WHEATLAND PLAZA
A Revitalized Market Center in the City of Champions.
The Wheatland Plaza is a mixed-use project that includes the rehab of the existing shopping center and additional of new construction housing. This renovation established a sub-block structure, which will increase the walkability of Wheatland by introducing sidewalks, trees, and a new green plaza inside the parking lot.
Once an important shopping destination for Duncanville residents, with anchor stores like Minyard Food Store and Eckerd Pharmacy, Wheatland Plaza experienced a steady decline in the 2010s and early 2020s. Eventually it lost its anchor tenants. With only a few tenants and many empty spaces, the entire plaza fell into disrepair. In 2022, Monte Anderson and the City of Duncanville finalized a partnership to revitalize the market space. They broke ground on the redevelopment in April 2022.
After many years of vacancy and decline, Wheatland Plaza is once again becoming a beacon of hope for the Duncanville community.
Derelict shopping malls are defined by mass vacancies, oversized parking lots, and severe deferred maintenance issues. As a consequence of lapsed leases and already failing businesses, the building reached 72% vacancy during first year of ownership.
These kinds of sites need redevelopment approaches that are responsive and flexible: a one-size-fits-all approach will never work. A key part of our approach involves breaking up existing spaces into units accessible to local or emerging businesses.
For example, a failed grocery store sat empty for decades before Options Real Estate broke it into 9 separate units. Instead of big-box tenant, the space will now be used for government offices, educational services, and restaurants.
Similarly, the oversized parking lot became vacant as the shopping mall failed. When planning this redevelopment, we looked for opportunities for shared green space. Tucked in the south east corner, this property had the advantage of being semi-private and low-traffic. Rather than unnecessary pavement, this area is now essential outdoor space for a daycare.
The Total Value of a Shopping Center
Undervalued, underutilized, and mismanaged, Wheatland Plaza was failing.
With a current appraisal value of 20M and an estimated future appraisal value of 25M after residential development is completed, we expect a 734% increase in total value since the property’s acquisition in 2021.
Valuation at Acquisition
Estimated Valuation after Residential Development
The Future of Wheatland Plaza
In collaboration with Dallas Area Habitat for Humanity, Options Real Estate is working to adapt the shopping center’s excess parking lot into all-electric, for-sale townhomes.
