Southlake's $120 million Shivers Farm development has a new financial backer.
Fort Worth-based Trademark Property Company announced Wednesday, Sept. 2, that Chicago-based Harrison Street Asset Management will co-invest in the 40-acre mixed-use project at 1900 N. White Chapel Blvd.
The partnership pairs a 34-year-old Texas developer with a global investment firm for one of Southlake's largest commercial projects in years.
As we reported Sept. 3, Whole Foods Market will anchor the development as the grocer's first Southlake location and the first major grocery store north of SH 114.
Trademark has signed three leases totaling 40,199 square feet of retail space and is negotiating deals for an additional 65,000 square feet of restaurant and retail tenants, according to the Fort Worth Report.
The company has not identified the signed tenants.
"We are seeing a resurgence of retail development across the country, with three of our own projects breaking ground this summer," Terry Montesi, CEO and founder of Trademark Property Company, said in the Sept. 2 joint announcement.
Nathan Rogatz, a director at Harrison Street, called Shivers Farm "an attractive opportunity to invest alongside an experienced partner in a high-quality, grocery-anchored mixed-use development" in the same news release.
The two companies previously teamed up on Anthem, a 403,000-square-foot, $135 million redevelopment of the former Lincoln Square in north Arlington that broke ground Aug. 3.
What the project includes
Shivers Farm will feature 111,000 square feet of retail space, 38,000 square feet of Class A boutique office space in a three-story building, 37 single-family lots and a 3-acre pad approved for hotel, entertainment or additional retail.
A nearly 1-acre park built around heritage live oak trees will anchor a cluster of restaurants and outdoor seating areas.
The Southlake City Council voted unanimously June 16 to approve a master development agreement (MDA) with Trademark. Under the MDA, Trademark must deliver at least $80 million in taxable value and invest a minimum of $127.9 million.
The agreement also requires at least 200 jobs by the end of June 2028. The city will provide up to $18.8 million in grants over 18 years through a tax district.
Dwell Design Studio is the architect, Ridgemont Construction is the general contractor, and Kimley-Horn is handling civil engineering and landscape planning.
What's next
Construction is expected to begin in September, with a groundbreaking ceremony planned for later in the month. Trademark officials have said they are aiming for an opening in the second half of 2028.
The Southlake Sign Board was scheduled to review the project's master sign plan at its Sept. 3 meeting.
