While discussing the
latest SuperTarget rumors in the
Forney Discussion Forums, I decided to do a bit of digging and get in touch with a few people who might be able to confirm or deny what I had been hearing. In the process, I found out that Metropolitan Capital Advisors, Ltd. has been soliciting for an investment into Shafer Plaza at Mustang Crossing. Specifically, of $23.55 million needed to develop and pay-off the development costs for the remaining phase(s) of Shafer Plaza, $4.2 million is being raised from equity investors. One item that has caught several people's attention is that the information that was distributed about the investment states "If the Sponsorship is able to consummate a deal with SuperTarget..." - read on for more info...
Apparently Shafer is trying to purchase the land that
Forney Commons was going to be built on. I had heard rumors that Woodmont had pulled out and Forney Commons was not going to happen, leaving 40 acres of land prime for retail development there along 80 just sitting idle. If Shafer is successful in purchasing the land, it appears the intent is to re-design the remaining phase of Shafer Plaza that has yet to be built in order to better tie it into a new SuperTarget-anchored shopping center that would be built there.
From what I've heard, this information concerning this investment was put together back in February. So at this point, it could be a done-deal, or it could have fallen through. I can't seem to find anyone who will publicly confirm or deny this.
Even if the SuperTarget deal falls through, it appears that the remaining phase of Shafer Plaza will be a great development - it looks like the building that Double Dave's is in will be expanded to include 2 24,000 square foot "anchor" stores as well as another 15,000 square feet of smaller shops, similar to the 3 buildings already completed in Shafer Plaza. There's also 2 pad sites remaining - they look perfect for a couple more good fast food options.
Here's a good overview of the plan for Shafer Plaza - the highlighted portion is the land that has yet to be built on, which is the section that will change to provide better access to the SuperTarget, if the SuperTarget is indeed built. The SuperTarget-anchored shopping center would be above this photo, on the other side of Old FM-548. Click the image to view a larger version.
I can't determine for sure if this investment opportunity is still available - I believe it is, however, and according to what I've heard, it has an IRR of 25%, so it's not a bad deal, in my opinion. Those with way more money than I have who want to invest in Forney's future and make a decent profit doing so, can contact Metropolitan Capital Advisors at 18111 Preston Road, Suite #650, Dallas, TX 75252 or via phone at 972-267-0600. They seem to be calling the project the Mustang Crossing project.
Also, it never hurts to get in touch with Target and make sure they realize there's a huge demand in Forney for not just a Target, but a SuperTarget. The appropriate contact-us form on the Target website seems to be
located here, and that page lists a phone number of 1-800-440-0680 to speak with a member of their "guest relations" team about their stores.
If you have any other information you'd like to share directly with me about this financing deal, SuperTarget, etc., feel free to email me at
Josh@TwentyPeacefulMinutes.com.
