Trader Joe’s coming to high-profile North Dallas corner
Provident Realty Advisors
A preliminary rendering shows the Trader Joe’s location planned for North Central Expressway and Walnut Hill Lane. It will be the funky grocery chain’s second store in Dallas.
Saturday May 19, 2012
Dallas Morning News – by Steve Brown
Specialty grocer Trader Joe’s will soon land on one of the highest-profile locations in North Texas.
The California-based retailer, which has legions of enthusiasts, will open its second Dallas store at the northwest corner of North Central Expressway and Walnut Hill Lane.
Trader Joe’s will anchor a new development to be built on the vacant 42-acre property.
The Preston Hollow Village retail and residential development will be built by Dallas-based Provident Realty Advisors and Kroenke Holdings of Missouri.
Trader Joe’s will open the 14,000-square-foot store next year.
“We’ve been working on this deal with Trader Joe’s since last summer,” Provident Realty CEO Leon Backes said. “It’s the perfect location for a small footprint but big-impact tenant.
“We are also in negotiations with several good restaurants,” Backes said. “And we have a bank location working, too.”
Provident, which has been planning the project since before the recession hit, also proposes a variety of other developments on the corner.
“We are going to have mixed uses with a plaza area,” Backes said. “Hopefully, we will be starting several hundred units of multifamily residential at the same time.
“It will be really nice — everything that the site should be.”
Construction should begin late this year or in early 2013, he said.
Trader Joe’s is opening its first two Texas stores on June 15 in Fort Worth and Houston.
A Plano location on Preston Road is expected to open later this summer.
And the popular retailer’s store on Lower Greenville in Dallas is supposed to debut late this year. Construction hasn’t started on that one yet.
“We have nine locations announced for Texas so far,” Alison Mochizuki, Trader Joe’s spokeswoman, said Friday.
The grocer has also picked two more locations in Houston and one each in Austin and San Antonio.
Known for its value-priced store brands, kitschy interiors and zany marketing campaigns, Trader Joe’s has been in business since 1958. The company has more than 370 stores in 32 states.
Specialty foods cluster
The new Trader Joe’s location on North Central Expressway is in a neighborhood that has recently attracted other specialty food and beverage retailers.
Houston-based Spec’s Wines, Spirits & Finer Foods opened a 43,000-square-foot store near the southeast corner of Central and Walnut Hill.
And Total Wine & More, a Maryland wine and beer retailer, is opening a location just south of there in a former Office Max store.
“These stores make that area a nice destination for great foods and wine,” said Mickey Ashmore, CEO of United Commercial Realty, which is marketing the Preston Hollow Village project.
Ashmore said the new Trader Joe’s “will create a huge amenity for the neighborhood nearby.”
“Trader Joe’s will be front and center on Walnut Hill,” he said. “Walnut Hill has access to the east and west to neighborhoods with great demographics.
“When you look at the redevelopment Provident Realty and Kroenke Holdings are doing, it’s thoughtful and it makes sense,” Ashmore said.
The site was formerly the location for the Lakeside apartments and shopping center, which were torn down starting in 2007.
Provident Realty planned to build a $300 million urban shopping and housing village on the tract.
But the project stalled during the recession and bank credit crunch.
Kroenke Holdings bought the land from Wells Fargo Bank in 2010 and formed a partnership with Provident Realty to continue development.
The owners still need planning approvals for the new Trader Joe’s store and to allow construction of the rest of the project.