Leon Capital Group, a Dallas real estate development firm, closed on a 12-acre tract of land at President George Bush Turnpike and North MacArthur Boulevard in Las Colinas for a high-end, grocery-anchored project. The development firm bought the property from Microsoft, which owns the neighboring corporate campus. Terms of the land deal were not disclosed, as well as the name of the high-end grocery store that would anchor the project. Negotiations are still ongoing with the national gourmet grocery tenant, and a deal is expected in the next few months. “We’ve been chasing this deal for close to a year now,” Will Tolliver, director of retail operations for Leon Capital Group, told the Dallas Business Journal in an exclusive interview. “Once we started hearing rumblings they were considering offers, we started to pursue the asset.” The high-profile site sees a significant amount of traffic at the two intersections as employees travel to and from the number of nearby companies, and is ideal for retail development, he said. The addition of a high-end grocer in this part of the city, along with premier retail space, will bring value to the community, said Chris Wallace, president and CEO of the Greater Irving-Las Colinas Chamber of Commerce. “It will also draw visitors from surrounding communities, generating substantial new tax revenues for Irving,” Wallace said. Leon Capital Group hopes to finalize architectural plans and engineering drawings by mid-2014, with a groundbreaking expected that fall.

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