Ridgmar Mall owners move forward with redevelopment plan

GK Development Inc., the owner of the Ridgmar Mall in Fort Worth, has acquired the 120,000-square-foot building currently occupied by Neiman Marcus and is moving forward with redevelopment plans for the center.

GK Development closed on the $2.1-million building last week. Ridgmar Mall is anchored by Dillard’s, JCPenney, Sears, Neiman Marcus and Cinemark Theaters. This purchase is the next step in GK Development’s mixed-use redevelopment plan for the property.

“This is an exciting time for Ridgmar Mall,” said Garo Kholamian, president of GK Development. “We are moving forward with our plans for the transformation of this property. This revitalization will brand Ridgmar Mall as a superior gathering destination for shopping, dining and entertainment. Our goal with these plans is to enhance the ultimate experience for its customers.”

GK Development began with a phased multimillion-dollar renovation of the property earlier this year. Phase one included interior improvements to open up sight lines within the center and a $3-million remodel of Cinemark Theatres. Additionally, the first H&M store in Fort Worth opened last year at Ridgmar in a 20,693-square-foot space.

Future phases of the transformation to a mixed-use property is expected to include many new retail entertainment and dining establishments with cutting-edge architectural design and diverse options to maximize the prime location in between the heart of Walsh Ranch and downtown Fort Worth.

The developer engaged In-Place Design, based in Baltimore, Md., as the design architect for the project.

The mall, located at the northeast corner of Interstate 30 and Green Oaks Road, currently features about 126 retail stores. For more information, visit www.Ridgmar.com.

About GK Development, Inc.

GK Development, Inc. is a commercial real estate firm based in Barrington, Ill. that acquires, develops, owns and operates a diversified portfolio of commercial and retail property across the United States.