A real estate company will soon begin work on a $ 4 million renovation of Missouri City’s Township Square shopping center, according to the company.
Houston-based KM Realty selected Houston-based firm Identity Architects to design the mall’s renovations, completed in 1984, near the intersection of FM 1092 and Township Lane, according to the real estate company.
âIt was a mall I used to go to as a kid,â said Steven Stone, director of leasing and vice president of development for KM Realty. âIt was a kind of unique development at the time, with a clock tower, a possibility of walking and a kind of town and village atmosphere. He just needs a facelift.
The Township Square Mall is already home to some well-known businesses in the city of Missouri, including the Brandani Restaurant and Wine Bar and the Old Hickory Inn BBQ, among others. But even before the start of the coronavirus pandemic in March 2020, the occupancy rate for tenants in the development had sagged somewhat, falling to about 70% rented, according to Stone.
âWe hope to bring new energy and fill some of these vacant spaces,â he said. âWe are working with our existing tenants to keep them there, but we hope to increase our occupancy rate with new blood.
The renovation will include a brand new exterior, Stone said. KM Realty will also provide new tenants with an improvement allowance to complete the interior portion of the renovation, with an emphasis on exterior accessibility.
The exact renovation schedule plans are not yet complete and KM Realty is working with existing tenants to determine what would work best for them, Stone said. This could include a construction schedule on days when businesses are closed, or something else.
âWe will work quickly, to minimize the impact on tenants,â he said.
It will be the first renovation since the center opened in 1984, Stone said.
âIt’s vintage,â Stone said. “It’s one of the things that attracts him – his charm, his character and his history.”
Unlike many developments across the country during the pandemic that reported an increase in the vacancy rate for businesses, Township Square has not had this problem that much, Stone said.
A business recently closed, citing financial losses from the pandemic, but most of the existing vacancies predate the pandemic, Stone said.
âMarket vacancies are at their lowest in retail,â Stone said. âParticularly in second-generation catering areas. “
Township Square’s more creative look, compared to your average mall, could help make it appealing, Stone said.
Most of the existing vacancies are large spaces, Stone said.
The development consists of approximately four buildings and 70,000 square feet, Stone said. It sits on more than six acres of land, he said.
The $ 4 million estimate for the renovation includes commissions, tenant improvement allowances, contingencies and all other costs, Stone said.
KM Realty is a private commercial real estate company founded in 2003, according to Sydney Russell, group marketing director. The company owns or manages more than 75 shopping centers.