NewQuest Expanding Spring Town Center in Tandem with Grand Parkway Opening
December 22, 2015
NewQuest Properties will break ground on additional retail space in its 46-acre Spring Town Center in tandem with the first-quarter opening of the Grand Parkway in northwest Houston.
The 320,497-sf Spring Town Center is the largest and closest retail development to the Kuykendahl Road exit of the Grand Parkway’s $1.1 billion extension from U.S. 290 to U.S. 59, which has been under construction since July 2013.
Spring Town Center is bisected by Kuykendahl Road, with its northeastern corner anchored by Walmart, a 12-screen Cinemark and Palais Royale and the southeastern tract by Lowe’s Home Improvement Center and Sprouts Farmers Market. NewQuest will be adding an 11,550-sf freestanding building on the southeastern corner.
“With the opening of the Grand Parkway, we are optimistic this new space will lease quickly. We’re already in discussions with several retailers,” says Ashley Williams, an associate with Houston-based NewQuest. “This will be the best-positioned building in that part of the project.”
The new structure will front Kuykendahl Road, adjacent to the newly opened El Pollo Loco. Designed by NewQuest’s in-house architects,the building will deliver in the fall.
Location-wise, El Pollo Loco’s Kuykendahl-fronting restaurant opened well ahead of projections. Similar sales milestones have been reported by Vero’s Italian Kitchen, which opened in July on an end cap adjacent to Sprouts.
“Spring Town Center’s tenants are doing extremely well compared to other retail projects. There are rooftops in all directions within sight of our property,” Williams says.She and Bob Conwell, a NewQuest vice president and the project’s lead broker, also are marketing 31,239 sf of inline space beside the 28,350-sf Sprouts and four pad sites on the southeastern corner.
The long-awaited Grand Parkway will provide an alternate route to the Woodlands and create a massive third freeway loop around Houston. If other completed sections are indicators, the toll road’s expansion into northwest Harris County will stimulate additional residential development in and around Spring Town Center, a project also being fueled by the nearby 385-acre Exxon Corp. campus. Within the five-mile trade area, there presently are 207,381 residents with an average annual household income of $110,096.
“As this part of Harris County grows, Spring Town Center will be growing with it,” Williams says.