Leon Buys Prime Land in Las Colinas for High-End Retail Development

(November 6, 2013)

Continuing its success in the retail market, Leon Capital Group has achieved final on its purchase of a 12-acre site at the intersection of President George Bush Turnpike/SH 161 and North MacArthur Blvd. in Irving. This high-visibility site is intended to serve as the future home for a gourmet grocery-anchored development, the first in Irving and Las Colinas.

“This is a huge win for businesses and residents in Irving,” said Chris Wallace, President and CEO of the Greater Irving-Las Colinas Chamber of Commerce. “The addition of a new, high-end, specialty grocer, combined with premier retail, brings tremendous value to the local community. It will also draw visitors from surrounding communities, generating substantial new tax revenues for Irving.”

Negotiations are ongoing with a nationally branded, gourmet grocery tenant, and an agreement is expected within the next few months. The developer is currently working on securing a supplementary declaration amendment to the zoning of the land through the Las Colinas Association, which is anticipated to be completed in the first quarter of 2014. The developer hopes to finalize the architectural plans and engineering drawings by mid-2014, with a groundbreaking next fall.

“This has been a highly coveted site for many years,” said Will Tolliver, Director of Retail Operations for Leon Capital Group. “Based on the significant traffic along SH 161 and MacArthur Blvd., the huge influx of employees during the work week, and the proximity to the thriving Las Colinas business, residential and medical communities, this is a superior site in the market and will help meet the growing demand for more high-end retail, as well as satisfying the need for a gourmet grocer in Las Colinas.”

Image courtesy of Erich Ferdinand.