MGHerring, Frisco Square Development Plan Retail, Mixed-Use Projects

By Camelia Bulea, Associate Editor A joint venture formed by The MGHerring Group and Cencor Realty Services recently completed the acquisition of the 765,000-square-foot Golden Triangle Mall in Denton. Plans call for redevelopment in early 2012. The Dallas Business Journal reports the estimated [...]

A joint venture formed by The MGHerring Group and Cencor Realty Services recently completed the acquisition of the 765,000-square-foot Golden Triangle Mall in Denton. Plans call for redevelopment in early 2012.

The Dallas Business Journal reports the estimated price for the purchase and redevelopment of the 31-year-old mall at $60 million. In 2006, it was sold to New York-based Feldman Mall Properties Inc. for an estimated $40 million, as reported by DallasNews.com.

MGHerring will redevelop the mall and Cencor will manage the property, according to the Dallas Business Journal. The renovations planned by the joint venture include new retail, full-service restaurants, upgrades to tenants’ stores and the creation of a regional destination in updated common areas. Financing will include a $9.5 million grant that was unanimously approved by the Denton City Council this August. The reopening of the mall will take place in the fall of 2012.

In other real estate news, Frisco Square Development will put up a $60 million mixed-use project at Frisco Square off Main Street. The project comprises construction of three buildings on a five-acre site, including 100,000 square feet of office space, 220 apartments, 50,000 square feet of retail space and an 800-space parking garage.

According to the business journal, construction work is scheduled to begin in 2012, with completion expected in the spring of 2013. When the project is finished, it will add almost 300,000 square feet to the entire Frisco Square development, bringing it to more than 1 million square feet of mixed-use space.