2019-146 Rayzor Ranch Economic Development AgreementsDate: July 19, 2019 Report No. 2019-146
INFORMAL STAFF REPORT TO MAYOR AND CITY COUNCIL
SUBJECT: Rayzor Ranch Economic Development Grant Agreement, Town Center Assignment, Overlay District, and Public Improvement District
EXECUTIVE SUMMARY: This ISR provides information on the Rayzor Ranch Chapter 380 Economic Development Program Grant Agreement, Town Center Assignment, and Overlay District. The report also includes information about the associated Rayzor Ranch Public Improvement District (PID) Number One. Staff enlisted the services of Mitch Mosesman, with 30 Three Sixty Public Finances, to conduct a
peer review of the draft Service and Assessment Plan (SAP) for the PID. Staff is planning to bring the SAP for the PID to Council later this summer.
BACKGROUND: This document provides a brief summary of the incentive for the Rayzor Ranch development, the
overlay district, and the associated PID. Exhibit 1 provides a summary of the Chapter 380
Economic Development Program Grant Agreement and incentive changes over time, which are detailed below. Exhibit 2 provides a map of the tenants at the Marketplace and Exhibit 3 provides the tenants at the Town Center. A map of the overlay district is included as Exhibit 4 and Exhibit 5 depicts the PID boundaries and current Improvement Area No. One, which will be amended to
extend south to Panhandle.
Chapter 380 Agreement The City Council approved a Chapter 380 Economic Development Program Grant Agreement (“Grant Agreement”) with Allegiance Hillview, LP (“Allegiance”), on May 15, 2007 (Ordinance
2007-113). The grant reimburses the Developer for construction costs of U.S. 380 and other public
improvements and dedications and incentivizes creation of the retail development. The Grant Agreement required over one million square feet of retail space on the north and south sides of Highway 380 and other public improvements. The Grant Agreement provided a grant of ¾ of 1% of the City’s sales tax revenue generated by the project for a total of 3 years and ½ of 1% for a
subsequent period of 17 years. The Grant Agreement capped the total reimbursement at $62
million. However, subsequent amendments (discussed below) to the Grant Agreement have increased the total reimbursement of the incentive to $68 million.
Changes Prior to RED Development
The original agreement was amended and restated (“Amended and Restated Agreement”) (Ordinance 2009-064), which separated the development into two phases - the Marketplace on the north side of US 380 (Phase I), and the Town Center on the south side (Phase II). The Amended and Restated Agreement included development thresholds that required 400,000 square feet of retail space in Phase I and 600,000 square feet in Phase II. The original incentive (maximum of
$62 million) was split as well: $20 million for Phase I and $42 million for Phase II. The Amended and Restated Agreement also decreased the number of years of the grant for Phase I from 20 to 15. Phase II remained at 20 years. The percentages of the sales tax shared were increased to begin at
Date: July 19, 2019 Report No. 2019-146
60% and then decreasing in subsequent years to 50% and 33%. The Grant Agreement stipulated that the grant could not commence before January 1, 2010, and the Amended and Restated Agreement required the developer to meet their Phase I threshold of 400,000 square feet of retail
by January 1, 2013, and Phase II threshold of 600,000 square feet by January 1, 2015. As written in the Amended and Restated Agreement, the developer would not have been reimbursed for any costs if the minimum expense threshold had not been met, since the developer would have come in under budget.
On June 15, 2010, City Council approved a new Economic Development Program Grant Agreement (“New Agreement”) with Allegiance, which replaced the Grant Agreement as well as the Amended and Restated Agreement (Ordinance 2010-142). In this New Agreement, the Phase I grant period reverted to a 20 year timeframe and Phase I initiation was required to occur by
January 1, 2013. The New Agreement also included the term that sales tax reimbursements from Phase I that exceeded the $20 million cap could be applied to Phase II during the 20-year term, provided that all Phase II thresholds had been met by January 1, 2015, and incentive payments for Phase II had been initiated.
The New Agreement provided for a 50% share in the City’s sales tax revenue generated by the
project for a period of 20 years for each phase. The New Agreement no longer required the developer to spend minimum amounts per phase. Instead, it limits the total grant to the actual amount of the developer’s eligible costs, not to exceed a total of $62 million. For example, if the developer actually spends $61 million in eligible costs for Phase II, the reimbursement would be
limited to $61 million.
The New Agreement allows for the assignment of the incentive grant. The majority of the City of Denton’s retail development incentives (Denton Crossing, Unicorn Lake, and Rayzor Ranch) have assignment clauses in the agreements and have been assigned. The sale of such developments and
assignment of incentive grants are common practices in the retail industry.
RED Development Becomes Partner In July 2010, RED Development and Allegiance officially became partners in the development project. A first amendment to the New Agreement (“First Amendment”) (Ordinance 2010-210)
assigned a portion of the incentive grant payments to DB Denton II, LLC (“RED Development”)
and defined how the incentive would be allocated between the parties. The First Amendment transferred the obligations and rights with respect to Phase II to RED Development. The First Amendment provided the first $20 million of the grant payments would be payable to Allegiance and the remainder of the grant payments would be payable to RED Development.
