McALLEN — City leaders and an Austin-based developer have inked a deal to build the Rio Grande Valley’s third Sam’s Club near the intersection of North 10th Street and Trenton Road.
It’s an economic development coup for McAllen, which already has a Sam’s Club at 1400 E. Jackson Ave. The new Sam’s Club, slated for the intersection’s northwest corner near First National Bank and Red Lobster, must open by Dec. 31, 2012, according to the 380 Economic Development Agreement — a type of accord named for the chapter of the Texas Local Government Code under which it is allowed.
“I think this speaks very highly of the retail strength of McAllen,” said Keith Patridge, president and CEO of the McAllen Economic Development Corp. “There are very few cities where you have two Sam’s Clubs.”
It’s also part of an extended build-out along Trenton Road, starting at U.S. 281 and moving west. Both McAllen and Edinburg have experienced rapid growth along the corridor.
Signed April 26, the agreement between McAllen and Uptown Partners, a corporation controlled by Austin-based Cielo Realty Partners, contains several major incentives for the developer. Uptown Partners will keep 75 percent of sales tax revenue generated by Sam’s Club until the company receives $4 million. McAllen also agreed to waive some development-related fees and install necessary traffic lights without charge.
Sam’s Club will anchor the development, called Valencia Marketplace. Once Cielo Realty closes the deal, which should happen during the next few months, construction should begin shortly, said Rob Gandy, a partner at Cielo Realty.
“The retail sales numbers in the Valley continue to catch the attention of the regional and national retailers,” Gandy said. “And we believe north McAllen is a very attractive location for them to be.”
Several pad sites along 10th Street, including the Red Lobster location, have already been sold, according to county property records. Gandy said he couldn’t discuss the conversations he’d had with other restaurants and smaller retailers, but that announcements will be forthcoming.
Feldman’s, the Valley-based chain of liquor stores, may be among them. Owner Steve Jabour said during March his company might build a trendy, market-style store near the intersection.
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Dave Hendricks covers McAllen and general assignments for The Monitor. He can be reached at (956) 683-4452.
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