posted on August 19, 2011 21:36
The Denton City Council unanimously approved an economic development grant last night to redevelop Golden Triangle Mall.
The MGHerring Group and Cencor Realty Services formed a joint venture, GTM Development Ltd., to purchase and renovate the 31-year-old mall at Loop 288 and I-35E.
The plan requires an initial investment of $9.5 million in renovations and new construction before the city would start incentives. City officials determined that the average 2010 monthly sales tax income of the mall was $95,898. After the initial investment, any income above $95,898 would be split between the city and the owners. The incentive would be capped at $9.5 million or 20 years.
The purchase and redevelopment of the mall is estimated at a $60 million investment.
Renovations would include new entrances, a new food court, skylights, furniture, fixtures, flooring, lighting, kiosks and upgrading the tenants’ stores. A re-grand opening of the mall is expected for fall 2012.
MGHerring and Cencor’s brokerage affiliate, the Weitzman Group , have been leasing the mall since September 2010. Golden Triangle Mall was foreclosed upon in July 2010 and bought by En Pertignus Holdings Corp., a division of JP Morgan Chase.
8/17/11, Steve Thompson, Dallas Business Journal