The second amendment to the New Agreement (“Second Amendment”) (Ordinance 2014-143), which increased eligible improvements by a total of $6 million to cover additional Texas Department of Transportation (TxDOT) access improvements ($3 million) and carrying costs on non-residential development ($3 million), was approved in May 2014. This brought the $62
million reimbursement total to $68 million. Since the TxDOT access ramp did not occur, the developer incurred an estimated $300,000 of the $3 million originally identified for the TxDOT access ramps and would therefore only be able to submit up to $65.3 million. The eligible
Date: July 19, 2019 Report No. 2019-146
improvement reimbursement will be reduced by the remaining amount that is not actual expenses under this individual category, unless additional TxDOT improvement costs are incurred in the future. The Phase II 600,000 square foot threshold was split into two 300,000 square foot
thresholds (“initial” and “additional” retail improvements in Phase II). Payments up to $21 million will begin upon substantial completion of the Phase II “initial” improvements and payments up to $27 million will begin upon substantial completion of the Phase II “additional” improvements. The deadline for substantial completion of the infrastructure and retail improvements for the Phase II “initial” improvements was extended from January 1, 2015 to January 1, 2018. The program
payments for Phase II were also extended from 20 to 25 years.
A third amendment to the New Agreement (“Third Amendment”) (Ordinance 2015-331) was approved in 2015 to memorialize a second assignment and facilitate the development of a hotel
and convention center by O’Reilly Hotel Partners. The Phase I rights and obligations under the
grant agreement were assigned from Allegiance to its subsidiary, Allegiance GL, LLC (“Allegiance II”). The Third Amendment also compensated Allegiance II and RED Development for the estimated $5 million in revenue loss for the hotel and convention center property that would no longer be available as retail acreage. This additional grant provided for a 15% share of the
City’s 1.5% sales tax revenue generated by Phase I and Phase II until $5 million is paid. However,
the reimbursement total remained at $68 million.
The fourth amendment to the New Agreement (“Fourth Amendment”) (Ordinance 2017-113)
memorialized a third assignment and extended the Phase II deadline. Allegiance I assigned Phase
I rights, title, interest and obligations to Rayzor Ranch 380 Associates, LLC (“Rayzor Associates”) the new owner of Marketplace. Rayzor Ranch Marketplace completed over 582,000 square feet of retail and commercial space at the time. A total of 224,100 (approximately 75%) of the required retail improvements had received a Certificate of Occupancy (CO) or were under construction at
the Town Center when the Fourth Amendment was approved on April 4, 2017. The Fourth
Amendment extended the Phase II deadline from January 1, 2018, to April 1, 2018. In order for the grantee to be eligible for an extension beyond April 1, 2018, at least 270,000 square feet (approximately 90%) of the Phase II retail improvements must have a CO or have a completed foundation approved by the City’s Building Official at the time of the request and prior to the April
1, 2018 deadline. The deadline was not permitted to extend beyond July 1, 2018.
The Phase I Marketplace completed over 582,000 square feet of retail and commercial space and grant installments were initiated in August 2012. The 300,000 square foot threshold at the Phase II Town Center was met in June 2018 and the Phase II monthly installments of 50% ($0.75) of the
1.5% sales tax collected by the City from sales taxes generated at the Rayzor Ranch Town Center
initiated with the July 2018 reports, which were paid in August 2018. The additional grant, to reimburse for the loss of revenue in Phase II from the Hotel and Convention Center Project also commenced with the July 2018 reports, which were paid in August 2018.
Town Center Assignment
The fourth assignment involved the sale of a portion of the Rayzor Ranch Town Center and assignment of Phase II rights, title, interest and obligations by RED Development to RR Town Center Associates, LLC (“Fidelis”) in March of 2019. RED Development escrowed funds for roadways (Heritage Trail, Panhandle) and sidewalks; utilities; and traffic light improvements in
Date: July 19, 2019 Report No. 2019-146
the Town Center. Economic Development staff have been working with Fidelis since 2016, when the Marketplace (north side) of the development was assigned from Allegiance II to Rayzor Ranch 380 Associates LLC after a Fidelis led partnership purchased the Marketplace. Fidelis now
manages the majority of the development (north and south), with the exception of individual properties sold to other owners, including: Wal-Mart, Sam’s, Kohl’s, Chick-fil-A, Whataburger, In-and-Out Burger, the Convention Center, Andy B’s, Rooms To Go, Chase Bank, IHOP and the Villages at Rayzor Ranch multi-family development. RED Development also owns one parcel in the Town Center.
Current Chapter 380 Grant Terms This section presents a summary of the current terms of the Chapter 380 Economic Development Program Grant Agreement, as amended. The Phase I grant installments include 50% ($0.75) of the
1.5% sales tax collected by the City from sales taxes generated at the Marketplace. Phase I was
initiated in August of 2012 and will terminate in August 2032 (20 years) or when the $68 million cap is reached, whichever occurs first. The amount that has been paid relating to the Program Grant for Phase I under the Agreement is $7,360,623.
The Phase II monthly installments also include 50% ($0.75) of the 1.5% sales tax collected by the
City from sales taxes generated at the Town Center and will terminate in August of 2043 (25 years)
or when the $68 million cap is reached, whichever occurs first. The additional grant, to reimburse for the loss of revenue and upfront cost of infrastructure in Phase II from the Hotel and Convention Center Project, is based on both Phase I and II and consists of 15% ($0.225) of the 1.5% sales taxes collected by the City until $5 million is reached. The additional grant commenced with the
July 2018 reports, which were paid in August 2018. The additional grant does not increase the $68
million cap. The amount that has been paid relating to the Program Grant for Phase II under the Agreement is $694,036. The total amount paid to date for both Phase I and II is $8,054,659.
