After the construction of a 10-acre retail plaza on the corner of Weslaco-North Bridge Avenue and Highway 83, residents who want to eat a bite here will soon have more choices.
Local dignitaries officially started construction on the site on Thursday to celebrate the future homes of eateries such as Freddie’s Frozen Custard & Steak Burger, McAlister’s Deli, Dunkin Donuts, and Jersey Mikes.
Overall, the plaza will contain six buildings, which City on the Grow will continue to do, allowing it to accommodate nearly 20 tenants.
“We are in the heart of the Mid Valley. Barbara Jean Garza, President and Chief Executive Officer of the Weslaco Regional Chamber of Commerce, enjoyed a sample of a restaurant that local officials and residents would soon call Weslaco home. , I know the company is really on the road to Weslaco.
“Besides a great community, there are great places. Great location, great real estate,” she said.
Retail development is carried out by Craig Garansuay, CEO of Garansuay Group, a development company based in San Antonio.
Commercial developers have invested $ 15 million in the construction of the project and said they expect total sales of “about $ 21 million a year.”
The development will consist of two large buildings set up along the frontage road to accommodate the four largest tenants. However, it is not yet known who occupies the best place at the corner of the bridge and highway.
Currently, two national restaurant chains are competing for the location, Garansuay said.
“We have a breakfast group and a dinner group, both sitting in a restaurant,” says Galanuai. “It’s a bit of a competition.”
Four small buildings of 40,000 square feet will be placed behind the Plaza Anchor to fit the retail space.
About half of the site, including the Benjamin Moore Paint Store, El Torito Meat Market and Grocery Store, and Bakery, is already booked at the Plaza.
Most of the space includes restaurants, but there are also some service industry businesses, Garansuay said.
According to Steve M. Valdes, Executive Director of the Weslaco Economic Development Corporation, Weslaco leaders have been working for years to bring the square into the city.
“This is a project for us for about two years,” said Baldy’s. “For his other developments elsewhere, we learned about Craig and his company. The idea was to contact him and present our numbers — sales tax returns … Really, that was the beginning. “
Valdez confirmed that EDC provided Galansuay with an economic incentive to place a square in Weslaco by paying a small portion of the investment cost. Valdez said EDC is ready to work with companies to provide incentives for up to 10% of investment costs.
But it wasn’t just Weslaco’s pitch that convinced Garance Eye to invest here. Indeed, the commercial developer conducted his own analysis of urban business trends.
In December, Garansuay presented its analysis at a type of open house held by the city to promote Weslaco’s assets and benefits to other potential developers.
According to Garansuay’s analysis, restaurants in Weslaco are usually better than in much more populous cities.
“Sales generated by your restaurant and retailer are 30-40% above the market average,” Garansuay said at an event on December 2, 2021.
“Weslaco can generate more (sales) production with 32% less people at 3 miles and 110% less at 5 miles compared to cities like Farr,” he said at the time. Said.
Garansuay repeated those comments on Thursday.
“The speed and interest, and the depth of interest in the category is really exciting. I didn’t think it was that sturdy, but it’s pretty voluminous and very exciting,” he said.