The developer of Victoria Town Center, the new shopping center adjacent to Home Depot, has announced its first two tenants.
Boot Barn will open at Victoria Town Center by the end of the year, and Burlington Coat Factory will open early next year.
“We have the data to show that Victoria residents spend millions of dollars in retail stores outside of Victoria,” City Manager Jesús A. Garza said. “Encouraging retail growth provides our residents with more localized shopping options, which in turn helps us keep local money local and supports our local economy.”
Return on investment
PHOTO: Victoria Town Center will include space for 10 retailers and six additional pad sites.
The shopping center is a $31 million private investment by Property Commerce.
The City of Victoria in 2020 agreed to pay $816,087 toward the relocation of an exit ramp to provide access to the site of the new shopping center, which is being built by Houston-based developer Property Commerce.
The City’s stake in the ramp relocation is funded by the Victoria Sales Tax Development Corporation, which allocates sales tax funds that legally must be used for economic development.
The shopping center is projected to generate approximately $77,000 in property tax revenue and $622,000 in combined sales tax revenue for the City and the VSTDC per year.
Property Commerce must generate $54.4 million in sales revenue by 2027, or the developer will reimburse all or part of the City’s investment.
More to come
Property Commerce is actively negotiating with multiple retailers that are interested in the shopping center, said Property Commerce broker Clay Trozzo. Trozzo declined to name any prospective tenants due to the potential negative impact on negotiations.
Large retailers like Boot Barn and Burlington Coat Factory can serve as “anchors” that make a shopping center more attractive to other tenants, Economic Development Director Danielle Williams said.
For updates about new residential and commercial developments in Victoria, visit www.victoriatx.gov/communications or follow City of Victoria, Texas – Government on Facebook.