Overlay District The Rayzor Ranch Overlay District (RROD) was first created in 2007, and includes a total of 410
acres of land located on both sides of US Highway 380 between I-35 and Bonnie Brae Street. The
RROD serves an overlay to the City’s base zoning districts and is intended to provide consistent design criteria and development standards for the entire mixed-use development (see Exhibit 4).
The RROD is subdivided into two primary areas: (1) the Marketplace located on the north side of
Highway 380 and (2) the South Campus located on the south side of Highway 380. These two
areas are then further subdivided into districts, and each district has its own development standards for site design, architecture, landscaping, and signage. The standards are specific as to the permitted building materials, color palette, plant materials, number and type of signs, etc. Additionally, the RROD provides for a process that requires Planning and Zoning Commission
approval for the site plan, landscape plan, and building elevations of most new construction.
A meeting was held on April 8, 2019 to introduce the new developer of the Town Center portion of the South Campus (as shown on Exhibits 3 and 4), Fidelis, tour the development, get updates on the status of infrastructure and development projects, and share information on the economic
development incentive at the Rayzor Ranch development. At this meeting, Rick Coe, with Fidelis, stated that the company does not anticipate the need to amend the overlay district at this time.
Date: July 19, 2019 Report No. 2019-146
Please note that the recent amendment to the RROD (approved May 21, 2019) was applicable only to residential development within the South Mixed Use District areas located east of Heritage Trail. This portion of the development is not controlled by Fidelis Realty Partners.
In addition to the RROD standards adopted and enforced by the City, there is also a Rayzor Ranch Master Plan filed with Denton County. The Master Plan applies private deed restrictions to the land, and includes an owner’s association. The association has sub-bodies such as an architectural board that review all plans for conformity to the site design and architectural requirements of the
Master Plan. Typically these reviews occur before plans are submitted to the City. The Master Plan is not enforced by the City.
Current Status of the Rayzor Ranch Overlay District
This section presents a summary of the current status of the RROD. With the most recent amendment to the Overlay District in May, development standards have now been adopted for all portions of the district except for non-residential development within the South Mixed Use District. Standards for this will have to be proposed and adopted prior to any development of non-
residential uses in this sub-district, similar to what was approved on May 21, 2019 for residential
uses. Once those standards are approved, all of the placeholders in the RROD will be completed, and the only changes to the RROD would occur if the developers/owners seek to change sub-district boundaries or amend the text to allow for changes in permitted uses, development standards, etc. Site plans for new development within the RROD will continue to go to the Planning
and Zoning Commission for approval.
Any additions or amendments to the RROD standards follow the City’s zoning amendment procedure, which requires two public hearings, one at the Planning and Zoning Commission and one at City Council. The complete history of the RROD is not included in this ISR, but can be
provided in a separate report, if requested.
Public Improvement District On May 13, 2014, the City Council adopted a resolution (Resolution 2014-022) which authorized the creation a Rayzor Ranch Public Improvement District No. 1 (“PID”) for the south side of the
Rayzor Ranch development. A public improvement district is a defined area where public improvements may be financed through the use of special assessments of private property within said district. The funds from the assessment can also be used to maintain those improvements. These assessments are paid by the property owners within the district. Under Chapter 372 of the Local Government Code, a public improvement district may be formed to accomplish any of the
following improvements:
•Water, wastewater, health and sanitation, or drainage improvements (including acquisition,construction, or improvements of water, wastewater or drainage improvements);
•Street and sidewalk improvements (acquiring, constructing, improving, widening,
narrowing, closing or rerouting sidewalks, streets or any other roadways or their rights-of-way);
•Mass transit improvements (acquisition, construction, improvement or rerouting of mass
transportation facilities);
Date: July 19, 2019 Report No. 2019-146
•Parking improvements (acquisition, construction or improvement of off-street parkingfacilities);
•Library improvements (acquisition, construction or improvement of libraries);
•Park, recreation and cultural improvements (the establishment or improvement of parks);
•Landscaping and other aesthetic improvements (erection of fountains, distinctive lighting
and signs);
•Art installation (acquisition and installation of pieces of art);
•Creation of pedestrian malls (construction or improvement of pedestrian malls);
•Similar improvements (projects similar to those listed above);
•Supplemental safety services for the improvement of the district, including public safetyand security services; or
•Supplemental business-related services for the improvement of the district, includingadvertising and business recruitment and development.
A PID Memorandum of Understanding (MOU) was approved by Denton City Council in May 2014 (Ordinance 2014-144). The MOU established the financing criteria and limitations for the
PID.
The PID includes approximately 230 acres in the southeast quadrant of the intersection of West University Drive (U.S. Highway 380) and Interstate Highway 35. Allegiance, RED Development, and Fidelis own the majority of the property, with the exception of individual property owners
aforementioned.
The property is being developed for commercial/retail and multi-family uses comparable in quality to the Rayzor Ranch Marketplace north of West University Drive. No single-family uses are currently contemplated for Improvement Area No.1. or future assessments of the PID. The
required public improvements will be paid with assessments levied against the property within the district. No city property will be assessed, and the City will not otherwise have any liability to pay assessments. All costs of the collection and administration of the district will be paid by property owners as part of the annual installments of assessments. Costs and penalties resulting from assessment delinquencies (including foreclosure) will also be paid by property owners in the same
manner as for ad valorem tax delinquencies.
