Grocery Stores Taking a Bite Out of Dallas Commercial Real Estate0
The face of commercial real estate is changing in the Asian Trade District from a distribution center into a retail and wholesale marketplace. That transformation includes a new, 101,000 square foot development that will include an Asian grocery store and supporting retail businesses.
A Landfill, Transformed
The site of the new Shinchon Grand Plaza, scheduled to open in late 2008, sits atop the former site of a landfill. The fifteen acre property at the intersection of Walnut Hill Street and Goodnight Lane sits squarely in the middle of Dallasâ€™ most important district for international trade.
A growing Asian population in the area has increased the demand for ethnic businesses, and the Shinchon Grand Plaza should more than meet their needs. Associated businesses will include related restaurants, a health club, and retail spaces.
The new grocery store is intended to replace the Shinchon Oriental Market which is located nearby. Both businesses are owned by the same developer, Chong Na. The grocery store is expected to bring 40 new jobs to the neighborhood, and it is anticipated the entire development will employ around 100 people.
Room for Expansion
If all goes well, there are plans to expand the original development by adding on another 101,645 square feet. As of now, the project is expected to cost $15.9 million.
Due to its location within the Northern Dallas Enterprise Zone, the developer was able to take advantage of a grant of $150,000 approved by the city council, as part of a Public/Private Partnership Fund. Increases in both the Asian and Hispanic populations in the area have led to more ethnic-based commerce, changing the face of commercial real estate in this Dallas neighborhood.