A new mixed-use shopping center with an expected 202,000 square feet of retail is getting underway after securing financing and signing Whole Foods as its anchor.
Fort Worth-based Trademark Property Co. said it started construction in early September on the first 25 acres of its retail development at Dunham Pointe, a 1,330-acre master-planned community along U.S. Highway 290 in Cypress at Mason Road.
The company brought on MetLife Investment Management, the institutional asset management business of MetLife Inc. (NYSE: MET), as its equity partner for the development and recently secured construction financing through PNC Bank. Trademark did not disclose the loan amount.
A groundbreaking ceremony is planned for Oct. 1.
“Starting construction is a major milestone for us and for Dunham Pointe,” Trademark founder and CEO Terry Montesi said in a news release. “We are seeing the start of a new retail development cycle after one of the longest downturns in history. With record-low national retail vacancy and construction starts, the market is genuinely undersupplied, and developers and investors are starting to respond. We are proud to be among the first movers, getting impactful projects like Dunham Pointe off the ground.”
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