When most people think of commercial real estate, they think of spreadsheets, leases and permits. But for me, and especially for my family, it’s personal - because LEVCOR is a second generation family business. My father, Larry Levine, started the company back in 1980 and somehow still finds a way to critique my emails, 45 years later.
My Dad grew up in Eagle Pass, Texas, a border town like Pharr, and he had this deep-rooted understanding of the power and potential of South Texas long before most national developers knew how to pronounce Pharr. I mean, honestly, half of them, especially from the West Coast and the East Coast, still don't. But my father knew, he had a vision for places like this. And in 2007 LEVCOR purchased a property here in Pharr that many others had overlooked or given up on, the old El Centro Mall.
Some of you may remember it. It was one of the first enclosed malls in the region, with construction starting way back in 1971. By the time we acquired it, it had certainly seen better days. Fast forward to today, and Pharr Town Center is a 470,000 square-foot shopping and entertainment destination that is not just surviving, but thriving. Right here in the booming Rio Grande Valley.
So the story behind the success. How did we go from an aging mall to a bustling powerhouse of retail and restaurants? Well, part of it is hard work. A lot of it's hard work. Part of it is vision, and a big part of it is believing in this region.
We started our redevelopment in 2012 and yes, there were challenges. There were a lot of challenges. We had retail bankruptcy, competitive projects, permitting humps, potholes that could swallow a small SUV, lead times, construction costs, the list goes on. But we never stopped believing in Pharr and we never stop believing in the Valley. And neither should you.
Today, Pharr Town Center is home top tier national tenants, including TJ Maxx, Ross, Cinemark, Main Event, Academy, Crunch Fitness, Cost Plus World Market, Texas A&M University, and many, many more.
And here's the headline everyone wants to hear: IKEA is coming to Pharr (applause)! The first IKEA location in the entire Rio Grande Valley is coming to Pharr. After nearly two years of hard work we landed the deal and we’re proud to say they'll be opening this year, in Fall 2025. If you are in the business of big boxes, IKEA is like the ultimate pipe dream of a retail outlet if you are commercial real estate developer, and they're coming to Pharr.
And you know what? That space only became available because of bankruptcies. Buy Buy Baby, and Sears going out of business at Pharr Town Center opened up space we wouldn't have otherwise had, and that's an important lesson in this business. Sometimes your biggest setbacks are just setups for your next big wave. (Applause).
So, why the Rio Grande Valley? Let's talk about why Pharr and why this region have worked so well. Not just for LEVCOR, but for our tenants, for our partners, and for our customers. One of the key things we learned about Pharr Town Center is that this city and this region serve three incredibly unique customer bases. Firstly, we have over 1.5 million locals in the Rio Grande Valley. Secondly, there are also 150,000 Winter Texans, or snowbirds, who flock down to this region for the warm months. And this is the kicker. There are an estimated five million Mexican nationals who cross the border each year to come here to shop, to dine and experience what this region has to offer.
So, if you're a business, looking at the Valley and relying on a traditional US-based data provider to tell you what your traffic will be when you start a business here, you're missing half the story. We've had tenants open under-staffed because they just didn't believe us when we told them how strong their traffic would be. They only anticipated their American customer base, and they never considered the narrative behind the traffic coming from south of the border. And then we get a call a week later after opening, every single time. We ran out of inventory. We’re short staffed. We need to extend our hours. It's so busy. It's the best call.
Pharr and this Rio Grande Valley region has a booming national economy, and that is something that you need to take advantage of and really think about. The Pharr International Bridge is one of the busiest commercial ports in the country. It connects directly to Reynosa, Mexico, and supports a binational supply chain that fuels logistics, retail and industry in ways that most US metropolitan cities can only dream about. Pharr isn't just open for business, it's uniquely positioned at the crossroads of international commerce, regional growth and cultural exchange.
We're seeing SpaceX revolutionizing the Rio Grande Valley area. Liquid natural gas companies and corporate tourism are booming, and the population here is young, bilingual and driven. Not to mention the strong network of hospital systems and universities, as you’ve see here today, like UTRGV, Texas A&M, and South Texas College, to name a few. These institutions are feeding a skilled and talented workforce.
And let me say this. None of this happens without strong local partners. Our relationship with the City of Pharr and the Pharr Economic Development Corporation has been second to none. As a developer who's worked in dozens of markets across the country, some helpful and some not so much, I can say without hesitation, Pharr is among the best of the best. (Applause)
So I want to talk about our lessons learned, to summarize. Let me leave you with a few takeaways from our journey with Pharr Town Center. Where we came from, where we are today and where the center is going to.
Firstly, believe in the market that others ignore. LEVCOR saw value here decades ago, when most national developers couldn't even locate the Valley on the map. They missed out. Embrace binational opportunity. The Valley is uniquely positioned to thrive on US and Mexico commerce and culture. Thirdly, and very importantly, partnerships matter. The City of Pharr and the Pharr Economic Development Corporation have been true partners, motivated, creative and committed to our vision and the vision we have together to make this community better, and bring it to its full potential. The people deserve it.
Retailers underestimate this market - until they don’t. Then they call us back, every time. Truly every time, and say, why didn't you tell us to do this sooner? And we say, I tried. It just didn’t work. And now they've opened two, three, four, locations within a three-mile radius. The sales don’t lie.
And, finally, sometimes your biggest breakthrough win starts with a loss. As a business, you must always be ready to pivot and pursue the opportunity in every challenge. Because there is always an opportunity in a challenge.
When one door or one storefront, in our case, closes, another door opens. For an IKEA.
So my final thought. We are so proud of what Pharr Town Center has become. But even more excited about what it represents.
Pharr Town Center represents a model for growth, for binational commerce, for the future of retail in underserved and misunderstood markets that are ripe of development and opportunity.
So, to everyone here, whether you are a small business owner, an investor, a public policy maker or a student, I encourage you to listen to these words and take a long hard look at what Pharr and this region has to offer. You will be surprised at how far it can take you. And if you decide to take a peek… I will be the first one to say, I told you so (applause)
So thank you so much and thank you to the great people of the City if Pharr, the Pharr Economic Development Corporation, the Rio Grande Valley, the Greater Pharr Chamber of Commerce, and our great State of Texas, for allowing us to be part of your incredible story.
Editor's Note: The above commentary was provided by Sasha Levine, executive vice president of LEVCOR, Inc., at the 2025 Governor's Small Business Summit-Pharr. The event was hosted jointly by the Governor's Office of Small Business Assistance and Pharr Economic Development Corporation. The event was held at the Jose "Pepe" Salinas Memorial Recreation Center in Pharr.