Since the authorization of the PID in 2014, RED Development has been working to construct the infrastructure on the south side of Rayzor Ranch so that development can occur. In March 2016, The City, Allegiance, and RED Development entered into a Reimbursement Agreement
(Ordinance 2016-077) which outlined the terms of how the costs related to this infrastructure will be reimbursed to the developers once the PID begins levying special assessments.
Due to state law, a Service and Assessment Plan (“SAP”) must be adopted for the PID before assessments can be levied.
Service and Assessment Plan The developer submitted a draft SAP to the City in late 2018. Staff enlisted the services of Mitch Mosesman, with 30 Three Sixty Public Finances, to conduct a peer review of the draft SAP. The
Date: July 19, 2019 Report No. 2019-146
majority of the peer review suggested edits involved addressing inconsistencies between the SAP, MOU, and the Reimbursement Agreement. Staff has also worked with our legal team and bond counsel to review the preliminary draft SAP. Staff and the developers are currently working
through a few items involving the benefit allocation and special assessment methodology that will require additional time before all parties can agree upon a final SAP to submit to City Council.
The Developer has focused the draft SAP on Improvement Area No. 1, which will be developed initially (see Exhibit 5), but plans to extend the area south to Panhandle. If and when such future
improvement areas are developed, this SAP will be updated by the City Council to include the future improvement area public improvements including the related special assessments that apportion the actual costs of the future improvement area public improvements to the respective future improvement areas.
Next Steps Staff will continue working with the developer, internal stakeholders, 30 Three Sixty Public Finance, and Legal to finish the draft SAP and an amended and restated reimbursement agreement that will cover all of Improvement Area No. 1. Staff will bring both the SAP and reimbursement
agreement forward to City Council later this summer.
EXHIBITS 1. Summary of Amendments and Assignments
2.Rayzor Ranch Marketplace Map
3.Rayzor Ranch Town Center Map4.Rayzor Ranch Overlay Map5.Rayzor Ranch PID Map
STAFF CONTACTS: Erica Sullivan Economic Development Analyst 940-349-7731 Erica.Sullivan@cityofdenton.com
Jessica Rogers Director of Economic Development 940-349-7531 Jessica.Rogers@cityofdenton.com
REQUESTOR:
This Informal Staff Report was prepared in response to Mayor Watt’s request from information from Council on the Rayzor Ranch Town Center change of ownership, the overlay district and the process to change it, and a summary on the Rayzor Ranch economic development incentive.
PARTICIPATING DEPARTMENTS: Economic Development, Legal, Development Services,
Finance and the City Management Office participated in this ISR. Please note that staff also coordinated and incorporated comments from three developers.
STAFF TIME TO COMPLETE REPORT: The estimated amount of cumulative staff time to
complete the report and associated research is over 100 hours.
Rayzor Ranch Summary of Amendments/Assignments
Agreement/
Amendment
2007
Original Agreement 2010 New Agreement
2010
1st Amendment
2014
2nd Amendment
2015
3rd Amendment
2017
4th Amendment
2019
4th Assignment
Parties
Ch 380 Agreement with
Allegiance Hillview, LP
Ch 380 Agreement with
Allegiance Hillview, LP
1st Assignment from
Allegiance Hillview
to RED Development
RED Development and
Allegiance Hillview
2nd Assignment from
Allegiance Hillview,
L.P. to a new
subsidiary,
Allegiance GL LLC
3rd Assignment from Allegiance
GL, LLC to Rayzor Ranch 380
Associates
2019 4th Assignment: sale of
the Rayzor Ranch Town
Center from RED
Development to Fidelis
Realty Partners
Grant
25% rebate for 36
months, 50% for 204
months
50% rebate in PI
50% rebate in PII
PI (North of 380)
PII (South of 380)
allocated:
PI: $20M to
Allegiance
PII: $42M to RED
Devp.
Phase I: 400K SF Phase II:
"Initial" 300K SF,
"Additional" 300K SF
50% rebate in PI &
PII, additional 15%
grant until $5M to
offset loss of
convention center
50% rebate PI: Fidelis
50% rebate PII: RED
Additional 15% grant to offset
loss of convention center: RED
50% rebate PI: Fidelis
50% rebate PII: Fidelis
Additional 15% grant to
offset loss of convention
center: Fidelis
Term 20 years 20 years 20 years PI: 20 years, PII: 25 years
PI: 20 years, PII: 25
years PI: 20 years, PII: 25 years PI: 20 years, PII: 25 years
Deadline
retail and infrastructure
>1M Sq.ft.
1/1/12
retail and infrastructure
PI: 400k SF 1/1/13
PII: 600k SF 1/1/15
Same.
