The Winrock Mall is a largely vacant 1.0 million square-foot regional mall that Goodman Realty Group acquired from Prudential for $42 million. The 82-acre site is being repositioned and redeveloped as a mixed-use town center, retaining the existing and viable department store anchors but demolishing the interior mall to build an open-air and pedestrian-oriented retail, office, and entertainment center.
EPS conducted market studies and advised the design team on the site development program and developed a financial feasibility model to analyze project performance and returns to optimize the development mix and timing. Based on a projected financing gap, EPS forecast public financing revenues using a Tax Increment for Development District (TIDD). EPS also conducted a fiscal impact analysis for the City and State to determine the amount of tax increment required for municipal operations and maintenance costs associated with the project. Based on the combined financing and fiscal analyses, the project was approved for $130 million in TIDD bonding capacity backed by gross receipt tax and property tax increment.