DENVER , Nov. 27 /PRNewswire-FirstCall/ -- Catellus, a business unit of ProLogis (NYSE: PLD) specializing in mixed-use development, announced today that it will develop a 141,000-square-foot retail center for The Home Depot at the Mueller airport project in Austin, Texas.
The Mueller property covers 711 acres in central Austin and will include extensive retail, office, medical and R&D space at full build-out, along with more than 4,600 apartments and single-family homes. Home Depot will anchor the second phase of retail development at the site, with store completion scheduled for the second half of 2008. Home Depot will occupy the building under a long-term lease with Catellus.
"We're extremely pleased to announce this new agreement," said Greg Weaver , president of Catellus. "The Home Depot is one of the nation's foremost home-improvement retailers, and their presence at Mueller will further establish the project as a shopping destination for residents of greater Austin. The lease also further enhances Catellus' growing retail portfolio, which now comprises more than 1.5 million square feet. Nationally, we continue to pursue additional mixed-use projects that offer opportunities to expand our retail holdings and partner with leading retail companies."
The Mueller site served as the city of Austin's primary airport for decades before closing in 1999. Catellus was selected as master developer of the property in 2002 and has since managed all key aspects of the project, including community outreach, entitlement, cleanup and public financing. The company is the master developer and is also undertaking retail and commercial development at the site and partnering with other companies on residential and select commercial construction.
Vertical development at Mueller began in 2005. Projects currently completed or under way include:
The Home Depot store will be built using a variety of sustainable design techniques and technologies, including locally-sourced materials, extensive recycling of construction waste and energy-efficient lighting, heating and air conditioning systems.
"We have committed to ensure that every building at the site incorporates sustainable design," said Matt Whelan , Catellus senior vice president and manager of the Mueller project. "The green character of this development will be an important component of the overall Mueller community, deliver long-term benefits to the environment and serve as a model for future mixed-use projects around the country."
ProLogis is the world's largest owner, manager and developer of
distribution facilities, with operations in 20 countries across North America ,
Europe and Asia. The company has
Catellus Development Group, a ProLogis company, specializes in large-scale development projects that involve brownfield sites, military bases, former airports and other locations suited for mixed-use. Catellus' expertise covers all aspects of mixed-use master development, including planning and entitlement, public infrastructure and amenities, tax-increment financing, environmental remediation, community relations and sustainable design. Catellus also has extensive experience developing retail centers with local and national retail customers. Sample Catellus projects include the Mission Bay development in San Francisco ; the Mueller airport redevelopment in Austin, Texas; Alameda Landing in Alameda, California, and Los Angeles Air Force Base in El Segundo, California. For additional information about the company, go to http://www.catellus.com.