|By PR Newswire||
|November 29, 2012 10:05 AM EST||
DENTON, Texas, Nov. 29, 2012 /PRNewswire/ -- RED Development, a premier developer, owner and operator of retail properties, today announced it will bring an all-new Dillard's department store to Rayzor Ranch Town Center, the new, open-air retail and entertainment destination now under development in Denton.
Dillard's, being planned as a 126,000 square foot store, is the first anchor department store named for the new project since RED became an owner and assumed the management of the property in 2010. Progress at the adjacent retail property, the 800,000 square foot Rayzor Ranch Marketplace, has been significant in 2012: This year RED announced Kohl's, Famous Footwear, Jo-Ann Fabric and Craft Store, and Petco, all slated to open in 2013. These retailers will join the property's already open and successful Sam's Club and Walmart Supercenter, among other retailers and restaurants.
RED is developing two complementary retail properties – Rayzor Ranch Marketplace and Rayzor Ranch Town Center – both part of the master-planned, 400-acre mixed-use Rayzor Ranch development in fast-growing Denton, 35 miles north of Dallas-Fort Worth.
"We know Denton is ready for a brand-new, modern shopping experience and Dillard's is very pleased to be the cornerstone of Rayzor Ranch Town Center," said William Dillard II, Chairman of the Board and Chief Executive Officer. "The project RED is creating – all open-air with great design and a wonderful experience for shoppers – is exactly where Dillard's wants to be in this attractive, high-growth market."
The new Dillard's is the first of several high-quality anchors in the pipeline for the new Rayzor Ranch Town Center, which is planning a balanced and diverse retail, dining and entertainment lineup.
"We are very pleased to welcome a new Dillard's to our Rayzor Ranch Town Center project," said Scott Rehorn, Managing Partner for RED. "Dillard's is one of the country's most sought-after department stores with a tremendous following of dedicated shoppers, and it sets the pace for the terrific retail mix we are custom-creating for North Texas."
Current plans for Rayzor Ranch Town Center call for a 600,000 square-foot regional shopping destination at the intersection of I-35 and U.S. 380 in the heart of Denton. In addition to great retail, the new outdoor project will feature appealing gathering spaces, lush landscaping and other, up-to-the-moment amenities. The design vision for the new retail hub offers a fresh interpretation of historic, regional urban architecture – with a nod to Denton's own heritage – mixed with a hip, decidedly Texas downtown flavor.
Located in a community that includes the University of North Texas and Texas Woman's University, Rayzor Ranch Town Center has gained important momentum since RED purchased the property in mid 2010. Dillard's had been named in early plans for the shopping center; however these plans were shelved in 2008 as retailers and developers retrenched amidst global economic challenges. RED has injected new energy into the Rayzor Ranch retail developments, and the Dillard's announcement is the first of many more expected retail names for the Town Center project.
More about Rayzor Ranch
In all, the master-planned community will include retail, residential, office, hotel, medical and entertainment uses in one, cohesive pedestrian-friendly urban village. Rayzor Ranch will offer the largest super-regional retail development between Dallas and Oklahoma City.
Dillard's, Inc. (DDS: NYSE) is one of the nation's largest fashion apparel, cosmetics and home furnishing retailers. The Company's stores operate with one name, Dillard's, and span 29 states. Dillard's stores offer a broad selection of merchandise, including products sourced and marketed under Dillard's exclusive brand names.
A wholly integrated commercial real estate company, RED maximizes asset value and performance for its high-quality retail and mixed-use portfolio that comprises 35 properties totaling more than 17 million square feet in 11 states. RED is a preferred partner for national retailers and investors, as well as for third-party property owners who turn to RED for its expertise in remerchandising and repositioning properties to improve profitability and appeal. A privately held company headquartered in Phoenix, RED builds on its development capabilities and is an active acquirer of existing properties.
SOURCE RED Development