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City details Bedford Commons, Market & Gateway and Stonegate progress; Sprouts store targeted for October
Summary
Economic Development Director Christian Smith told the TIRZ No. 1 Board on Feb. 10 that the city has shifted to a city-led phased strategy for Bedford Commons, is pursuing residential first, and reported a Market & Gateway retail project anchored by a 25,000 sq ft Sprouts slated to open in October, plus 106 townhomes and other commercial leases.
Economic Development Director Christian Smith updated the Tax Increment Reinvestment Zone No. 1 Board on Feb. 10 about progress at several development sites in the TIRZ, including Bedford Commons, Market & Gateway, the Stonegate Shopping Center and recent medical-office construction.
Smith said the city entered an MOU with Midway Development in April 2024 but that market conditions stalled private advancement of the Bedford Commons concept plan. The city has transitioned to a city-led phased development approach and plans to pursue the residential portion first while staff continues discussions with residential developers.
On the Market & Gateway site (about 17 acres at Industrial and I-183), Smith said Sprouts Farmers Market is planning a 25,000-square-foot grocery and two additional 10,000-square-foot commercial buildings; he said one tenant (Nothing Bundt Cakes) has announced a prelease and that additional leases are being negotiated. Smith said infrastructure work is under way, buildings are expected to go vertical in spring, and Sprouts is targeting an October opening, barring unforeseen challenges.
Smith also reported that an economic development agreement with CenterPoint Commercial, the new owner of the Stonegate Shopping Center, has been fully executed and the owner is beginning contractually required improvements. He noted recent greenfield medical-office construction at 1400 Hospital Parkway added approximately $5,700,000 to the tax base and is now contributing to the TIRZ.
Board members asked few follow-up questions. Smith said the phasing approach and available existing commercial space (including a soon-to-be-vacant fire station building) make it easier to secure initial commercial tenants while moving residential pieces forward.
The board took no formal action on development items at the meeting; the update was informational.
