant is a percentage of the mall purchase and renovation costs and is an incentive agreement based on performance. It will become effective once GTM Development proves an initial investment of $9.5M in qualifying improvements to the property. Then, the city will allow GTM Development to share in a portion of the incremental sales tax dollars generated by the mall. |
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