HOUSTON – (Realty News Report) – Stratus Properties of Austin has acquired 54 acres in Kingwood in for a mixed-use development anchored by a 103,000-SF, H-E-B grocery store, slated to open in October 2019. The $50 million development will have more than 41,0000-SF of additional retail space and six pad sites.
Eleven acres have been designated as a multifamily development site for a 300-unit project, said Stratus Chairman and CEO Beau Armstrong. Kingwood Place is the sixth H-E-B anchored development by Stratus.
The project will break ground in November.
Stratus mainly focuses on Austin development, although the firm develops H-E-B-anchored projects in other markets. The firm is developing grocery-anchored centers in College Station and the Magnolia area, northwest of Houston.