MISSOURI CITY – (Realty News Report) – NewQuest Properties will break ground Thursday on a 300,000-square-foot retail development anchored by a movie theater in Fort Bend County on Houston’s southwest side.
A 12-screen Cinemark theater will serve as the project’s anchor. This expansion is the second phase of Fort Bend Town Center and will eventually occupy three of the four corners at the intersection of TX 6 and Fort Bend Parkway. NewQuest is in the final stages of negotiating leases with six junior anchors as dirt begins to move on the 42-acre expansion.
Jeffrey L. Boney: “A Game-Changer”
“We hope any development brings economic vitality and growth,” said Jeffrey L. Boney, Missouri City council member for District B. “This project will create much more excitement and awareness in that corridor. I see it as a game-changer, and I’m excited about the future.”
Nearby, Amazon is constructing a 1,000,000-square-foot fulfillment center at the intersection of the Fort Bend Tollway and Highway 6, at 2303 Hurricane Lane, which is expected to employ about 500 people. Missouri City is recognized as one of the state’s fastest-growing residential corridors, with more than 45,000 existing homes and roughly 7,600 additional units expected to come online this year.
Across the Brazos
The planned expansion of Fort Bend Parkway across the Brazos River will open an additional 50,000 acres for residential and commercial development, creating long-term growth potential for the area.
“Fort Bend Parkway’s expansion will transform this intersection from the last stop on the tollway into a regional commercial hub,” said Andrew Alvis of NewQuest, who handles leasing for Fort Bend Town Center alongside Bob Conwell.
Houston-based NewQuest began developing the intersection in 2007. The original Fort Bend Town Center is a Kroger-anchored center totaling 180,000 square feet on 27 acres. Phase II is scheduled to open in 2023.
“The demand is definitely there,” Conwell added, “and the momentum is building every day.”
NewQuest is finalizing leases with Ross Dress for Less, Ulta, Five Below, Dollar Tree and Petco. In addition to the Cinemark theater, leases have been completed with Burlington and MOD Pizza.
With major big-box tenants secured, the NewQuest team is now focusing leasing efforts on quick-service and full-service restaurants as well as medical tenants. At full build-out, Fort Bend Town Center II will include more than 50,000 square feet of entertainment space, approximately 200,000 square feet of retail, and around 50,000 square feet of restaurant space.
Aug. 2, 2021 Realty News Report © 2021
Image: Rendering courtesy NewQuest
For more on Texas real estate, consider the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
File: NewQuest Breaking Ground Thursday