SPRINGTOWN MALL
Feasibility, Market Engagement, Development Management
CLIENT: THRIVENT
CITY: SAN MARCOS, TX
SIZE: 350,000 SF
CHALLENGE:
Springtown Mall was a 350,000 SF retail center that was more than 50% vacant. The improvements, including the vacant anchor tenant spaces, were obsolete and prospective tenants were moving to newer developments in the trade area. There were seven separate ownership parcels governed by reciprocal easement and operating agreements that could only be amended by unanimous consent. The site was well located within the trade area that was seeing strong demand for housing and other uses.
RESULTS:
• Conducted market studies to determine demand for housing, retail and office.
• Worked with City staff to gain support for higher-density mixed-use development.
• Negotiated a consolidation of ownership with seven property owners to modify reciprocal easement and operating agreements.
• Identified developers with the most ambitious ideas and ability to pay the highest price.
• Brokered an agreement for a significantly higher purchase price than anticipated.
• Closed sale in a timely manner for 50% more than projected.
