Wheatland Plaza Redevelopment
Project Details:
Year: 2022-2025
Client: Options Real Estate
Collaborators: Options Real Estate, Verdunity
Location: City of Wheatland, TX
Services Rendered:
Urban Design, Building Design, Regulatory Navigation, Owner's Representative, MEP Coordination, Energy Modeling, Sustainabilty Financial Guidance
Project Goals
The Wheatland Plaza is a sustainable mixed-use project that includes the rehab of the existing shopping center and additional of new construction housing. This renovation will establish a sub-block structure, which will increase the walkability of Wheatland by introducing sidewalks, trees, and a new green plaza inside the parking lot.
Electric Housing provided urban design, site planning engineering coordination, planned unit development zoning language creation, and sustainability consulting for Wheatland Plaza. The Planned Development (PD) allowed for new, diverse uses such as hospitality, education, and housing.
Breaking It Down
Derelict shopping malls are defined by mass vacancies, oversized parking lots, and severe deferred maintenance issues. As a consequence of lapsed leases and already failing businesses, the building reached 72% vacancy during first year of ownership.
These kinds of sites need redevelopment approaches that are responsive and flexible: a one-size-fits-all approach will never work. A key part of our approach involves breaking up existing spaces into units accessible to local or emerging businesses.
Before Redevelopment
After Redevelopment
After Redevelopment
Before Redevelopment
For example, a failed grocery store sat empty for decades before Options Real Estate broke it into 9 separate units. Instead of big-box tenant, the space will now be used for government offices, educational services, and restaurants.
Similarly, the oversized parking lot became vacant as the shopping mall failed. When planning this redevelopment, we looked for opportunities for shared green space. Shown on the left, one corner had the advantage of being semi-private and low-traffic. Rather than unnecessary pavement, this area is now essential outdoor space for a daycare.
The Total Value of a Shopping Center
Undervalued, underutilized, and mismanaged, Wheatland Plaza was failing.
With a current appraisal value of 20M and an estimated future appraisal value of 25M after residential development is completed, we expect a 734% increase in total value since the property’s acquisition in 2021.
Valuation at Acquisition
Estimated Valuation after Residential Development
Sustainability in Texas
Taking lessons from other Electric Housing projects, Wheatland will push the boundaries of mixed-use building sustainability. We’ve provided plans for a rainwater harvesting system, which will manage stormwater, mitigate drought, and reduce the need for potable water.
Additionally, a rooftop solar PV and backup battery will reduce utility bills and increase power reliability. Together, these systems vastly improve energy cost and efficiency in this hot, southern climate.
Wheatland Plaza Residential
In collaboration with Dallas Area Habitat for Humanity, we are working to adapt the shopping center’s excess parking lot into all-electric, for-sale townhomes.
