MISSOURI CITY – (Realty News Report) – NewQuest Properties will break ground Thursday on a 300,000-SF retail development, anchored by a movie theater, in Fort Bend County on Houston’s southwest side.
A 12-screen Cinemark theater will anchor the project, which is the second phase of Fort Bend Town Center, which eventually will span three of the four corners at the intersection of TX 6 and Fort Bend Parkway. NewQuest is in final stages of negotiations with six junior anchors as dirt begins to fly on the 42-acre expansion project.
Jeffrey L. Boney: “A Game-Changer”
“It is always our hope that any type of development would lead to economic vitality and growth. This project will create a lot more excitement and awareness in that particular corridor,” says Jeffrey L. Boney, Missouri City council member, District B. “I look at it as a game-changer. I’m excited about the future and things to come.”
Amazon is constructing a 1 million-SF fulfillment center nearby at the intersection of the Fort Bend Tollway and Highway 6, at 2303 Hurricane Lane. Amazon will have 500 employees there.
Missouri City is widely recognized as the one of the highest-growth residenti al corridors in the state, with more than 45,000 existing homes within its bounds and another 7,600 coming on line this year.
Across the Brazos
The planned expansion of Fort Bend Parkway across the Brazos River, which will open up an additional 50,000 acres for residential and commercial development creates long-term growth potential.
“Fort Bend Parkway’s expansion will change this intersection from being the last stop on the tollway to being a regional commercial hub,” says NewQuest’s Andrew Alvis who teams with Bob Conwell, on Fort Bend Town Center’s leasing.
Houston-based NewQuest began developing the intersection in 2007. Fort Bend Town Center, is a Kroger-anchored project, totaling 180,000 SF on 27 acres. Phase II will come on line in 2023.
“The demand is definitely there,” Conwell says, “and the momentum is growing every day.”
NewQuest is finalizing leases with Ross Dress for Less, Ulta, Five Below, Dollar Tree and Petco. In addition to Cinemark, deals have been completed with Burlington and MOD Pizza.
With big box leases in hand, the NewQuest team is shifting the leasing focus to quick-service and sit-down restaurants plus medical services. At build-out, Fort Bend Town Center II will have more than 50,000 SF of entertainment space, 200,000 Sf of retail and 50,000 SF of restaurants.
Aug. 2, 2021 Realty News Report Copyright 2021
Image: Rendering courtesy NewQuest
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File: NewQuest Breaking Ground Thursday