australopithecus robustus said:
Yes, it is.
It will most definitely be the highest and best use considering the existing construction on the ground amongst other considerations. A regression like that makes little business sense all due respect.
I disagree. Short of the Embassy Suites construction on this side of Texas Avenue, there hasn't been a lot of high-density redevelopment of anything on University Drive East. A few small office buildings have been demolished for drive-through smoothie shops and coffee shops, and it's still zoned commercial.
I say Albertsons because at the time, they sold the lease to H-E-B at a time when they were contracting and were willing to sell the lease with a package deal (H-E-B didn't want the property). While they own Randalls in Austin and Houston these days and are slowly closing stores, they are expanding in Dallas-Fort Worth once more, even reopening a closed supermarket (formerly Minyard) in Irving. The Randalls/Albertsons trucks still drive through our city on FM 2818.
Everything in the building is still set up for grocery use, it would take some work to bring fixtures in and reopen it as fully functional but still less time than it was an empty shell. Since H-E-B turned it down, the only retailers who would want such a property are other supermarket chains doing business in Texas (Kroger or Albertsons), short of any other big box store (I could see one of the smaller-format Target stores going in...but again, there's not too much difference if you were considering "highest and best use"). What are your thoughts?