A $5 million redevelopment is planned for Perkins Rowe that aims to bring in more unique local restaurant concepts, add retail space, renovate the main Town Square and improve the parking garages in the mixed-use community.
“We’re setting the stage for the future,” said Tommy Miller, managing director and chief investment officer for Trademark Property Co.. Plans for the redevelopment have been underway since 2016, when Fort Worth, Texas-based Trademark bought a stake in the development at the intersection of Bluebonnet Boulevard and Perkins Road and took over retail and office management.
One of the main parts of the redevelopment, which will be completed by spring 2019, will take place in Magnolia Park, a vacant area on the east side of Perkins Rowe. Construction is planned for a 3,000-square-foot building with room for a handful of cafes and outdoor dining.
Miller said when Perkins Rowe first opened in 2007 there were a lot of national restaurants, such as Texas de Brazil and Kona Grill, and not “regional heart and soul food.” While the development has made room in recent years for locally owned restaurants, such as Bin 77 and Lava Cantina, the goal is to encourage more innovation.
“We want to have cool local restaurants that get people excited,” he said. “We want to encourage young chefs with social media buzz.” Magnolia Park is surrounded by apartments, those that are part of Perkins Rowe and the separate Park Rowe Village, a 336-unit upscale development. That makes it ideal for more restaurants, he said.
Along with the restaurants, there could be space for a craft brewer.
The building will be surrounded by an outdoor seating area, with plenty of space for events. “We want this to be an amenity for people who live in our apartments and the apartments in Perkins Rowe,” Miller said.
The main public area in Perkins Rowe, the Towne Square, which is located across from the development’s movie theater, also will get improvements. A bandstand with a shelter is planned, along with removal of some of the curbs in the square to make the area more open.
“It’s a nice public area, but we want to make it work better,” Miller said. That could involve removing the water fountain in the middle of the square and putting in some sort of flat feature that events could be put on top of, he said.
Up to 5,000 square feet of retail space also could be added to Perkins Rowe. Plans are to build out some retail space on East Market Street, which runs behind the Fresh Market grocery store. Once the Picardy Avenue Extension is completed, the area will become more accessible and visible.
“Plenty of tenants want that space,” Miller said. Potential tenants could include service businesses, financial advisers, and health and wellness businesses.
To mark the redevelopment, an inaugural Food Truck Round Up at the Rowe will be held from 6 p.m. to 8 p.m. Friday.
Perkins Rowe has 375,000 square feet of retail space, with tenants such as Barnes & Noble, Cinemark, Starbucks and The Fresh Market; 135,000 square feet of office space; and more than 225 apartments and condominium units.