VICTORIA, Texas – The developer of Victoria Town Center has announced its first two tenants. Boot Barn will open at Victoria Town Center, the new shopping center adjacent to Home Depot, by the end of the year. Burlington Coat Factory will also open early next year.
According to the City of Victoria, the shopping center is a $31 million private investment by Houston-based developer Property Commerce. In 2020, the City agreed to pay $816,087 toward the relocation of an exit ramp. The relocation will provide access to the site of the new shopping center.
The Victoria Sales Tax Development Corporation will fund the City’s part in the ramp relocation, which allocates sales tax funds that legally must be used for economic development.
The City predicts the shopping center will 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 produce $54.4 million in sales revenue by 2027, or the develop will reimburse all or part of the City’s investment.
According to Property Commerce broker Clay Trozzo, the developer is actively negotiating with multiple retailers that are interested in the shopping center. Trozzo declined to name any prospective tenants due to the possible negative impact on negotiations.
Economic Development Director Danielle Williams said large retailers such as Boot Barn and Burlington Coat Factory can serve as “anchors” that make a shopping center more attractive to other tenants.
You can find updates about new residential and commercial developments in Victoria by visiting www.victoriatx.gov/communications.
The City of Victoria provided the above information and photo.
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