JV Sells Prime Acreage in Katy to Residential Developer

Cover-Aerial

KATY, Texas – A local joint venture has sold 9.37 acres of prime land in the heart of Katy to Heights Colonial LP, an entity of City Choice Realty, for a residential development.

The site fronts Colonial Parkway near the intersection of Park West Green Drive. Glenn Dickerson and Brad LyBrand of NewQuest Properties represented the seller, Katy Promise JV, which has additional development sites on the market.

“It was only listed for six weeks before we had a contract. We had several offers because it’s right in the middle of Katy’s growth,” says Dickerson, senior vice president and development partner with Houston-based NewQuest.

The just-sold acreage is part of the seller’s extensive land holdings in the area, which through strategic piecemeal sales have been critical to Katy’s growth in the medical, multifamily and retail sectors. The NewQuest team presently is marketing adjacent land for the joint venture –an 18-acre treed site with frontage along Interstate 10 and Colonial Parkway.

City Choice’s new development site is situated less than two miles from Katy Grand and the Shoppes at Grand Crossing, both class A retail projects developed by NewQuest. The latter is anchored by PopStroke and a 19-screen Cinemark XD theater.

Katy has grown exponentially since Interstate 10 and the Grand Parkway/TX 99 intersected on the city’s east side. The market-changing transportation marriage is marking its 10th anniversary, with the population spiking to nearly 328,000 within a five-mile radius of the intersecting freeways.

“Due to the growth of Katy and the quality of schools, the area is a magnet for residential development,” Dickerson emphasizes. “This site is ideal for that use with good access to freeways.”

CENTRAL TEXAS LEASE
Milano Nails has leased 4,200 sf of retail space in Creekside Town Center, located at the intersection of Interstate 35 and FM 306, New Braunfels, from NewQuest Properties. Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord. Greg Stackhouse of New Regional Planning represented the tenant.

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