Allegiance turns 409 acres Into Mega retail complex
Retail Real Estate Forum, Development Deals of the Year - March 2007
On 409 acres in Denton, TX, Allegiance Development is under way on one of the largest mixed-use projects to ever get built in the area. The Dallas-based developer expects that Rayzor Ranch will bring some two million sf of retail space, 50 acres of residential homes, 20 acres of medical facilities and class A office space and 15 acres of parks and trails once all phases are completed over the next five to seven years.
Located at Interstate 35 and Highway 380, the multi-phase development is expected to cost some $850 million to build. Torreon Capital is serving as the project's equity partner, while Fortress Credit Corp. provided the $85-million loan to acquire the land last spring in a deal brokered by Kenneth E. Reimer and John P. Zikos of Venture Commercial Real Estate.
Rayzor Ranch Marketplace, an 885,000-sf power center anchored by a Sam's Club and Wal-Mart SuperCenter, is scheduled to debut in the fall of 2008 and Rayzor Ranch Town Center, a 1.2-million-sf open-air shopping center, is slated to open in March 2009. The pedestrian-friendly development is expected to serve as a super-regional attraction for several surrounding counties.
Rayzor Ranch's residential component is anticipated to house single-family homes, townhomes, condominiums, an active-adult living campus, a continuing care retirement center and an upscale apartment community. Also planned for the project are a 90,000-sf convention and visitor center, a 10-story upscale hotel and regional cultural attraction.
Developer: Allegiance Development: C. Joseph Gampper, president; Randall L. Holcombe, EVP of retail
Equity Partner: Torreon Capital
Architect, Rayzor Ranch Town Center: Omniplan
Civil Engineer, Rayzor Ranch Town Center: Kimley-Horn & Associates
Construction Manager, Rayzor Ranch Town Center: VCC
Architect, Rayzor Ranch Marketplace: Hodges & Associates
Civil Engineer, Rayzor Ranch Marketplace: Dunnaway & Associates
"There is a tremendous amount of synergy that exists in developing a project that includes a multitude of uses that all serve to benefit one another. Everyone benefits - residents, tenants, office workers, shoppers and ultimately, the community." - Randy Holcombe