Lewisville's Old Orchard picks $20M redevelopmentLewisville's Old Orchard picks $20M redevelopmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=64112013-09-06T12:57:00Z2013-09-06T09:30:00Z

LEWISVILLE - WinCo Foods Inc. is sparking a $20 million redevelopment of the Old Orchard Village East shopping center, at the southeast corner of Old Orchard and Main St.

The project includes demolishing 100,000 sf of the 1970s shopping center to make way for an 85,000-sf grocery store for WinCo Foods, which will become the anchor for the 226,000-sf retail center. The WinCo deal brought the 60 percent occupied shopping center to 100 percent leased.

As part of the deal, the City of Lewisville is offering WinCo a 50 percent tax abatement on business personal property and giving Cencor Realty a 75 percent tax abatement on the new construction based on the valuation of the real estate.

Construction is scheduled to begin first quarter 2014 on the redevelopment.

DFW saw a net absorption totaling 310,113 sf of retail space in second quarter 2013, which was the twelfth consecutive quarter of positive absorption of space, according to CBRE.

Along with Lewisville, WinCo is moving its operations into North Richland Hills, McKinney and Fort Worth. Real estate sources estimate the grocer plans to open roughly 15 stores in the DFW area.

Dallas Business Journal
Dallas-Fort Worth-Arlington
http://www.bizjournals.com/dallas/print-edition/2013/09/06/how-an-aging-shopping-center-lands-a.htmlRead more at {Source}

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