posted on October 02, 2011 14:19
The City of Terrell approved a $30 million economic development grant last night for The MGHerring Group to develop a 225-acre open-air shopping center.
Located in Kaufman County at the intersection of I-20 and U.S. Highway 80, the development called Eighty Twenty will break ground in early 2012
“Eighty Twenty is positioned to become the commercial hub for this portion of the East Texas trade area, serving approximately 275,000 people,” Gar Herring, president of The MGHerring Group, said in a statement. “We are currently in active negotiations with national retailers and restaurants for several hundred thousand square feet of space for the first phase of the project."
The first phase will have 600,000 square feet of retail, restaurants, and a children’s play area. MGHerring said the first phase will generate 1,000 jobs and an estimated $130 million in annual sales tax revenue.
The City of Terrell and the Terrell Economic Development Corp. will repay MGHerring $30 million over a period of 25 years, based on sales and property taxes from the shopping center.
Additional phases of Eighty Twenty will be mix-use with retail.
9/21/11, Steven Thompson, Dallas Business News