HOUSTON – NewQuest Properties has jump-started the residential component of Cottonwood Creek Market in Waco, Texas, with land sales to a build-to-rent builder to create the first community of that type in the city and a multifamily developer.
The residential developments will break ground in the second quarter, with deliveries anticipated in 2023. Waco CV LLC will develop close to 200 build-to-rent dwellings on 20.12 acres and Waco Creekview Holdings LP is planning a 300-unit project on 12 acres.
Build-to-rent is one of the hottest trends in residential development – and communities are sprouting up all across Texas and coast to coast. According to market reports, the category now makes up nearly 10% of new home construction nationwide.
This week, NewQuest will break ground on three speculative multi-tenant retail buildings, totaling 26,400 sf, in Cottonwood Creek Market, a 143-acre destination development located at the junction of Interstate 35 S and West Loop 340/TX 6. The prime attractions are anchors Topgolf and a 14-screen Cinemark, both now open, and Main Event, which will come online in March.
Two new buildings will straddle the shared green space in front of Cinemark. Both will feature patio space overlooking the community lawn.
“There is a lot of momentum and interest in Cottonwood Creek Market because of our anchors. We feel confident we’re going to get the right users for the retail buildings in short order,” says Austen Baldridge, vice president of Houston-based NewQuest and the project’s leasing agent.
Cottonwood Creek Market will be the largest entertainment and dining district between north Austin and south Fort Worth along Interstate 35. High on the prospecting list are nationally branded sit-down restaurants, fast-food chains and coffee shops.
“With destination projects like this, there is always strong demand, particularly in food and beverage categories,” says Baldridge, who has deals working on several pad sites.
In addition to the residential land sales, BV New Road Waco LLC has acquired a 1.23-acre pad site to build a BlueWave Express Car Wash within the development. Brad LyBrand of NewQuest Properties represented the residential developers in their acquisitions and Marshall Bumpus of Wellspring Commercial Real Estate was BlueWave’s broker.
There are only two large tracts remaining for sale – 16.65 acres earmarked for multifamily development and six acres tagged for hospitality. The residential acreage could add another 350 units to the NewQuest development.
“When Cottonwood Creek Marketis built out, it’s going to be a true mixed-use development with a heavy residential component,” Baldridge says.
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