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The Closing of Sears Opens the Way for Memorial City Redevelopment

Memorial CIty is near the Katy Freeway in Weston Houston.

HOUSTON – (By Kyle Hagerty for Realty News Report) – The team behind some of the hottest retail developments in Texas has been engaged by MetroNational to lead efforts for the redevelopment of the 1.7-million-SF Memorial City Mall in west Houston. Trademark Property Company, the Fort Worth-based retail and mixed-use developer, will create a plan that re-envisions the 265-acre campus.

“We will be working closely with the Johnson family and other stakeholders in the community over the next 12 months to develop an actionable plan for taking Memorial City Mall to the next level,” Trademark Property Company Managing Director and Chief Investment Officer Tommy Miller said in the announcement from Trademark. “This strategic property is poised to enhance its position as the market dominant shopping destination in west Houston for many decades to come.”

Houston-based MetroNational developed Memorial City along the I-10 corridor just inside Beltway 8 in the mid 1960s. The mall received a major upgrade in the early 2000s, outlasting its rival Town & Country Mall just a mile away. During its time the mall has become a focal point of real estate development roughly 10 miles west of downtown Houston. Over 7 million SF of developed real estate surrounds the mall, including Memorial Hermann Memorial City Medical Center, the ZaZa Memorial City hotel and 3.1-million-SF  of Class A office space, according to Trademark.

A major part of Trademark’s redevelopment will center around the recently vacated 209,000-SF Sears department store. A tenant of the mall since its inception, the location was part of a round of closures from the struggling retailer, which was founded in 1893 in Chicago by Richard W. Sears. The closing of Memorial City’s Sears opened up more redevelopment options for mall’s south side.

The goal of the project is to create additional public spaces, increased walkability, more retail, restaurants and entertainment uses, curated mixed-use, and a master plan for the next 50 years and beyond.

“If you don’t embrace and capitalize on the paradigm shifts occurring in the retail and shopping center world today, you are losing ground fast,” Trademark Property Company CEO Terry Montesi said in the press release. “This is an evolving legacy asset, and MetroNational and Trademark are thrilled to partner in its transformation.”

Locally, MetroNational has been busy expanding Memorial City’s success to the north side of I-10. Deals with Mia’s Table, Johnny Carrabba, Torchy’s Tacos and Kirby Ice House kicked off the next phase of development at the northern expansion

“With Trademark’s expertise in mixed-use developments and MetroNational’s six decades of experience in west Houston, the end result will be spectacular and undoubtedly benefit the community for generations to come,” MetroNational President Jason Johnson said.

With work including Houston’s Rice Village, Dallas’ Galleria Dallas and Corpus Christi’s La Palmera, Trademark has established itself as a major player in retail and mixed-use experiences. In total, the company has developed or redeveloped 14.7 million SF of retail and mixed-use assets worth $2.5 billion, according to Trademark.

As major part of west Houston’s ascension as a major submarket, the updates will likely help Memorial City Mall stay at the forefront of Houston’s rapidly evolving retail sector.

May 16, 2019 Realty News Report Copyright 2019

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