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Weitzman begins retail project in San Antonio

Weitzman begins retail project in San Antonio

SAN ANTONIO— IKEA, the famed international retailer, has completed its acquisition of approximately 30 acres at the southwest quadrant of IH-35 and Loop 1604 in the San Antonio suburb of Live Oak. Following the closing of the land sale, construction is set to begin immediately on the IKEA-anchored Live Oak Town Center, a regional-draw mixed-use project that will total more than 800,000 square feet on 111 acres upon completion. In addition to the IKEA anchor, which will total approximately 300,000 square feet, Weitzman plans to develop approximately 530,000 square feet of retail, restaurant, entertainment and hospitality space. Weitzman City Partner Michael Schoenbrun is directing development of Live Oak Town Center. David Nicolson, president of the San Antonio office of Weitzman, handles the marketing of the project's lease, sale and build-to-suit options. “The IKEA at Live Oak Town Center creates a major destination with incredible traffic draw," Schoenbrun said. “This is the only South Texas location for IKEA, one of the world's most popular and successful retailers. Therefore, we foresee drawing traffic from throughout the region and from Mexico, helping Live Oak Town Center serve a trade area population of more than 13 million people." Live Oak Town Center will also benefit from the intersection’s strong retail line-up, which includes close to 20 retail anchors like Target, Home Depot, Regal Cinemas, Kohl’s and many more. The first phases of construction involve site and infrastructure work, including development of a public road to be named IKEA RBFCU Parkway, which will run from the Town Center entrance on IH-35 through the project to Loop 1604. The site also will receive 50-foot LED-lit towers within a highly designed traffic circle as the centerpiece of the project. IKEA is slated to start construction on its store in spring 2018, with completion set for spring 2019. The adjacent retail and mixed-use space is set for first-phase completion in late 2019. Nicolson noted the interest from numerous concepts will enable Weitzman to curate a strong mix to complement the IKEA anchor.“We're talking to anchor tenants, smaller concepts, restaurants, entertainment and other uses, and we're seeing a lot of excitement about a project of this scope,” he said. In addition to its anchor, Live Oak Town Center benefits from a location with population density and strong incomes. The high-profile intersection of IH-35 and Loop 1604 exposes the center to hundreds of thousands of vehicles daily.