Houston-Based Developer Acquires Former Outlet Mall in Plano
Triten Real Estate Partners begin design for new mixed-use redevelopment of Market Square Mall in Plano, Texas
DALLAS, Jan. 28, 2021 /PRNewswire-PRWeb/ -- Triten Real Estate Partners (TREP), known for their large-scale, adaptive reuse, mixed-use projects in Houston and Dallas, announce the finalized acquisition of Market Square Mall in Plano, Texas. Market Square Mall consists of 300,000 square feet of former outlet mall space set on over 26 acres of land. The previous owner, Matthew Loh, was represented by Daniel Eng CCIM CPM and Calvin Wong CCIM of ENGVEST who also listed the property while Shop Companies' Dan Zeltser represented the Buyer. The Loh family has had offers to purchase in the past but held off until the right buyer with the right concept was found.
"It was really important to all involved that a dynamic mixed-use environment be created at this location," says Ty Lee, Dallas Principal of Triten Real Estate Partners. "The Loh family waited patiently for the right developer to come along with the appropriate vision. The unanimous support from Plano's Planning and Zoning Commission and City Council is further evidence of aligned goals for the community."
For the six months before acquisition closing, the team worked closely and collaboratively with community stakeholders and the city of Plano. Numerous work sessions, meetings, and site plan iterations were refined to create a unified project. Both Plano's Planning and Zoning Commission and the City Council passed the proposal for re-zoning unanimously.
"The city of Plano and its residents were extremely supportive through the process and of the project," says Daniel Eng, Broker at ENGVEST. "They were a pleasure to work with and share the desire to elevate the area through thoughtful development. It was truly a team effort amongst the City, Triten, the Loh Family, SHOP Companies, Good Fulton and Farrell Architects, and Pacheco Koch."
ENGVEST was heavily involved in working with both parties and the city of Plano to get the property re-zoned for a mixed-use redevelopment.
Triten Real Estate has already kicked off the design process and is moving quickly towards delivery of the development. Major pieces of the project will include uniquely designed urban living units, creative office and walkable restaurants, and retail designed with intent to house unique chef-driven dining and first-to-market concepts.
"We believe that the Market Square Mall has the ability to serve as a destination for Plano and Dallas area creatives. Rather than tear down structures to build new we want to embrace the legacy and repurpose the existing structures. By weaving features of the existing buildings with those of modern structures the project will transform into a one-of-a-kind environment - embracing both the past and the present," said Scott Arnoldy, founder of Triten Real Estate Partners. "The finished product will be a cultural and community amenity complete with restaurants, bike trails, green spaces, kid-safe areas, public artwork, and abundant bicycle parking."
The property is located within an Opportunity Zone and was purchased through an Opportunity Fund.
For more information, visit http://www.tritenre.com
Media Contact
Lisa Reyerse, Triten Real Estate Partners, +1 8326151471, [email protected]
Charles Lintakoon, Triten Real Estate Partners, 281-236-7252, [email protected]
SOURCE Triten Real Estate Partners
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