Abilene Christian University broke ground last week on the Allen Ridge lifestyle village, bringing into reality the first phase of what has been a long-held goal.
ACU has wanted to develop acreage at the intersection of Judge Ely Boulevard and Ambler Avenue into retail, restaurants, and residential.
“Our goal is to build something unique in Abilene, a destination on the north side where people can spend time, relax and build community,” said Kelly Young, vice president for Abilene Christian Investment Management Company (ACIMCO).
The first phase of construction expected to accommodate about 26,000 square feet of retail space, including four buildings with restaurants and services around an existing pond at the corner of Ambler and Judge Ely Boulevard, adjacent to ACU’s campus.
"We are over 60 percent pre-leased," Young said via telephone Tuesday. "We've got a couple of other leases that we're negotiating. So if we get everyone on that we're currently talking to now, we'll be somewhere in excess of 80 percent."
Variety of tenants
Retailers among the first to secure a lease include: Blue Jean Café, The Biscuit Bar, Fuzzy’s Taco Shop, Phoenix Pho and Abilene Nail Bar.
According to its website, The Blue Jean Café, which currently is located in Stamford, serves "high end, down-home cooking" favorites, among other menu items, while The Biscuit Bar, which has locations in Plano and Dallas, offers "an assortment of savory and sweet biscuit sandwiches made from scratch."
Phoenix Pho will serve Vietnamese food, while a new Fuzzy's Taco Shop would usher in a second local location for the Mexican food business.
At least two other leases currently are in negotiation, according to a news release.
"I think we'll have about 3,200 square feet left," Young said.
Restaurants and services developed in the first phase of construction are expected to open in spring of 2020.
Big plans
Once all planned phases are completed, Allen Ridge will offer an "upscale leisure, shopping, lodging and living village for the north side of Abilene," according to the release issued Tuesday.
Work is continuing on bringing in "other phases, (including) a hotel and multifamily" developments, he said, though there is "not really a timeline," he said, for those projects.
"It will evolve as it goes along," Young said. "We're in this over the long run, and we have a vision for what we want there. So as we are able to add the kinds of businesses that we and that we think fit there, then we'll do it. But we're under no pressure to move quickly."
ACU approves all tenants, Young said, which means "no bars, liquor stores, etc.," though restaurants may sell alcohol as long as it is not a significant part of sales.
The project represents an approximately $15 million investment for ACU, he said. He did not have figures to share on expected rates of return.
But "universities around the country are involved in development in and around their campuses," he said.
Those include TCU, SMU, Baylor University, Notre Dame, Washington University in St. Louis, Boise State and Arizona State, "to name a few," Young said.
In addition to a pond, the project will have a trail system that ultimately will wind through 35 acres that lie below the ridge east of the project.
Long history
The Allen Ridge project has a lengthy history.
ACIMCO, ACU's endowment management subsidiary, announced it in 2015 and received zoning approval in 2016.
In 2015, Young said that ACU had "some of the best land adjacent to campus for development,” and had already spent three years working on whether such a project "really was feasible.”
The city's TIRZ board recommended in January that the council approve an economic development agreement for the project, which offers two incentives:
► Annual sales tax payments in an amount not to exceed $250,000
► Use of funds from the TIRZ fund balance in an amount not to exceed $200,000.
Both items are to assist in the construction of public improvements, identified in the agreement as related to sewer, water, stormwater and sidewalks.
The Abilene City Council recently approved the economic development agreement between ARL Retail LLC and the city, after having to previously table the decision.
That situation was caused by several council members with ties to ACU who could not vote and one council member, former Place 6 council member Steve Savage, not attending meetings.
City documents state that that once the project is completed, it will result in yearly sales of $5.8 million, and have a “direct and positive economic benefit" on the community, among the rationales for the economic help.
https://www.reporternews.com/story/news/2019/06/30/acus-allen-ridge-lifestyle-village-project-breaks-ground/1588481001/
2019-06-30 11:53:00Z
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