Council to vote on mall renewal
By Anna M. Tinsley

Star-Telegram Staff Writer

FORT WORTH - The old Seminary South Shopping Center, which four decades ago began as an open-air mall on the south side, is on the verge of an extensive makeover.

On Tuesday, city leaders will consider signing off on nearly $22 million in incentives to help turn the mall, also known as Fort Worth Town Center, into a festival-style mercado with an outdoor rodeo arena.

Developers plan to spend $42 million to renovate the mall, which lost Dillard's and Sears in 2002 and is now 36 percent occupied.

"We have a real opportunity to hit a jackpot," said Robert Sturns, the city's business-development coordinator. "This would be a major investment in the community. We have the opportunity to again have a thriving mall."

The plan calls for renovations inside and out to follow a Spanish colonial theme, with sweeping archways and bold colors, as well as Mexico-based businesses and more stores.

It's the vision of Jose de Jesus Legaspi, who specializes in revamping waning businesses into draws for the Hispanic community.

"We're trying to re-create a place to gather," said Legaspi, whose Los Angeles-based commercial-real-estate and marketing company works in the Hispanic market. "We want to become part of the fabric of the community."

The City Council will consider an economic-development agreement for the project during its 7 p.m. meeting Tuesday at City Hall, 1000 Throckmorton St.

The vision

Legaspi's goal is to make the mall attractive to the whole family, with not just shopping and food but also cultural events and entertainment.

That's what residents who met recently with Legaspi and his team -- which includes Boxer Property, Churchill Capital and the Legaspi Co. -- said they want.

The team bought the mall last year for $16.5 million.

About 41 million Hispanics, with a buying power of billions of dollars, live in the United States. Nearly 165,000 Hispanics live in Fort Worth, U.S. Census records show.

One of the first steps to turning the mall around, Legaspi said, is landing the right stores.

That's why he's talking to companies including FAMSA, an electronics and furniture store; Emyco, a shoe store; Ritmo Latino, a Hispanic music store; El Gallo Giro, a Mexican food market; Elektra, an electronics and furniture store; Deportes Marti, a sporting-goods store; Tres Hermanos, a Western-wear store; and Starbucks, Subway and Marshall's.

Already, a Fiesta Mart grocery store, a big attraction, is at the mall.

New venue

A rodeo arena is also part of Legaspi's vision.

He wants to build a 4,000-seat, 52,000-square-foot arena -- a home for Mexican rodeos -- behind the mall near Bolt Street.

Traditional Mexican rodeos, or charreadas, include competitions to show off riding skills, as well as mariachi music, folk dancers and much pageantry emphasizing the Spanish and Mexican cowboy heritage.

"This arena fits with the idea of making this a place for families," said Councilwoman Wendy Davis, whose district includes the mall. "It may not be your typical stadium, but it's something that the community would benefit from and enjoy tremendously."

Legaspi said: "Charros go wherever they can and perform in many places," Legaspi said. "We thought it would be great to have a place that they could call home.

"This will be a good addition to the area -- a traditional venue for people to gather at."

Legaspi, who is exploring naming rights for the arena, said he hopes to open it as soon as next year.

Councilman Sal Espino, whose district includes the north side, said the arena could be a boon for the south side.

"There are some local places where charros go, but nothing in the scale of what's proposed for La Gran Plaza," Espino said. "This should be a great draw for the mall."

Crunching numbers

The city proposal calls for developers to receive as much as $21.8 million in annual grants over 20 years. The actual amount would be based on how much sales increase.

When Legaspi's team bought the mall last year, it had $89 in sales per square foot; it now has about $77.

If that jumps to $200 per square foot, developers could see $13.7 million in refunded taxes.

At $300 per square foot, developers would see $21.8 million -- the maximum allowed -- spread over 20 years, according to the plan.

If developers don't meet their commitments or if average sales per square foot fall below $85 for five years in a row, then the deal is off, officials say.

"The city won't be putting in a dime, except for new revenue created through the success of the facility," Davis said. "The risk will be borne by the developer.

"If he doesn't do a good job of making it a place where retailers want to come ... he will not get a return on his investment."

Legaspi said he plans to start work immediately if the plan is approved.

Although the deal gives him 10 years to complete the improvements, he said he hopes to finish in three.

"We're here for the long haul," he said.

"If all the stars are aligned as we think they are, we will all win."