New Owners of Promenade North Shopping Center Partner With City on Planned Revitalization Project

Richardson, Texas – The City of Richardson and SHOP Development have entered into a partnership agreement that will support planned upgrades at the Promenade Shopping Center. Located along Coit Road, south of Arapaho Road, the 177,000-square-foot retail development is one of the city’s legacy shopping center destinations that benefits from high exposure to a large commercial office and residential customer base in the area, as well as significant daily traffic volumes from Coit Road commuters.

 

“We are excited to see the new look and feel SHOP Development plans to bring to this site,” said Richardson Mayor Bob Dubey. “We know they have chosen a great location in which to invest and look forward to being a part of their success in the North Texas market.”

Over the next two years, SHOP Development will upgrade the 12-acre property with improvements to the interior and exterior of the buildings. Other improvements will also be made to landscaping, signs, lighting, and parking areas.

“This partnership represents a strategic investment as we continue to focus on several key areas for the community’s continued economic development and vitality, one of which includes enhancing our retail amenities,” said City Manager Don Magner. “We are very pleased to see this industry leader invest meaningfully in our community and look forward to the improvements scheduled to take place.”

Collectively, the upgrades to the property will allow ownership to accommodate two new tenants:

• Civil Pour: an approximately 3,000-square-foot combination specialty coffee shop, beer bar and sandwich shop.
• Hibbett | City Gear: an approximately 6,000-square-foot sports apparel retailer, providing a variety of clothing, fan gear and footwear, including a wide variety of sneakers for collectors and aficionados.

“We are grateful to partner with the City of Richardson on the revitalization of Promenade North. This collaboration not only enhances our ability to attract premier tenants but also allows us to elevate the entire shopping experience with substantial improvements like enhanced landscaping, modernized parking facilities, and eco-friendly lighting. This partnership underscores our commitment to fostering community-focused developments that attract top-tier tenants and serve as a cornerstone for local shopping experience. Our shared commitment with the City is to create a vibrant destination that truly serves the needs and aspirations of the surrounding community. We are excited to see this project bring new energy and opportunities to Promenade North and Richardson,” said Buck Wheeler of SHOP Development.

All businesses in Richardson are encouraged to submit applications to Richardson’s Economic Development Department for incentives of various types, such as building modernization grants, building improvement grants or permit fee waivers. These are among several economic development tools Richardson uses to attract investment and promote community revitalization. They are provided to entities that agree to making significant capital investments or long-term lease agreements. Each application is reviewed based on its own merit.

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SHOP Development is a private real estate investment company based in Dallas, TX. The company acquires, develops, owns, and operates hospitality, mixed-use and neighborhood shopping centers throughout the US, with a focus on infill properties that are distinguished by thoughtful design, and supported by established neighborhoods with excellent school systems.