Costco Building New Concept Store, Market briefs

In Stafford, Texas, Costco is building a new business-oriented store along the Southwest Freeway on the site of what once was the campus of Texas Instruments.

The 192-acre parcel, which was once called Legacy when it was just a glint in a developer’s eye, is now called The Grid.

StreetLevel Investments and joint-venture partner Provident Realty Advisors just put out of press release saying they “are pleased to announce Costco Business Center as anchor tenant for the Grid.”

Costco Wholesale Corporation purchased 13 acres and is under construction with approximately 148,000 SF of retail space in The Grid multi-use redevelopment located at I-69 between Kirkwood Road and West Airport Boulevard in southwest Houston.

The Grid will integrate 350,000 SF of retail, restaurant, and entertainment concepts; 2,400 residential units; 500,000 SF of creatively focused-office space; multiple hotel brands and concepts; a premier health club; a network of pocket parks, jogging and bike trails; and activated public space, together in a “walkable” urban district.

The new Costco will sell large quantities that will appeal to Houston area businesses.

“Costco is the forward-looking and nimble retailer we’ve been seeking in an anchor tenant, bringing a national reputation for its innovative retail strategy,” said Adam Schiller, Managing Principal, StreetLevel Investments. “We are thrilled Costco selected the Grid as the first Houston location for its Business Center concept, and we look forward to a very successful grand opening.”

In addition to two new apartment projects totaling 725 units from JLB Partners, the Grid features restaurant and retail outlets including: Whiskey Cake Kitchen, Outback Steakhouse, In-N-Out, Pluckers, Torchy’s Tacos, Amegy Bank, AT&T, Chipotle, Verizon, Raising Cane’s, Panda, McAlister’s, 7-11, Great Clips, among others.

Large Oaks Preserved

Designed with a commitment to sustainability, the Grid will preserve dozens of heritage oak trees located throughout the site and integrate them into the project design. StreetLevel has tapped Houston-based Gensler and TBG as project consultants for the $500 million, multi-phase project.

The multi-story Texas Instruments building (and the noteworthy oak trees) still stands. Former Texas Instruments electrical engineer Jack Kilby, who won the Nobel Prize for Physics, developed the integrated circuit (computer chip) while working for Texas Instruments in 1958. Once visible from the Southwest Freeway, the Texas Instruments sign is gone now, as are the adjacent softball fields.

Exudes Excitement in Triplicate !!!

The StreetLevel Investments press release quotes the Stafford mayor and two other local officials. All three of them used the word “excited” to describe their response to the Costco hoopla.

“I am excited that Costco has chosen East Fort Bend to launch the first location of its unique Business Center concept in the Houston area,” said Fort Bend County Commissioner Grady Prestage.