New Redevelopment Project Underway at SE Corner of Belt Line and Josey

Public Service Announcement for Denizens of Carrollton, TX

Carrollton, Texas – The City of Carrollton is excited to announce that a major redevelopment project has broken ground on the southeast corner of Belt Line Road and Josey Lane. The owner of this 53-year old shopping center, Sheritru Partners, , has received a grant from the City of Carrollton to incentivize the renovation of the 110,338 square foot shopping center.

Carrollton Mayor Matthew Marchant, chair of the City Council Redevelopment Sub-Committee said, “This project represents a significant investment in our community. These efforts will help beautify and improve a key intersection in the southern part of Carrollton and enhance the economic vitality along the main thoroughfares of Josey Lane and Belt Line Road.”

In June of 2007, the Carrollton City Council adopted the Retail Redevelopment and Rehabilitation Grant Program to provide financial incentives to existing retail shopping centers and other retail facilities for enhancements and/or redevelopment. The program is retention based, with the goal of rehabilitating older retail facilities to improve their aesthetic and architectural appeal, shopping center occupancies, offer greater shopping choices for the citizens of Carrollton, and increase sales tax revenues. To date three grants, totaling about $900,000 resulting in private investments of about $6 million. Each project has been completed.

The total cost for the renovation of this shopping center redevelopment is $1.5 million. Under the Incentive Policy of the City, Sheritru Partners, LTD is eligible for a grant not to exceed $168,000. This is a redevelopment project and no existing tax revenue will be lost due to this grant.

Enhancements will include a new exterior façade, additional architectural towers as well as improved lighting and signage.

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Kelli Lewis

Marketing Specialist

The City of Carrollton, TX

972.466.4816

kelli.lewis@cityofcarrollton.com

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