Retail Redevelopment
2008 – Emporium Square, Mesquite, TX
(2M and Cole Partners)
Problem: Last 20 acres of large retail assemblage in Mesquite, TX had difficulty attracting buyers due to governmental and neighborhood opposition. Re-zone to residential was not approved. Owners were trapped with unsellable land. Adjacent Target store was rumored to be wanting to leave area, further limiting exit prospects.
Solution: Convinced Target to buy 4 acres to expand and re-build as a Super Target. However, the remaining 16 acres would then be further compromised due to position behind loading dock of Super Target. Owner unwilling to be left with this acreage despite sale to Target. Convinced adjoining shopping center owner and City of Mesquite to buy the balance of the land for future use. Owner fully exited from land and area was revitalized with new Super Target.