SouthPark Anyone?

If you’ve been hearing a new set of rumors about another Ray Nasher shopping center proposed for that hunk of undeveloped Caruth family land at Central Expressway and Northwest Highway, here’s the deal: Nasher is, and has been for some time, interested in developing a “NorthPark South” on that land which comprises the southwest corner of Central and Northwest Highway.

Sak’s Fifth Avenue of New York and Sakowitz of Houston have each expressed strong interest in moving into the development, if and when Nasher gets it off the ground. Keeping a lid on things at the moment is Will Caruth, present partiarch of the enormous Caruth family fortune, who says he’s interested in developing the land “someday,” but is worried about defiling the historic Caruth Estate, which sits smack dab in the middle of the land.

“Normally, I think with a slide-rule,” he says. “But on this one, I’m thinking it through very carefully. It’s much harder because of the estate.”

A couple of years ago, Caruth had actually agreed to allow Nasher to develop some of the land, with Caruth developing the remainder. The deal was shot down by the City Plan Commission. Many say Caruth got cold feet at the last minute, and was actually “relieved” the development was nixed.

At any rate, things remain in limbo.

Nasher, meanwhile, is chomping at the bit, trying to find a blueprint which will satisfy Caruth’s worries about preservation of the family estate. One reason Nasher may be pushing is that Sak’s and Sakowitz can -and some say, would -go to Prestonwood or some other new North Dallas development if Nasher can’t get his underway in the near future.

One plan the Nasher people and Caruth have considered cuts Boe-decker Street in a diagonal, lazy S pattern through the Caruth land north of the family estate. The commercial development would be confined to the sector north of the new street, thus clearly separating it from the estate.

All of this is still talk. There may be a deal cut “very soon,” according to some insiders. Others maintain Caruth wants to stall until the economy perks up.

An interesting sidelight to all of this is the impending invasion of Sak’s and Sakowitz to the already highly competitive Dallas retail market. Armchair analysts speculate Sak’s entrance will help, not hurt, Neiman-Marcus’ business in the top-of-the-market range. Such apparently has been the case in Atlanta where the two stores are in competition.

The entrance of Sakowitz to the middle ground of the retail market is much more complicated, however. Many think it will hurt Lord & Taylor and perhaps run Titche’s clean out of town. Sanger-Harris is thought to be simply too strong to be affected much.