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Alongside the bustling corridor of Interstate 35 sits a revitalized Springtown Shopping Center.
Ten years ago, activity in the shopping center was sparse, as Springtown once had a capacity of around 10%. Now it sits at nearly 100% occupancy, with retailers such as Gold’s Gym, Chuy’s, The SPOT, Tiff’s Treats and Summer Moon Coffee, among others.
The SPOT offers a dine-in cinema experience, with food and drink delivered to a movie attendees’ seat. Daily Record photo by Jordan Burnham
In 2014, Endeavor Real Estate Group purchased the center with the goal of repositioning Springtown to meet the needs of San Marcos’ growing market. After finding success in retail redevelopment, Endeavor decided to revisit their original business plan and move forward with a mixed-use development. The development — called The Lyndon, a luxury apartment complex — is now Springtown’s newest addition.
An outdoor courtyard at The Lyndon at Springtown features a volleyball court, outdoor workout station and outdoor study area.
“We believed that if we put a product on the ground that played off of proximity to H-E-B, proximity to Chuy’s, proximity to the SPOT, to Gold’s, to the university, to I-35, Et cetera, that we could create an environment where students and young professionals would really want to live,” said Buck Cody, principal with Endeavor. “And we made that decision and went back and worked with the City on making some changes to our original entitlements to allow that pivot and started working in earnest to deliver the Lyndon.”
Endeavor’s earnest efforts succeeded, and its first year of tenants moved in this summer. The Lyndon, named after President Lyndon B. Johnson, is complete with a resort-style pool that boasts a jumbotron, and is marketed as luxury living.
The Greater San Marcos Partnership (GSMP), a regional economic development organization that works on behalf of the City of San Marcos, Hays County and Caldwell County, works to attract new companies to the area, such as Endeavor, to bring jobs and investment to the region. According to Adriana Cruz, President of the GSMP, the organization worked with the City and County to help Endeavor obtain incentives for the development of Springtown as a Class A shopping center.
“We worked with the City and the County on developing a package that made sense — that was a net positive fiscal impact for the City and the County — and the result is what we see today.”
Those incentives, which are authorized for the City of San Marcos under Chapter 380 of the Texas Local Government Code, promote local economic development and stimulate business in the city, according to the City’s incentive resolution.
“So the package and the partnership that was developed with Endeavor was really to help elevate that particular site, but in turn really helped bring a stronger economy to the city as a whole,” Cruz said.
Springtown sits at one of the primary gateways into the City of San Marcos, and Cruz said the renovated center brings a new vibrancy to the area.
“I think its a huge impact,” Cruz said. “Not just from an economic sense, but from a physical and aesthetic sense.”
With 515 bedrooms leased at The Lyndon, and nearly 100% occupancy from retailers surrounding the apartment complex, the center has seen success.
“For the student housing portion of it is 100% leased and occupied,” Cody said. “The retail that surrounds the student housing is 100% leased and occupied and the retail that’s underneath the student housing — the Lyndon retail — we are currently at about 88% leased and then we have leases out to get us to about 92%.”
Cody said it is critical to deliver a product that is right for the market.
“I think that Springtown, that entire site fell into a state of disrepair and was in a place where it was not keeping up with the surrounding market,” he said. “Our objective was, and is, to try to not only meet whatever the current market is, but then to also anticipate what it’s going to be like so that we can develop projects that last.”
