RICHMOND, Texas – (Realty News Report) – Costco has acquired 20 acres for a new store that will be built in the Aliana master planned community in Fort Bend County on the southwest side of the Houston area.
Costco is constructing a 154,648-sf store, is planning a summer opening for the store which will be adjacent to the Grand Parkway.
The site was acquired from Houston NewQuest Properties, which is developing retail in Aliana.
The Costco project is kicking off NewQuest’s 250,000-sf expansion of the Grand at Aliana, a 400,000-sf mixed-use development with nearly one mile of frontage on the Grand Parkway/TX 99.
“Costco joining the Grand at Aliana validates the strength of the market and rounds out our traffic-generating anchors to further protect the long-term value of the overall project for future and existing occupants,” says Austin Alvis, president of the Houston-based brokerage and development firm.
NewQuest has been methodically developing the 80-acre Grand at Aliana since 2018. The regional development’s next phase will include multifamily units, medical facilities, freestanding restaurants and 20,000 SF of additional restaurant and retail space.
“Phase III is the final commercial development piece of the Aliana community,” Alvis says. “We are thankful to have been able to work with the master-planned community developer, Airia, to bring additional essential retail and services to Aliana.”
The Issaquah, Wash.-based Costco chain has warehouses in Katy and Sugar Land, which are six and 10 miles, respectively, from the Grand at Aliana. Costco has 38 locations in Texas and 870 worldwide.
Costco’s development site is located at the intersection of West Airport Drive and the Grand Parkway, the primary access point connecting several master-planned communities to the
commercial corridor and freeways. The warehouse will neighbor NewQuest’s proposed multifamily development, separated only by an interior road in the Grand at Aliana.
The Grand at Aliana’s immediate trade area has a population of roughly 153,000 and growing as is the housing inventory, which will soon be up to 80,000 homes. The average annual income is $146,000 within a one-mile radius of the development.
Dec. 13, 2023 Realty News Report Copyright 2023
Image: Courtesy NewQuest
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