With an estimated $3 billion currently under construction, this Los Angeles-based developer is heading to Dallas-Fort Worth for its first project.LaTerra Development recently received approval from the City of Irving to repurpose an existing Fry's Electronics into a mixed-use development.
This project will be LaTerra's third joint venture with the Fry family after they announced the permanent closure of all stores in February 2021. We also have a self-storage company for whom we recently hired John Wilson, a 26-year storage veteran, to help our team build self-storage around Southern California and other Sunbelt markets.We put money into every deal, and we have JV equity partners. They are family offices, big investment fund managers and pension funds.We knew the City of Irving wanted commercial here because it's in the commercial corridor.
We are going to repurpose the existing Fry's store into self-storage. It will look much nicer than the store now, and we will improve the building significantly. It doesn't require much parking and is a low-impact use. Then, we're going to build 45,000 square feet of RV and boat parking, which is a great subset of storage. That parking will be fully concealed so you won't be able to see it. Many RVs and boats were purchased during the pandemic, so that use fits with the site.
There's a lot of red tape in California, and it's challenging to do business. Deals take a long time, it's expensive, and there are a lot of taxes and fees. It's refreshing to go to a business-friendly city with low taxes.The first is Fry's Burbank. Burbank is the media capital of the world, where we have companies like Walt Disney, Warner Brothers, Netflix Animation and many more content creation companies.
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