Davis Holdings chose to develop Plantation Plaza upon learning early on that Randalls was coming to the area and no developer was “in tow” to take advantage of a great shadow opportunity next to a major grocery store. In the retail industry, especially in turbulent economic times, it is proven that complimentary retail adjoining a grocery store enjoys higher occupancy and higher rates than other developments. This is because consumers often visit the grocery store several times a week. This natural draw often equates to higher sales in stores located nearby.
The land price was low at $3 SF, which improved the economic viability of this project. Once Davis Holdings confirmed that Randalls was a sure thing, the company acquired the land, negotiated a cross easement, and began development.
Today, new subdivisions are being developed, and the highway department has expanded FM 359 in an attempt to stay ahead of the population growth.
Plantation Plaza is a solid asset, which has stabilized in the market and has proven to maintain its desirability in the face of new retail development in the area. The center has always enjoyed a high occupancy rate despite a layout that is not perfect due to the land configuration. Rents are stable and will increase as the neighborhoods and market area continue to grow.