NewQuest Properties begins Fort Bend Town Center phase II, anchored by Cinemark
August 4, 2021
Houston-based NewQuest Properties will break ground on the second phase of Fort Bend Town Center on Aug. 5.
The 300,000-square-foot phase will have over 50,000 square feet of entertainment space, 200,000 square feet of retail and 50,000 square feet of restaurants, NewQuest said. A 14-screen Cinemark theater will be the anchor for phase II of Fort Bend Town Center, which will eventually cover three of the four corners of the intersection of State Highway 6 and Fort Bend Parkway in Missouri City.
NewQuest is currently in the final stages of negotiations with six junior anchors for the 42-acre expansion project. The firm is finalizing leases with Ross Dress for Less, Ulta, Five Below, Dollar Tree and Petco while deals have been completed with Burlington and Mod Pizza in addition to Plano-based Cinemark (NYSE: CNK).
Phase II is expected to open in the third quarter of 2023.
“Fort Bend Parkway’s expansion will change this intersection from being the last stop on the tollway to being a regional commercial hub,” said Andrew Alvis, senior associate of Houston-based NewQuest Properties, who teams with Bob Conwell, senior vice president, on Fort Bend Town Center’s leasing.
NewQuest began the development of the intersection in 2007. The current Fort Bend Town Center development totals 180,000 square feet on 27 acres and is anchored by a Kroger grocery store.
Missouri City has one of the highest-growth residential corridors in the state, according to NewQuest. About 7,600 homes are slated to be added this year to the area’s 45,000 existing homes. There is also a planned expansion of Fort Bend Parkway across the Brazos River, which will open an additional 50,000 acres for residential and commercial development, according to NewQuest. Amazon.com Inc. (Nasdaq: AMZN) also is expected to spark growth in the Missouri City area with its 1.1 million-square-foot facility at 2302 Hurricane Lane — the Houston-area’s second-largest industrial lease of 2020, according to Transwestern.
“It is always our hope that any type of development would lead to economic vitality and growth. This project will create a lot more excitement and awareness in that particular corridor,” said Jeffrey L. Boney, Missouri City Council member for District B. “I look at it as a game-changer. I’m excited about the future and things to come.”
For more tenant information, click here
Article: Houston Business Journal