Grant initation of PI
on 8/2012 PII: "Initial" 300k SF 1/1/18 PII: 1/1/18
Extends the Phase II deadline
from 1/1/18 to 4/1/18 if 90% of
300K SF met, If met: 7/1/18
deadline
Grant initation of PII on
7/2018
Cap $62M $62M $62M $68M $68M $68M $68M
Note: Ordinances 2009-064 is not included in this table
Payments to Date
Grant Grant Payment Total Term
$7,360,623 20 years:2033
$694,036 25 years:2043
$8,054,659
$427,410
$5 million (Estimated
at 9 years):2027
Phase II Town Center includes the Additional Program Grant
Exhibit 1
Phase I Program Grant Marketplace
Phase II Program Grant Town Center
Additional 15% Program Grant on Phase I
and Phase II
Total Phase I and II Program Grants
VAN VAN VANVANVANVAN
VANNOT A PART
NOT A PART
US Hwy 380 / University Dr (19,968 vpd)Bonnie Brae St5,940 SF.57 Acres
NOT A PART
Detention
Pond
Detention
Pond
Detention
Pond
1
2
3
4 5
6
6 7
10
9
8
6
11
13
21
20
19
18
17
1516
14
25
26
23
2240
32
31
30
29
28
27
33
3439383736
35
47
44
45
46
43
42
4148
49
proposed
NOT A PART
NOT A PART
RETAILA
RETAILD
RETAILB RETAILC
RETAILE
RETAILG1 RETAILF1 RETAILF2
RETAILJ
12
2,200 SF2,548 SF3,000 SF24
®2,966 SF2,001 SFRETAILK
AVAILABLE
LEASE PENDING
EXECUTED
1. Petco (2640 W University Dr # 1280) 10,0002. Jo-Ann (2640 W University #1276) 21,8903. Boot Barn (2640 W University Dr # 1270) 14,0004. Salons by JC (2640 W University Dr # 1266) 7,5585. AVAILABLE (2640 W University Dr # 1262) 2,9666. Five Below (2640 W University Dr # 1260) 7,749 7. Famous Footwear (2640 W University #1256) 6,0008. Ross (2640 W University #1250) 25,0009. America’s Best (2640 W University Dr # 1240) 3,30010. Guitar Center (2640 W University Dr # 1210) 10,00011. Tuesday Morning (2608 W University Dr) 12,390 12. Marshalls (2907 W University Dr) 21,52213. Academy (2600 W University Dr) 72,15614. AVAILABLE .57 Acres15. CareNow (2310 W University Dr #1500) 4,00016. AVAILABLE (2310 W University Dr #1540) 2,00117. Lease Pending (2320 W University Dr #1499) 1,40018. Donut Joy (2320 W University Dr #1450) 59019. Starbucks (2320 W University Dr #1450) 1,850
20. Taco Cabana (2330 W University Dr) 3,67321. AVAILABLE 5,94022. First State Bank (2430 W University Dr) 4,50023. Kurume Ramen (2500 W University Dr #1330) 2,00024. James Avery (2500 W University Dr #1300) 2,40025. Panera Bread (2510 W University Dr) 4,05026. Cowboy Chicken (2520 W University Dr #1150) 2,80027. AVAILABLE (2520 W University Dr #1154) 3,00028. AVAILABLE (2520 W University Dr #1160) 2,54829. GNC (2520 W University Dr #1166) 1,40030. Sport Clips (2520 W University Dr #1170) 1,30031. AT&T (2520 W University Dr #1180) 3,50032. Mooyah (2530 W University Dr #1100) 2,50033. Dickey’s (2530 W University Dr ##1110) 2,26034. Serenity Nails (2530 W University Dr #1120) 2,59435. Colorful Hearing (2530 W University Dr #1130) 1,81236. Villa Grande (2530 W University Dr #1140) 3,80037. Panda Express (2700 W University Dr #1050) 2,46938. Which Wich? (2700 W University Dr #1054) 1,500
# TENANT SQUARE FEET # TENANT SQUARE FEET # TENANT SQUARE FEET
RAYZOR RANCH MARKETPLACE - PHASE I ¡ SITE PLAN
GREAT 16,320 SF SPACE AVAILABLE NEAR MAJOR MALL ENTRANCENE CORNER OF I-35 @ HIGHWAY 380 ¡ DENTON, TX 76201
39. Absolute Smile (2700 W University Dr #1060) 2,50040. Deluxe Nails (2700 W University Dr #1070) 2,00041. Yogurt Story (2700 W University Dr #1080) 1,78042. Freebirds (2700 W University Dr #1090) 2,69543. Mattress Firm (2710 W University Dr #1000) 4,00044. H&R Block (2710 W University Dr #1010) 1,40045. Wing Stop (2710 W University Dr #1012) 1,63946. SuperCuts (2710 W University Dr #1016) 1,20947. GameStop (2710 W University Dr #1020) 1,60048. AVAILABLE (2710 W University Dr #1030) 2,20049. T-Mobile (2710 W University Dr #1040) 2,500
TOTAL GLA 301,941
