NewQuest has broken ground on the multitenant component of the 165-acre Texas Heritage Marketplace in Waller County, officials announced in an April 6 news release.
The $400 million development, located at the southeast corner of Texas Heritage Parkway and I-10, is anticipated to have more than 1 million square feet of retail, restaurants, medical office space and self-storage, officials previously said.
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The details
The multitenant phase will bring 5-acres of park-like green space, dubbed Heritage Grove, which will be surrounded by 35,000 square feet of businesses as well as four junior anchors, per the release.
Junior anchors include:
Academy + SportsBurlingtonSpec’s Fine Wines & SpiritsUlta BeautyNewQuest officials have preleased more than 90% of Texas Heritage Marketplace in approximately 18 months, per the release. Some commitments include Chase Bank, Whataburger, James Avery, Mattress Firm and The Kebab Shop.
By the numbers
Experts are forecasting Target, Lowe’s and a membership-based wholesale club, whose name has not been officially released due to a confidentiality agreement, will bring in 4 million annual visits alone, while 9 million customers per year are expected for the entire development, per the release.
“As it stands, Waller and surrounding rural counties have been unserved by major retailers. Texas Heritage Marketplace will fill in that gap,” said Austin Alvis, NewQuest president and chief development officer.
Looking ahead
Officials are expecting a first quarter delivery for the four junior anchors as well as EoS Fitness and the green space, per the release.
Meanwhile, the development’s anchors—Lowe’s, Target and the unnamed membership-based wholesale club—are expected to commence staggered openings in September.
Additionally, the Texas Department of Transportation is now in the design stages for I-10 entrance and exit ramps that will lead to the site, per the release.