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Development Du Jour

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A Houston developer has acquired Buckhead's Tuxedo Festival Shopping Center and could replace it with a high-rise, mixed-use project. AmREIT paid $28 million for the single-story strip center, which is 87 percent occupied with tenants like Zoe's Kitchen, Flip Burger and Savi market. The company has been specializing in the densification of one-story retail sites lately, and this property seems to fit the "Irreplaceable Corner" pieces they've been looking for. [BuckheadView]