12,640 SF 12,640 SFUS Hwy 380 / University Dr (19,968 vpd)Interstate 3
5
(93,986 vpd
)
Heritage Trail
Pan
handle Street
NOT A PART
NOT A PART
MULTI-FAMILY300 UNITS
NOT A PART
NOT A PART
NOT A PART
NOT A PART
NOT A PART
NOT A PART
FUTUREDEVELOPMENT
1,400 SF
1
23
4
5
6
7
8 8,800 SF
109
11
13
15
14
12
20
19
18
17
16
21
25
23
22
24
26
32
31
30
29
28
27
35
36
38
37
NOT A PART
6,000 SF
5,800 SF
42
41
40
3334
5,800 SF
16,000 SF
5,800 SF
25,607 SF
10,000 SF
10,000 SF
15,023 SF
30,000 SF
5,000 SF
21,345 SF
47,710 SF
5,000 SF
7,800 SF
5,900 SF
7,000 SF
1,501 SF
FUTUREDEVELOPMENT
FUTUREDEVELOPMENT
6,000 SF
39
RAYZOR RANCH TOWN CENTER ¡ SITE PLAN
GREAT 16,320 SF SPACE AVAILABLE NEAR MAJOR MALL ENTRANCESEE NEXT PAGE FOR TENANT DETAILS
AVAILABLE
LEASE PENDING
EXECUTED
5207 MCKINNEY AVENUE ¡ SUITE 22 ¡ DALLAS, TEXAS 75205
214.953.1400 ¡ www.frpltd.com
FID ELIS
R e alt y P a r t n ers
12,640 SF 12,640 SFUS Hwy 380 / University Dr (19,968 vpd)Interstate 35
(93,986 vpd
)
Heritage Trail
P
an
handle Street
NOT A PART
NOT A PART
MULTI-FAMILY300 UNITS
NOT A PART
NOT A PART
NOT A PART
NOT A PART
NOT A PART
NOT A PART
FUTUREDEVELOPMENT
1,400 SF
1
2
3
4
5
6
7
8 8,800 SF
10
9
11
13
15
14
12
20
19
18
17
16
21
25
23
22
24
26
32
31
30
29
28
27
35
36
38
37
NOT A PART
6,000 SF
5,800 SF
42
41
40
3334
5,800 SF
16,000 SF
5,800 SF
25,607 SF
10,000 SF
10,000 SF
15,023 SF
30,000 SF
5,000 SF
21,345 SF
47,710 SF
5,000 SF
7,800 SF
5,900 SF
7,000 SF
1,501 SF
FUTUREDEVELOPMENT
FUTUREDEVELOPMENT
6,000 SF
39
1. Cotton Patch (2505 W University Dr #1001) 4,500
2. AVAILABLE (2505 W University Dr #1010) 1,400
3. My Eyelab (2505 W University Dr #1015) 2,800
4. Zoe’s Kitchen (2515 W University #1017) 2,820
5. Massage Envy (2515 W University #1023) 3,200
6. Sprint (2515 W University #1029) 2,820
7. Raising Cane’s (2705 W University Dr) 3,575
8. AVAILABLE 8,800
9. Chipotle (2735 W University Dr #1051) 2,200
10. Firehouse Subs (2735 W University Dr #1059) 1,807
11. Kung Fu Tea (2735 W University Dr #1061) 1,502
12. Great Clips (2735 W University Dr #1065) 1,068
13. Brain Balance (2735 W University Dr #1075) 2,560
14. Luxe Nail Salon (2735 W University Dr #1085) 2,450
15. Select Comfort (2735 W University Dr #1095) 2,500
16. AVAILABLE 6,000
17. AVAILABLE 5,800
18. Chili’s (2825 W University Dr) 6,088
19. AVAILABLE 5,800
20. AVAILABLE 16,000
21. AVAILABLE 12,640
22. AVAILABLE 12,640
23. AVAILABLE 5,800
24. AVAILABLE 25,607
25. AVAILABLE 10,000
26. AVAILABLE 10,000
27. AVAILABLE 15,023
28. AVAILABLE 30,000
29. AVAILABLE 5,000
30. AVAILABLE 21,345
31. AVAILABLE 47,710
32. Growler Bar (2655 W University DR) 2,210
33 AVAILABLE (2655 W University Dr) 1,501
34. Taqueria Monterrey (2655 W University Dr) 3,000
35. WinCo Foods (2645 W University Dr) 85,931
36. Alamo Drafthouse Cinema (3220 Town Center Tr) 41,110
37. Cheddars Scratch Kitchen 7,500
38. AVAILABLE 5,000
39. AVAILABLE 6,000
40. AVAILABLE 7,800
41. AVAILABLE 5,900
42. AVAILABLE 7,000
TOTAL GLA 452,407
RAYZOR RANCH TOWN CENTER ¡ SITE PLAN
SE CORNER OF I-35 @ HIGHWAY 380 ¡ DENTON, TX 76201
# TENANT (ADDRESS) SQUARE FEET # TENANT (ADDRESS) SQUARE FEET
AVAILABLE
LEASE PENDING
EXECUTED
SITUS ADDRESS OWNER NAME MAILING ADDRESS OWNER NAME (all CAPS)
2321 W University Dr Tx 76201‐1649 Abs Tx Investor Lp 250 E Park Center Boulevard, Boise, ID 83726‐0001 ABS TX INVESTOR LP
2317 W University Dr 76201 Benbrooke Univ Partners 5924 Royal Ln Ste 250, Dallas, TX 75230‐8802 BENBROOKE UNIV PARTNERS
2311 W University Dr 76201‐1649 Benbrooke Univ Partners 5924 Royal Ln Ste 250, Dallas, TX 75230‐8802 BENBROOKE UNIV PARTNERS
2303 W University Dr 76201‐1649 Mfd Inc 2303 W University Dr, Denton, TX 76201‐1649 MFD INC
Scripture St 76201 Cook Children's Health Care System 801 7th Avenue, Fort Worth, TX 76104‐2733 COOK CHILDREN'S HEALTH CARE SYSTEM
