The grocery chain’s future Little Elm location is in a residential real estate hot spot.
FORT WORTH, Texas — his article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Grocery giant Kroger Co. is moving forward with stores in Fort Worth and Little Elm, according to a real estate firm involved with the land sales.
Kroger revealed in December initial plans to open the two stores, shortly after the grocer’s attempted acquisition of Albertsons was blocked by a judge.
In Fort Worth, the store will be in a shopping center at the northeast corner of Sendera Ranch Boulevard and Rancho Canyon Way, on the city’s north side. SDI Realty and Nexus Real Estate Co. bought the land for the Kroger-anchored retail hub from homebuilder Lennar, Davidson Bogel Real Estate confirmed to Dallas Business Journal. That’s near the large Sendera Ranch and Rancho Canyon subdivisions being built by Lennar.
“We are excited to be able to offer our residents in Rancho Canyon a quality grocery component for their daily needs,” Greg Urech, president of land in DFW for Lennar, said in a statement. “We had initially planned for this portion of the project to be residential, but we were approached by Davidson Bogel and began exploring options to bring additional retail amenities to our residents.”
The Fort Worth Zoning Commission last summer approved rezoning the land to allow for 122,912 square feet of development on a 20-acre site.
Davidson Bogel Real Estate also assisted the partnership in acquiring four additional acres from Shaffer Construction. Shaffer Construction plans to build a 7-Eleven gas station on the corner outside of the future Kroger.
In Little Elm, Kroger bought 14 acres from local investment firm Dollar-Flowers Realty Partners at U.S 380 and FM 2931, according to Davidson Bogel.
More retail is on the way in the area. Weber & Co. purchased 22 acres of land at the same intersection for a 225,000-square-foot retail center anchored by a Target and called Bates Towne Crossing. GBT Realty Corp. announced plans to develop a Sprouts-anchored shopping center on the northeast corner of the intersection. H-E-B owns the land directly west of the future Target but has not released timing for any potential development of the land, according to Davidson Bogel.
Kroger’s future Little Elm location is also in a residential real estate hot spot. Lennar last year announced it is developing a 1,450-home community called Free Ranch in the area.
Grocers such as Kroger, H-E-B and Tom Thumb are driving much of the Dallas-Fort Worth area’s retail development, developing 1.5 million square feet last year, according to a recent Weitzman report.
