A prominent Los Angeles-based developer has set its sights on North Texas’ commercial real-estate development scene for its first local project.
LA-based LaTerra Development Inc. plans to redevelop a former Fry’s Electronics store at 2488 Market Place Blvd. in Irving into a large-scale mixed-use development.
In total, the nearly 12-acre development project is expected to deliver approximately 145,000 square feet of self-storage, 46,000 square feet of RV and boat storage, 116,000 square feet of retail and commercial space, and roughly 700 parking spaces, according to plans filed with the city and reported by The Real Deal.
LaTerra’s roughly $50 million mixed-use development is currently in the process of advancing architecture drawings following Irving City Council’s recent approval of the project.
The development firm expects the first phase of construction to begin before the end of 2023, according to a Dallas Business Journal interview with Chris Tourtellotte, managing director at LaTerra.
“Not only will the retail be good, but the self-storage will also benefit the overall neighborhood ecosystem,” said Tourtellotte. “It allows people to clean their homes, declutter, and increase housing density and will allow businesses to store stuff in a less expensive location,” he said.
Dallas-based Bush Architects is heading up the commercial aspect of the project, while Orange County-based Jordan Architects is leading the self-storage portion of the development.
Tourtellotte believes North Texas is the ideal location to build, given the developer-friendly nature of the metroplex.
“There’s a lot of red tape in California, and it’s challenging to do business. Deals take a long time, it’s expensive, and there are a lot of taxes and fees. It’s refreshing to go to a business-friendly city with low taxes,” Tourtellotte said.
While Irving has seen a surge in corporate relocations to the city, with large-scale companies like Caterpillar and Wells Fargo choosing to move there, Dallas has struggled to attract the developer demand needed to stay competitive with neighboring cities.
This is in large part due to the slow and problematic system for approving and issuing both commercial and residential building permits, overseen by City Manager T.C. Broadnax, and the uncontrolled crises of crime, homelessness, and vagrancy.