Texas Oncology Properties Llc 12221 Merit Dr Ste 500, Dallas, TX 75251‐3100 TEXAS ONCOLOGY PROPERTIES LLC
2620 Scripture St Tx 76201‐4315 Hta‐denton Llc 16427 N Scottsdale Rd Ste 440, Scottsdale, AZ 85254‐7103 HTA‐DENTON LLC
SITUS ADDRESS OWNER NAME MAILING ADDRESS OWNER NAME (all CAPS)
1160 Bonnie Brae 76201‐2421 Dsmg Ltd 1160 N Bonnie Brae St, Denton, TX 76201‐2421 DSMG LTD
W University Dr South Stemmons Prop Group Ltd 1801 Hinkle Dr Ste 150, Denton, TX 76201‐1768 SOUTH STEMMONS PROP GROUP LTD
1230 N Bonnie Brae St 76201‐5475 Mrs Leona Ewing 1228 Bellemead Dr, Denton, TX 76201‐2418 MRS LEONA EWING
1224 N Bonnie Brae St 76201‐5475 Linda Marie Casias Roth 208 Meadow Ln, Denton, TX 76207‐7411 LINDA MARIE CASIAS ROTH
1220 N Bonnie Brae 76201‐5475 Windsor Hall Inc. 1409 San Gabriel Dr, Denton, TX 76205‐6600 WINDSOR HALL INC
1218 N Bonnie Brae St 76201‐5475 Marilyn R Janke 145 S Forest Ln, Double Oak, TX 75077‐8284 MARILYN R JANKE
1160 N Bonnie Brae 76201‐2421 Dsmg Ltd 1160 N Bonnie Brae St, Denton, TX 76201‐2421 DSMG LTD
1160 Bonnie Brae 76201‐2421 Dsmg Ltd 1160 N Bonnie Brae St, Denton, TX 76201‐2421 DSMG LTD
1160 N Bonnie Brae 76201‐2421 Bruce A & Rhonda Huther 1890 S Keaton Rd, Sanger, TX 76266‐8702 BRUCE A & RHONDA HUTHER
1100 N Bonnie Brae St 76201‐2421 John Kozura III 777 El Cielito St, Denton, TX 76205‐8317 JOHN KOZURA III
1026 N Bonnie Brae 76201‐2420 Nelta Bahnsen 5707 Glen Pines Dr, Houston, TX 77069‐1818 NELTA BAHNSEN
1020 N Bonnie Brae 76201‐2420 Melvin L & Patricia L Sumrall Life Estate & Etal 1020 N Bonnie Brae St, Denton, TX 76201‐2420 MELVIN L & PATRICIA L SUMRALL LIFE ESTATE & ETAL
1014 N Bonnie Brae 76201‐2420 James H Mahoney 1014 N Bonnie Brae St, Denton, TX 76201‐2420 JAMES H MAHONEY
1008 N Bonnie Brae 76201‐2420 Danny R & Carmen Whitaker 1008 N Bonnie Brae St, Denton, TX 76201‐2420 DANNY R & CARMEN WHITAKER
1002 N Bonnie Brae 76201‐2420 Albert & Opal Harpool Revocable Living Trust 1002 N Bonnie Brae St, Denton, TX 76201‐2420 ALBERT & OPAL HARPOOL REVOCABLE LIVING TRUST
924 N Bonnie Brae 76201‐2419 Nadine S Wilson 924 N Bonnie Brae St, Denton, TX 76201‐2419 NADINE S WILSON
916 N Bonnie Brae 76201‐2419 Charline S Rodgers Family Trust 1128 Bent Oaks Dr, Denton, TX 76210‐8350 CHARLINE S RODGERS FAMILY TRUST
910 N Bonnie Brae 76201‐2419 Weldon Glen McBride 1819 Laurelwood Dr, Denton, TX 76209‐2234 WELDON GLEN MCBRIDE
902 N Bonnie Brae 76201‐2419 Paul J & Dianna Banda 902 N Bonnie Brae St, Denton, TX 76201‐2419 PAUL J & DIANNA BANDA
818 N Bonnie Brae 76201‐2499 Clarence D Wynn 818 N Bonnie Brae St, Denton, TX 76201‐2499 CLARENCE D WYNN
N Bonnie Brae Tx 4a Properties Ltd 300 Cove Dr, Shady Shores, TX 76208‐7110 4A PROPERTIES LTD
802 N Bonnie Brae 76201‐2499 4a Properties Ltd 300 Cove Dr, Shady Shores, TX 76208‐7110 4A PROPERTIES LTD
2423 Panhandle St 76201‐2439 Gregory P Rowlett PO Box 850, Lewisville, TX 75067‐0850 GREGORY P ROWLETT
McKenna Park City of Denton Municipal Building, 215 E McKinney St, Denton, TX 76201‐42CITY OF DENTON
Adjacent Property Ownership West of Bonnie Brae
Adjacent Property Ownership East of Bonnie Brae
SITUS ADDRESS OWNER NAME MAILING ADDRESS
2200 Northway Dr 76207‐1032 James W Curnutt & Richard D Ruark 2200 Northway, Denton, TX 76207‐1032
2201 Northway Dr 76207‐1033 Josue Ordonez 2201 Northway, Denton, TX 76207‐1033
2200 Southway 76207‐1028 Ruth Delia Chavez 10641 Steppington Dr Apt 2029, Dallas, TX 75230‐4668
2201 Southway 76207‐1029 Sarah E Beveridge & Christopher Files 2201 Southway, Denton, TX 76207‐1029
2200 Overlook Ln 76207‐1024 Bryan & Joyce Cassell 2200 Overlook Ln, Denton, TX 76207‐1024
2201 Overlook Ln 76207‐1025 En L Khoe 2201 Overlook Ln, Denton, TX 76207‐1025
2200 Lookout Ln 76207‐1020 James H & Barbara J Grote 2210 Amberstone, Fredericksbrg, TX 78624‐6795
