The Denton City Council has awarded a $9.5 million grant to The MGHerring Group and Cencor Realty Services for the redevelopment of Golden Triangle Mall. The two retail development and management firms have created a joint venture, GTM Development Ltd., to renovate the shopping center.

Located at the northeast corner of Interstate 35 and Loop 288, the 765,000-square-foot mall has about 90 tenants, including anchors JCPenney, Dillard’s, Macy’s, and Sears. Leasing of the property has jointly been handled by the The MGHerring Group and Cencor’s brokerage affiliate, The Weitzman Group, since September 2010. Cencor manages the mall.

The $9.5 million grant from the City of Denton represents a portion of the estimated $60 million investment to buy and renovate the center. It will take effect once GTM Development makes an initial investment of $9.5 million in qualifying improvements to the property. After that, the developers will get a share of sales tax dollars generated by purchases at the mall.

Renovations are scheduled to begin by the end of the year and wrap up by the fall of 2012. Some work is already under way, including a new roof and additional air-conditioning units. According to a press release, other planned improvements include:

• Constructing a new exterior façade

• Redesigning the mall entrances

• Updating tenant storefronts to match the retailers’ newest prototypes

• A new food court

• Adding new retail and upscale full-service restaurants

• Renovating the common areas with new flooring, materials and design elements

• New amenities throughout the mall including benches, interior landscape, fixtures and directories

• New interior and exterior property signage, graphics and lighting

The Weitzman Group and Cencor Realty Services are operating in familiar territory. The companies’ chairman and CEO, Herb Weitzman, has led the development of several retail projects in Denton near Golden Triangle Mall, including Denton Town Center, San Jacinto Plaza, and the Shops at Colorado.

The MGHerring Group has developed some of the largest retail projects in North Texas, including The Village at Allen and The Village at Fairview, as well as Uptown Village at Cedar Hill.

Here are statements released by parties involved in the project:

• Herb Weitzman, chairman and CEO of The Weitzman Group and Cencor Realty Services: “Golden Triangle Mall occupies what is, without a doubt, the most visible, accessible and strongest retail location in the entire Denton trade area. It’s located at the strongest intersection in Denton, and this redevelopment will enhance the mall’s strengths and create a true retail destination for the entire market.”

• Gar Herring, president of The MGHerring Group: “The redevelopment of Golden Triangle Mall will feature major changes, such as interior and exterior improvements, the addition of new retail and restaurants, and upgrading the stores of select merchants to reflect the latest retail prototypes with a wider array of merchandise. The City of Denton was recently ranked No. 13 on MSN Real Estate’s list of the fastest growing cities in the country, and this redevelopment will serve the needs of the expanding trade area.”

• Denton Mayor Mark Burroughs: “We are pleased that Weitzman and MGHerring have come forward with plans to redevelop Golden Triangle Mall, which will offer Denton residents a greater variety of retail and dining options, as well as a place to spend their leisure time. Both companies are nationally-recognized shopping center developers, and we look forward to what the redevelopment will bring to our community.”