2016 – Development of Shops At 29
After partnership formation and land acquisition in 2015, groundbreaking occurred for the Shops at 29 (Terracor’s first major project in McAllen) in January of 2016. Terracor was responsible for all parts of the 200,000 square foot regional power center’s development, starting with investment and following through to construction, leasing, and property management.
At completion, national credit tenants whose RGV location is exclusive to the region will anchor the Shops at 29. The Shops at 29 will also be the flagship location for some tenants, who have no other locations yet in operation. Their success in McAllen, driven by the attractive plaza and surrounding crowd-pulling tenants, will propel these new business ventures to future growth.
Terracor was successful in bringing together 200,000 square feet of space for the project – no small feat in today’s competitive market. Then, Terracor’s best-in-class development team (including architects, civil engineers and general contractors) delivered under budget and ahead of schedule, realizing cost savings of over $350,000. Terracor’s property management for the Shops at 29 includes upkeep of the physical property, such as landscaping and collecting rent from tenants, as well as providing intangible services like insurance, taxes, and accounting. Terracor also represents business’ interests ( keeping taxes low, for example) with the local county appraisal district.