2201 Lookout Ln 76207‐1021 Billy R & Suzanne E Smith 2201 Lookout Ln, Denton, TX 76207‐1021
2200 Crestmeadow St 76207‐1636 Bob F Watson 2200 Crestmeadow St, Denton, TX 76207‐1636
2128 Crestmeadow St 76207‐1634 Susan M Allison 701 Chaparral Rd, Sanger, TX 76266‐6859
2124 Crestmeadow St 76207‐1634 Johnny D Guajardo 2124 Crestmeadow St, Denton, TX 76207‐1634
2120 Crestmeadow St 76207‐1634 Victor & Damia Cleaver 2120 Crestmeadow St, Denton, TX 76207‐1634
2116 Crestmeadow St 76207‐1634 Carolyn Gilbert 2116 Crestmeadow St, Denton, TX 76207‐1634
2112 Crestmeadow St 76207‐1634 Tim & Kenna J Johnson 2112 Crestmeadow St, Denton, TX 76207‐1634
2108 Crestmeadow St 76207‐1634 Laura L Fogle 2108 Crestmeadow St, Denton, TX 76207‐1634
2104 Crestmeadow St 76207‐1634 Susan Pierce 2104 Crestmeadow St, Denton, TX 76207‐1634
2100 Crestmeadow St 76207‐1634 Martha Sue Webb 2100 Crestmeadow St, Denton, TX 76207‐1634
2020 Crestmeadow St 76207‐1632 Gerald L & Nedra Mitchell 2575 Thomas J Eagan Rd, Denton, TX 76207‐2800
2601 Thunderbird Dr James J Sitton 2601 Thunderbird Dr, Denton, TX 76207‐1601
2605 Thunderbird Dr 76207‐1601 Brenda K & Edgar Leavell 2605 Thunderbird Dr, Denton, TX 76207‐1601
2609 Thunderbird Dr 76207‐1601 James M Jr & Stephanie K Wilson 2609 Thunderbird Dr, Denton, TX 76207‐1601
2613 Thunderbird Dr 76207‐1601 Sheree L Sardina 2613 Thunderbird Dr, Denton, TX 76207‐1601
2701 Thunderbird Dr 76207‐1603 Kirtland B Watkins 2701 Thunderbird Dr, Denton, TX 76207‐1603
2705 Thunderbird Dr 76207‐1603 Gene H Fahrenbacher 2705 Thunderbird Dr, Denton, TX 76207‐1603
2709 Thunderbird Dr 76207‐1603 Kristine Bolin PO Box 50171, Denton, TX 76206‐0171
2713 Thunderbird Dr 76207‐1603 Steve Oberlender 2713 Thunderbird Dr, Denton, TX 76207‐1603
2717 Thunderbird Dr 76207‐1603 Jimmy C & Neva L Shelton 2717 Thunderbird Dr, Denton, TX 76207‐1603
2721 Thunderbird Dr 76207‐1603 Klein & Barenblat Law Offices 5940 Wilcox Pl Ste A, Dublin, OH 73016‐6805
2801 Thunderbird Dr 76207‐1605 Ricky L & Britta Wheeler 2801 Thunderbird Dr, Denton, TX 76207‐1605
2805 Thunderbird Dr 76207‐1605 Cathleen Desouza Carothers 2106 Hawksbury Way, Cedar Park, TX 78613‐6878
2809 Thunderbird Dr 76207‐1605 Mark McGary 2809 Thunderbird Dr, Denton, TX 76207‐1605
2813 Thunderbird Dr 76207‐1605 Stephen R Speer 2813 Thunderbird Dr, Denton, TX 76207‐1605
2817 Thunderbird Dr 76207‐1605 David & Veronica Brunner 2817 Thunderbird Dr, Denton, TX 76207‐1605
2901 Thunderbird Dr 76207‐1272 Donald W Fleming 2901 Thunderbird Dr, Denton, TX 76207‐1272
2900‐2912 Augusta Dr 76207‐1223 David TW Sung PO Box 3580, Santa Monica, CA 90408‐3580
Augusta Dr 76207 David TW Sung PO Box 3580, Santa Monica, CA 90408‐3580
2915‐3017 Augusta Dr 76207‐1214 David TW Sung PO Box 3580, Santa Monica, CA 90408‐3580
4234 I35 Tx 76207‐3408 Gramar Corp Unknown
2205 N Bonnie Brae 76207‐1018 Jess Newton Rayzor Estate PO Box 609, Denton, TX 76202‐0609
City of Denton Municipal Building, 215 E McKinney St, Denton, TX 76201‐4229
2230 W University Dr 7620‐0648 David R Fulton Trustee 5529 Freeman Rd, Krum, TX 76249‐3358
W University St Mesquite Creek Dev Inc PO Box 22845, Oklahoma City, OK 73123‐1845
2804 W University Dr 76201‐1601 Mesquite Creek Dev Inc PO Box 22845, Oklahoma City, OK 73123‐1845
2816 W University Dr 76201‐1601 Mesquite Creek Dev Inc PO Box 22845, Oklahoma City, OK 73123‐1845
2828 W University Dr 76201‐1601 Mesquite Creek Dev Inc PO Box 22845, Oklahoma City, OK 73123‐1845
2900 W University Dr Tx 76201‐1632 University Lodging Partners LP 1721 Pleasant Pl, Arlington, TX 76015‐4529
2828 W University Dr 76201‐1601 Mesquite Creek Dev Inc PO Box 22845, Oklahoma City, OK 73123‐1845
4008 N I35 Tx 76207‐3406 CBOCS Texas LTD P/S PO Box 787, Lebanon, TN 37088‐0787
Adjacent Property Ownership North of U.S. Hwy. 380