El Paso retail construction boom through 2013

EL PASO – Developers have plans to add 1.2 million sf of retail space in El Paso between this and next year in projects already underway or in the planning stages.

More than half the future space comes from the $70 million, 600,000-sf The Fountains at Farah center now going up at I-10 and Hawkins.

The other 582,000 sf of retail space will come from several strip shopping centers being built mostly by River Oaks Properties and Mimco Inc., El Paso’s main strip center developers.

Mimco has two strip centers under construction, including the redevelopment of the former 40,000-sf Bowlero Lanes bowling alley — at 8941 Dyer — into a strip center,.

Three other centers are slated to begin construction in coming months. The company also built a 36,000-sf center last month at Sean Haggerty and US 54.

River Oaks has pulled in two restaurants new to El Paso at the 35,000-sf Rojas Commons shopping center nearing completion at George Dieter and Rojas on the East Side. River Oaks plans to use a more upscale design for The Shops on the Loop, a 32,000-sf center breaking ground in the next 30 days

The vacancy rate at El Paso neighborhood shopping centers averaged just over 8 percent to 9 percent since the end of 2010, according to Reis Inc. El Paso’s vacancy rate was 8.7 percent in third quarter 2012. By comparison, the national vacancy rate for neighborhood centers was 10.8 percent in 3Q 2012.

River Oaks Properties’ centers under construction or planned:

• The Shops at the Outlet Mall — 27,000 sf — I-10 and Trans Mountain Rd.;
• Rojas Commons — 35,000 sf — George Dieter and Rojas;
• Rich Beem Crossing — 28,000 sf — Rich Beem and Edgemere;
• The Shops on the Loop — 32,000 sf — Joe Battle and Bill Mitchell;
• Dieter Plaza — 43,000 sf — George Dieter and Vista Del Sol;
• Unnamed planned center — 50,000 sf — Zaragoza and Tierra Este;

Mimco Inc.’s centers under construction or planned:

• Bowlero Lanes redevelopment — 40,000 sf — 8941 Dyer;
• Unnamed center — 39,000 sf — 6601 S. Desert;
• Unnamed center — 90,000 sf — I-10 and Artcraft;
• Unnamed planned center — 80,000 to 100,000 sf — Eastlake and Darrington; and
• Unnamed planned center — 80,000 sf — Socorro and Americas.

Southwest Land Development:

• Cinemark Center — 20,000 sf — Rich Beem and Montana.