Discount department store Marshalls will open its first location in Denton at Rayzor Ranch Marketplace on Thursday, and more new retailers are on the way.
Two more parcels are under construction at the property: a 6,000-square-foot building that will house a 4,000-square-foot CareNow clinic and another 2,000-square-foot retail/restaurant space; and a 4,000-square-foot building that will house James Avery and Kurume Ramen.
The new businesses will open early next year, said Rick Coe, president of Fidelis Realty Partners, which owns and manages the shopping complex on the north side of West University Drive (U.S. Highway 380), just east of Interstate 35.
Early next year, there will be two new pad sites under construction, even though there aren’t tenants signed up yet, Coe said. One will be about 20,000 square feet, and another will be 4,000 square feet.
“We generally want some pre-leasing, but we’re not afraid to build some speculative space,” Coe said. “The market is strong, and we’re very comfortable building.”
This type of development — building without a tenant in mind — shows Rayzor Ranch Marketplace is performing well and making money, said Caroline Booth, director of economic development for the city.
“I think [as] projects such as Rayzor Ranch near full build-out, it makes more sense from a development standpoint to build a few buildings because there’s already a mass and concentration of tenants and businesses there,” she said. “I think overall, it’s positive.”
The CareNow, Kurume Ramen restaurant and Tuesday Morning will be open by early next year, Coe said. Tuesday Morning will move its discount home decor store from its location at 912 W. University Drive to the updated space at Rayzor Ranch Marketplace.
The last 15 acres on the west side of Rayzor Ranch Marketplace, which spans to North I-35, will be developed next year, Coe said.
“That will be developed out with some junior anchors and restaurant pads. We’re close to lease with two junior anchors to kick of construction in mid-2019,” he said. “We’re excited; we love the property, so we’d like to get it all built out.”