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.