A 40-acre mixed-use development anchored by Southlake\u2019s first Whole Foods Market is set to begin construction this month on one of the last family-owned tracts of land in the city.<\/p>\n
Fort Worth\u2019s Trademark Property and partner Harrison Street Asset Management announced Sept. 2 that construction will begin this month on the project, Shivers Farm, with an official groundbreaking planned in the next few weeks. Trademark officials have previously said they are aiming for an opening in the second half of 2028.\u00a0<\/p>\n
It\u2019s a busy time for Trademark Property, said Terry Montesi, CEO and founder of the 34-year-old real estate development firm.\u00a0<\/p>\n
\u201cWe are seeing a resurgence of retail development across the country, with three of our own projects breaking ground this summer,\u201d he said. \u201cShivers Farm stands out as one of Southlake\u2019s most significant commercial developments in recent history, and we look forward to bringing this project to life alongside Harrison Street in one of Texas\u2019 most affluent communities.\u201d<\/p>\n
Trademark Property also announced an investment from Harrison Street Asset Management, a global investment management firm, in the estimated $120 million project.\u00a0<\/p>\n
It\u2019s not the first rodeo for Trademark and Harrison Street. The two firms also established a joint venture for Anthem, the 403,000-square-foot, $135 million redevelopment of the former Lincoln Square in north Arlington, which officially got off the ground<\/a> on Aug. 3.<\/p>\n Shivers Farm will add 111,000 square feet of retail, 38,000 square feet of Class A boutique office space, 37 single-family lots, and a 3-acre pad approved for hotel, entertainment or additional retail uses. Nearby will be a nearly 1-acre park built around existing heritage live oak trees. A cluster of restaurants with outdoor seating will surround the park.<\/p>\n It is not Trademark\u2019s first dance with Whole Foods. Trademark developed Fort Worth\u2019s Waterside with Whole Foods as the anchor tenant where it opened in 2016.\u00a0<\/p>\n Trademark has signed three leases totaling 40,199 square feet and is in active negotiations with additional retailers and restaurants representing another 65,000 square feet, according to the company, which did not identify the retailers. Trademark is still finalizing the design of the three-story, Class-A boutique office portion of the project.\u00a0<\/p>\n Development partners on the project include architect Dwell Design Studio, general contractor Ridgemont Construction, and civil engineer and landscape planner Kimley-Horn.<\/p>\n The Shivers Farm project took shape following the approval of a master development agreement with the city of Southlake on June 16. The agreement<\/a> calls for Trademark to develop the property with a minimum of $80 million in taxable value and make a minimum $127.9 million capital investment with at least 200 jobs by the end of June 2028. For its part, the city will provide Trademark up to $18.8 million in grants over 18 years via a tax district.\u00a0<\/p>\n Shivers Farm is named after the family that lived there for many years. John Redman \u201cJ.R.\u201d Shivers was born in 1877 in the nearby Smithfield area of Tarrant County, according to a bio of the family prepared by the Southlake Historical Society when a park was named for the family in 2021. Shivers and his wife, Ora Grace, lived and farmed on about 100 acres in the area. J.R. Shivers was one of three original Carroll School trustees.\u00a0<\/p>\n Trademark\u2019s Shivers Farm is going into one of the more affluent communities in the country. According to personal finance company MoneyLion, Southlake ranks No. 8<\/a> in the list of America\u2019s wealthiest suburbs with an average household income of $384,530 and home values averaging $1.3 million.\u00a0<\/p>\n Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org<\/a>.<\/p>\n