GK Development Inc., the owner of the Ridgmar Mall in Fort Worth, has acquired the 120,000-square-foot building currently occupied by Neiman Marcus and is moving forward with redevelopment plans for the center. Neiman Marcus is planning to move into a new location in Fort Worth, at The Shops at Clearfork, in spring of 2017.
LGK Development closed on the $2.1-million building last week, according to a news release from the Barrington, Illinois-based commercial real estate firm. This purchase is the next step in GK Development’s mixed-use redevelopment plan for the property, according to the news release.
“This is an exciting time for Ridgmar Mall,” said Garo Kholamian, president of GK Development. “We are moving forward with our plans for the transformation of this property. This revitalization will brand Ridgmar Mall as a superior gathering destination for shopping, dining and entertainment. Our goal with these plans is to enhance the ultimate experience for its customers.”
GK Development began with a phased multimillion-dollar renovation of the property earlier this year. Phase one included interior improvements to open up sight lines within the center and a $3-million remodel of Cinemark Theatres. Additionally, the first H&M store in Fort Worth opened last year at Ridgmar in a 20,693-square-foot space.
Future phases of the transformation to a mixed-use property is expected to include many new retail entertainment and dining establishments. The developer has hired In-Place Design, based in Baltimore, as the design architect for the project. In-Place Design, an architecture, planning, and design firm, has worked on a variety of projects around the world, including the Marketplace at the Woodlands development in The Woodlands, north of Houston. In February, GK’s Kholamian said the mall is reducing the number of anchor tenants from five to three and the vacant space left by two anchor stores is projected to be turned into restaurants or converted other uses, such as apartments or a hotel. The project is likely to cost more than $50 million.
The mall, located at the northeast corner of Interstate 30 and Green Oaks Road, currently features about 126 retail stores.