SHERMAN, Tex. (KXII) - A $25 million retail center is coming to South Sherman after the city council approved a huge incentive plan to attract the developer Monday night.
This will be what Schulman’s Movie Bowl Grille will look like when it's built in Denison. That same developer is also making a 22-acre development site in Sherman.
The shopping center will be located on the southeast corner of F.M. 1417 and U.S. 75.
The city council approved a $1.5 million cash grant for the developer, 58 Aggie Development. It's managed by Mark Schulman, the same developer bringing a 66,000 square foot entertainment center to Denison, Schulman’s Movie Bowl Grille. It has two other locations in Texas.
"This is money the city would not otherwise have but for the development," said Sherman city spokesperson Nate Strauch. "So basically for seven years he gets to keep half the sales tax and that'll be rebated back to him. So it's a win-win for the city."
Strauch said construction could begin as early as the end of the year. It'll be a roughly $25 million investment.
"Not only will it be an asset for the city and its' citizens," Strauch said, "It'll also be an attraction to bring people up from south Grayson County and Collin County."
Many people were excited about it, including Meg Wilson, who lives in Howe.
"The Sherman Towne Centers' not too far away, but that'll be a little closer," Wilson said. "It'll give more options for people."
Wilson said it will encourage growth.
The developer will have to tear down the fire station which is located on that same corner and move it across the highway. The project location is also catty-corner from the Sherman Crossroads development site.