NewQuest Properties is setting its sights on a $400 million Target-anchored development west of Houston
The local firm has started site work on Texas Heritage Marketplace, a 165-acre retail center at the southeast corner of Interstate 10 and Texas Heritage Parkway near Katy, the Houston Business Journal reported.
The project is set to feature 750,000 square feet of retail space, 300,000 square feet for medical offices and self-storage, as well as 550 apartment units split between two complexes. Target recently bought a 10-acre parcel within the development and is planning a 149,000-square-foot store.
Construction on the Target store could begin later this year, NewQuest president Austin Alvis said. The company’s in-house architectural team is responsible for the development’s design, while Cleveland-based contractor Principal Services is managing the site work.
NewQuest acquired the site eight years ago and waited for rooftops to arrive. The area has 147,000 residents within a 5-mile radius; the population has grown 56 percent since 2020. The average annual household income in this area is $162,886, and 13,600 homes are in development.
Development in the area has been fueled by the 6.4-mile Texas Heritage Parkway. The $55 million road, funded by public and private entities, connects I-10 to FM 1093, enabling access to emerging communities such as Young Ranch and Jordan Ranch.
Newquest expects phased tenant openings to begin as early as next year, with the entire project completed by 2027.
The company is also actively involved in other projects throughout Texas.
It recently sold its 49,000-square-foot office building at 8847 West Sam Houston Parkway to David Weekley Homes. The purchase price was undisclosed, but the Harris Central Appraisal District assessed the property’s taxable value at $8.22 million, equating to $167 per square foot.
David Weekley Homes acquired the building to streamline operations and improve team access to the company’s projects amid the northwest Houston building boom.
— Andrew Terrell
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