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Simon Property Group breaks ground on Fairfield Town Center development


Simon Property Group breaks ground on Fairfield Town Center development

According to Edge Realty Partners—the company managing the development—the completed town center will consist of more than a dozen pad sites, several retail and dining options, and a 12-acre multi-family housing development. Upon completion, the town center will add nearly 550,000 square-feet of new retail, commercial and dining options. “We do have about seven pad sites under contract between the outlet mall and H-E-B,” said Sara Schoonaert with Edge Realty Partners. “The parcel of land beside the H-E-B—minus the small retail space which Simon is building—is under contract to an apartment developer.” The initial proposed site plan provided the option for a potential hotel development near Mason Road, but the 294-unit apartment complex under contract will likely be constructed in its place. H-E-B Development purchased the land within the proposed Fairfield Town Center nearly a decade ago and plans to develop additional pad sites along the Hwy. 290 corridor. Details of future tenants could not be released, but Simon Property Group has spoken with several sit down and fast food restaurants, retailers and at least two banking concepts to open locations within the development by summer 2013. “There is activity out there,” Schoonaert said. “There will be more places to eat and shop in the near future.” Plans for the Fairfield Town Center were presented as early as 2007, but a struggling economy and lack of tenant demand caused delays in the project. As the economy continues to improve, however, the demand from local and national retailers is once again on the rise. The Hwy. 290 corridor adjacent to the planned town center sees an average of nearly 67,000 vehicles per day, and the center will serve the growing community of Fairfield and the surrounding area. With the ongoing construction of the Grand Parkway and increased accessibility, the area is primed for the new development, Schoonaert said. “The draw to [master-planned communities] has always been about the ability to stay in the community for most of your family’s lifestyle,” said Peter Houghton, vice president of Bridgeland. “The latest repetition in terms of the current market is that residents like to see mixed land use. In recent years, the emphasis on providing village centers and walkable areas are the kinds of venues that have become more important.” The master-planned community of Fairfield has seen numerous developments in recent years as it comes closer to build-out. There are nearly 5,000 homes in the community, a new grocery store and a large-scale apartment complex, which is under construction. The addition of a town center will bring nearly 550,000 square-feet of retail and dining options. “The vast majority of Fairfield’s commercial property has already been sold to developers,” said Tim Fitzpatrick community development manager with Friendswood Development Company. “I would assume the majority of this property will be developed as retail, as a lot of the apartment demand along the corridor is, and will continue to be met by [nearby] existing and developing apartment complexes. Maket conditions and market demand will determine future developments.”
 

About Jim Mulholland

Jim Mulholland is the broker of Mulholland Realty. He has been a REALTOR in the Cypress, TX area since 2005 focusing mainly on the larger master planned communities in the area such as Blackhorse Ranch, Bridgeland, Coles Crossing, Fairfield, Longwood Village, Northlake Forest, Rock Creek, Stone Gate, and Towne Lake. Call Jim at 713-446-1018 to discuss your real estate needs! View all posts by Jim Mulholland
 

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