New Asian Retail Center Coming To Frisco
NewQuest Properties has acquired a prime commercial site to develop a second Asian “foodie destination” in North Texas - Frisco Ranch!
The 110,000-sf specialty retail center will be situated on nine acres at the hard corner of Preston Road and Warren Parkway in the city of Frisco. The site has been acquired through direct negotiations between the seller, Lebanon Joint Venture, and Houston-based NewQuest Properties, which was represented by Heather Nguyen, development partner, and John Nguyen, associate.
Three anchor tenants have already been secured: 99 Ranch Market, which has preleased 44,875 sf; Daiso Japan, 10,000 sf; and 85°C Bakery Cafe, 3,000 sf. The trio also anchors NewQuest’s Carrollton Town Center, the prototype for the eclectic retail and dining experience. Designed by Callaway Architecture of Dallas, Frisco Ranch will deliver in summer 2017.
“Frisco Ranch is going to be as special, if not more so, than Carrollton. We are always trying to improve upon a new concept,” says Heather Nguyen, who is zeroing in on markets with growing Asian populations in North and South Texas to develop centers with top-of-the-line brands from their homelands.
Asian nationalities account for 11.4% of Frisco’s 157,860 residents, predominately Millennials with growing families. The median age is 36 yet one-third of the city’s total population is 17 years old or younger. In Frisco Independent School District, 20.9% of the student population is of Asian descent.
“We were so excited when this opportunity came to us to bring something to Frisco that we really don’t have right now,” says James L. Gandy, president of Frisco Economic Development Corp. “Attraction and development of retail has been a primary goal of the EDC and city for 25 years.”
Frisco Ranch is scheduled to break ground next month.
More Info On Frisco Ranch