Texas Heritage Marketplace set to break ground in 2020 off Pederson Road, I-10
July 23, 2018
NewQuest Properties will break ground in 2020 on a shopping center called Texas Heritage Marketplace in the southeast corner of I-10 and Pederson Road, said Austin Alvis, an associate at NewQuest Properties who is working on the project.
A NewQuest Properties brochure on the development indicates the shopping center will offer up to 450,000 square feet of mixed-use retail space.
“Our timing is going to coincide with the delivery and completion of the Texas Heritage Parkway,” he said.
Texas Heritage Parkway, which runs from I-10 to FM 1093, is currently in development. Alvis said NewQuest has been told by the parkway’s developers it should be complete in late 2020. NewQuest expects the roadway to attract customers for its tenants.
Potential retailers for the shopping center are being recruited, he said, but are reluctant to commit to the project until they see that the parkway will be there to bring them the traffic they need. Anchor businesses for the site have not been confirmed at this time.
“We’re talking to big-box anchors right now, but we intend to have a grocery store, soft goods-type retailers, potentially entertainment anchors and fitness anchors in the project,” Alvis said.
Large nearby employers, such as the new Amazon fulfillment center, Igloo and Rooms to Go, and a population growth rate of 138 percent from 2010 to 2017 in a 3 mile radius of the development are being used to attract retailers. Alvis said the growth in the communities along the developing parkway has also piqued interest in the shopping center.
Potential restaurants that may come to the development include Longhorn Steakhouse, Chili’s and Olive Garden, according to NewQuest. Fast-food options being courted include Chik-fil-A, Whataburger and McDonald’s.
Retailers being approached include Burlington, TJ Maxx and Petco. Alvis said these businesses have not confirmed, but have shown significant interest in the shopping center.
Katy Mayor Chuck Brawner said the city is aware of the proposed plan for the development. In 2015 the city annexed this property along with the property where the new Amazon location was built in a limited purpose annexation to bring both developments into the city.
Brawner said the city has not been approached nor has it approached any retailers to work out any sort of incentives to attract new businesses to Texas Heritage Marketplace, though that may occur in the future. Any such deal, he said, would have to bring distinct benefits to the city and its residents.
Aside from any deals that may arise as development moves forward, Brawner said he does expect the city to benefit from having a new shopping center.
“It’s going to bring more retail establishments that will produce another income stream as far as sales tax. The other major thing—more jobs,” Brawner said.
Full story: Community Impact Newspaper