Survey stakes have gone up around the Montrose Fiesta Market on the southeast corner of Dunlavy and West Alabama, directly across the street from the brand-new H-E-B Montrose Market.
What could that mean? A source who is not a party to the transaction claims that the survey is connected to a sale of the property, which is already under contract for “‘crazy money’ — something on the scale of $85-$90 SF”:
The reputed use will be for a 6 to 7 story multi-use development — something on the order of West Ave or the Read-King chimera promised for the SWC of Alabama and Shepherd. . . . Personally, I find the land purchase price to be pretty hard to believe . . . because market value of land in that area is $40 – $50 max or maybe $60 at a stretch. Fiestaâ€™s lease expires in 2014 with no renewal and either they or the owner has an early out option. The other tenants in the center all have short lease terms with no renewal.
Those other tenants in the Wilshire Village Shopping Center: Boxwood Interiors, Antiques and Interiors on Dunlavy, EcoCleaners, and the Best Little Barber Shop in Texas.
Survey stakes up behind Fiesta and those stores (like the one shown here on Branard St.) suggest that a new owner of the property might want to open that street and Sul Ross, which also dead-ends into the property, for driveway or drive-through access.
The shopping center was built at 3803 Dunlavy St. in 1962. If apartments are built on the property, it would mark a reversal of the apartments-across-from-a-grocery-store layout that existed on the two properties on either side of Dunlavy until the Wilshire Village Apartments were torn down 2 years ago to make way for the Montrose H-E-B.
- Previously on Swamplot: Dunlavy and West Alabama: The Fiesta Antiques District
- Wilshire Village coverage [Swamplot]
Photos: Candace Garcia