The largest mall owner in the country is developing an office building at an upscale shopping center in Fort Worth.
Simon Property Group plans the 50,000-square-foot building at The Shops at Clearfork in Fort Worth, a project intended to bolster the retail center’s status as a mixed-use destination, the Dallas Business Journal reported.
Situated at 5188 Monahans Avenue, the shopping center is co-owned by Simon Property and Cassco Development Co., a Fort Worth-based firm linked to the Edwards family, which owns the expansive 7,000-acre Edwards Ranch.
During a third-quarter earnings call on Nov. 1, David Simon, CEO of the Indianapolis-based REIT, announced that “Wells” would occupy the majority of the office space, though he did not provide additional details. While the identity of the tenant was not confirmed, speculation suggests that Wells Fargo & Co. could be the tenant, as the company already has a strong presence in the area.
Wells Fargo is also constructing a large corporate campus in nearby Irving, though no official comments have been made regarding their involvement with this project.
Recently, Simon Property has been shifting its focus to mixed-use developments that combine retail, office and residential spaces.
“We have massive mixed-use opportunities ahead of us, and we still don’t have all the anchors redeveloped the way we want to,” Simon shared during the earnings call.
The full development of Clearfork as an anchor also appears to be in the works. The center is expanding beyond the new office project with the help of a $400 million incentives package approved by the Fort Worth City Council last year. Under the agreement, Cassco, headed by president Crawford Edwards, will add 300,000 square feet of commercial space, a 200,000-square-foot auto showroom and 350 residential units over two phases, with the first phase slated for completion in 2026 and the second phase by 2028.
The company already has a sizable footprint in North Texas, with a growing portfolio consisting of shopping centers like North East Mall, University Park Village and Grapevine Mills. The addition of office space at Clearfork marks another step in its strategy to evolve its development approach in the region.
— Andrew Terrell
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