The Summerlin corridor north of Winkler has been kind of a dead zone in recent years for new real estate development concepts. If you drive that way, you have probably noticed all of the clearing on the corner with dozens of culverts piled up ready to be installed. The site is 30 acres and has two components to it.
The back 20 acres is being developed into a new apartment complex consisting of 224 units by a group out of Georgia, built by local apartment contractor Brooks & Freund. These apartments are only a mile or two from recently completed Channelside Apartments. If you are curious as to why a new apartment complex is being built, Channelside and every other apartment complex in the Iona McGregor corridor have occupancy rates of 98.7%, data we collected today.
The frontage on Summerlin or the outparcel of the entire property is being developed into retail by a group from Texas. I have confirmed that the current tenants with either signed or soon-to-be-signed deals are Dunkin Donuts and Aldi.
For those unfamiliar with Aldi, it is a discount grocery chain whose traditional supermarket range at around 12,000 square feet, compared to Publix or Wynn Dixie that are over 40,000 square feet. Many of their items are house brands with names like Southern Grove for nuts and fruit and Savoritz, for crackers. Aldi also sells non-food merchandise such as flip-flops to luggage to wet-dry vacuum cleaners, and are sold for a limited time.
Since the site owner has no desire to be a seller, the new businesses will consist of "built to suit" tenancy, where the real estate is owned by the landlord developer and leased by the tenant. Due to the owner's desire to lease only, corporate owners such as RaceTrak, WaWa, and Culvers have been recently turned down which is a major bummer.
Construction is well under way. We are anxious to see what the market brings with new interested businesses.
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