The company that owns Wynnewood Village shopping center expects to sign a lease with a high-end fitness center any day now.
A movie theater is expected to sign on in the next couple of weeks.
Brixor Property Group has owned the 1940s shopping center for about 10 years, but they’re now investing a reported $30 million into improving it. Matthew Ryan of Brixmor told neighbors in a meeting Thursday night that there’s $781 million in unmet consumer demand in the area.
The shopping center generates about $50 million in grocery sales per year and about $150 million in other sales. They estimate that the center has the potential to do “well over $200 million,” Ryan says.
Once big tenants sign on, smaller ones such as restaurants will start rolling in, Ryan says.
To make room for the 75,000-square-foot movie theater and 34,000-square-foot gym, Brixmor tore down an old bank building and has plans to take down one row of shops.
The company will be seeking economic development funds from the City of Dallas to update the storm drain system. That work must be finished before the cinema and gym can be constructed, Ryan says.
Besides the new construction, Brixmor also has plans to update existing buildings, walkways and parking lots.
Their plans call for updating building facades throughout the property.
They’re adding new sidewalks, crosswalks, signs and public spaces, plus about 400 parking spaces.
The main entrance will be on Illinois Avenue, with a driveway leading to a traffic circle. Brixmor also plans to address the confusing driveway layouts.
Here are more renderings of Brixmor’s plans, from Gensler architects: