BELLAIRE, Texas – Bellaire Town Center, a long-standing retail and office complex that first opened in 1950 in the center of the Bellaire community, is slated for redevelopment and expansion. The project aims to update the property while increasing its leasable area and modernizing its offerings to better serve the neighborhood.
Located at the southwest corner of Bellaire Boulevard and South Rice Avenue, the two-story center originally comprised roughly 39,000 square feet. Recent plans submitted to the City of Bellaire propose expanding the property to approximately 71,000 square feet, reconfiguring it into three two-story buildings that will accommodate a mix of retail, office space and dining options.
The developer behind the project is SDI Realty Advisors, a Houston-based firm founded in 1997 by Charlie Shears and Ken Delery. Shears began his career with the Horne Co., and Delery previously worked with Henry S. Miller Co. Over the years, SDI Realty Advisors has developed numerous retail centers across Texas, Arkansas and Louisiana and brings that regional experience to this redevelopment.
Current tenants include Coldwell Banker United Realtors, which occupies the second floor of the existing building. The brokerage is expected to remain in the center following redevelopment, maintaining a community presence while the property is modernized.
The redevelopment site spans more than three acres and is planned as a two-story center that will blend office space, ground-floor retail and restaurant tenants. The design seeks to create a pedestrian-friendly environment that complements the surrounding neighborhood while providing modern amenities and flexible leasing configurations for a variety of businesses.
The original center was designed and built beginning in 1949 by the William G. Farrington Co. When it opened, First State Bank was among its primary tenants, reflecting the center’s early role as a neighborhood commercial hub. Over the decades, Bellaire Town Center has remained an important local destination, and the planned updates intend to preserve that role while adapting the property to current market expectations.
In today’s real estate climate, this location is considered one of the most desirable infill markets in Texas, according to Jason Gaines, Senior Vice President of Retail for NAI Partners. Its proximity to major employment and retail corridors enhances its attractiveness to tenants and investors looking for walkable, centrally located properties.
The site sits roughly two miles directly south of the Galleria, placing it within easy reach of a major regional retail and business district while remaining embedded in the quieter, community-focused area of Bellaire.
March 21, 2017 Realty News Report Copyright 2017