Owner of Ridgmar Mall in Fort Worth Negotiate with Anchor Tenants on Purchase

News provided by

Three Six Oh PR

Jan 05, 2016, 19:35 ET


FORT WORTH, Texas (PRWEB) January 05, 2016 -- GK Development Inc., the owner of the Ridgmar Mall in Fort Worth, is negotiating the purchase of additional space from anchor tenants for future redevelopment of the mall. The developer is currently interviewing architects to incorporate space into a new mixed-use development.

“Macy’s announced last year that it will close 40 stores nationwide in 2016, and with Ridgmar mall being one of them, we saw this as a perfect opportunity to put plans in place for a continued renovation of this property that align with shopping center trends across the country,” said Garo Kholamian, president of GK Development.

GK Development began a three-phase multimillion-dollar renovation of the property earlier this year. Phase one included changes to open up sight lines with new paint, lighting, new railings on the second floor and more, and Cinemark also completed a $3-million remodel. Additionally, the first H&M store in Fort Worth opened last year at Ridgmar Mall in a 20,693-square-foot space.

The mall, located at the northeast corner of Interstate 30 and Green Oaks Road, is currently anchored by Macy’s, Dillard’s, JCPenney, Sears and Neiman Marcus and features about 126 retail stores.

“We are excited about the future of Ridgmar Mall,” said Kholamian. “Future phases in our renovation will include new 20,000 to 50,000 square foot tenants, more of a mixed-use feel to optimize our prime location in between the heart of Walsh Ranch and downtown Fort Worth and a new architectural design,” he said. “When we acquired the mall in 2013, we recognized the opportunity to refresh the center and clearly our immediate changes have had a positive effect for tenants and shoppers. We envision this revitalization will create a superior shopping destination with the ultimate goal of enhancing the ultimate experience,” said Kholamian.

About GK Development, Inc.
GK Development, Inc. is a commercial real estate firm based in Barrington, Ill. that acquires, develops, owns and operates a diversified portfolio of commercial and retail property across the United States.

Candice McElyea, Three Six Oh PR, http://www.threesixohpr.com, +1 941-232-9046, [email protected]