HOUSTON – NewQuest Properties is planning to develop a $75 million community lifestyle center, Stableside at Falcon Landing, on the last remaining commercial tract of the King family’s 704-acre Arabian horse farm in west Houston.
Scraping will start in two months on the 34.4-acre landmark site. The property, which contains 1980s-era structures, is the homestead of the late W.K. “Buck” King, a developer, businessman and rancher who moved to Houston from Kansas in 1935.
A 102,473-sf Kroger Signature store will anchor the first phase of Stableside at Falcon Landing, which will front Katy’s Gaston Road between Greensbusch Road and Falcon Landing Boulevard. Phase I will include 28,700 sf of inline retail space, a 7,350-sf multi-tenant building and four pad sites, each roughly one acre. The first phase will cater to a family’s basic needs, including restaurants, fitness, salons, pet stores and the flagship location of a publicly traded bank planning a two-story prototype project.
Phase II will be the project’s “destination” component, featuring a 39,000-sf theater and oversized shared green space with patio seating, architecturally inviting shade elements and a water feature. Mick Granlund of Dallas-based O’Brien & Associates Inc. is the lead architect. Stableside at Falcon Landing is tentatively slated to open in December 2016.
“This site is located at the bull’s eye of Katy’s growth corridor,” says Austin Alvis, an associate in the Houston-based brokerage and development firm. He and Brad Elmore, also a NewQuest associate, are marketing Stableside at Falcon Landing.
“We’ve had a tremendous amount of traction on this project. There are multiple uses competing for the limited number of spaces and pad sites,” Elmore says. The project is 75% pre-leased or under letters of intent.
“Stableside at Falcon Landing will be special. We’ve taken bits and pieces of what we like from other projects for its inspiration,” Alvis says. “It will be a comfortable setting and family-friendly in the tenant mix and public spaces.”
NewQuest’s new development site is situated at the heart of Cinco Ranch and under-construction neighborhoods of Silver Ranch and Monterrey at Willow Bend. The trade area boasts 100,000 residents, of whom 70% are college graduates.
“These are commuters who really want neighborhood accessibility to shopping and dining close to home,” Alvis explains.
From an accessibility perspective, Stableside at Falcon Landing is equidistant to Interstate 10, Grand Parkway, Westpark Tollway and FM 1463. Across the road is the two-year-old Katy Independent School District’s 6-A Tomkins High School, which has well-attended athletic and extra-curricular events and the capacity for 4,500 students.
The recently acquired site primarily attracted multifamily developers during its marketing by an ARA Houston team led by Tim Dosch and David Marshall. Alvis sourced the development opportunity as a summer intern with NewQuest and also convinced Kroger to build its fifth store within a five-mile area.