HOUSTON – (Realty News Report) – NewQuest Is developing a 750,000-SF mixed-use retail center and 550 apartment units in Waller County west of Houston.
Called the Texas Heritage Marketplace, the $400 million project will be anchored by a 149,000-SF Target store.
The 165-acre development fronts Interstate 10 and the newly completed Texas Heritage Parkway in the town of Katy.
Houston-based NewQuest will develop multiple retail and restaurants and two apartment communities plus nearly 300,000 SF of medical office space and self-storage units.
“After all these years of work, we couldn’t be happier to kick off Texas Heritage Marketplace with a great anchor like Target,” says Austin Alvis, president and chief development officer of Houston-based NewQuest. “We are presently working with a variety of leading retailers and restaurateurs to procure the best possible mix for the project. We look forward to announcing additional anchors and tenants soon.”
NewQuest has invested nearly 10 years in bringing the project to fruition, as growth pushed westward in what is now nationally ranked as one of the best cities to live in Texas. The NewQuest site was deemed ready for construction with the completion of the 6.5-mile Texas Heritage Parkway and notable preleasing activity.
The new artery links the development to a five-mile trade area with a population of nearly 147,000 and an average annual household income of $162,886. The unparalleled residential growth, up 56% since 2020, has created a future housing inventory of 13,600 homes to complement 4,683 that are now on the ground.
NewQuest should receive praise from environmentalists because a large 300-year-old oak will be saved, the company says NewQuest says it’s the largest tree ever moved in the Houston area
“We wanted to invest in preserving this Heritage oak and make the project a gathering space for the community,” Alvis says. “This project has been a major collaboration with the City of Katy, Waller County and Texas Heritage Parkway Association, which was responsible for developing Texas Heritage Parkway.”
The Texas Heritage Parkway route is opening a lot of prairie for new development.
Hines just acquired 3,000 acres that will be bisected by an extension of the Texas Heritage Parkway. Hines will be responsible for the completion of the Texas Heritage Parkway from its current terminus at Westpark Tollway to the southern boundary at Winner-Foster Road.
Jan. 28, 2025 Realty News Report Copyright 2025
Image: Rendering Courtesy NewQuest
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File: Large Mixed-Use Project Underway Alvis NewQuest Large Mixed-Use Project Underway Waller County, Heritage, Hines