{"id":1004744573,"date":"2025-01-28T05:34:13","date_gmt":"2025-01-28T13:34:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004744573"},"modified":"2025-07-03T05:38:49","modified_gmt":"2025-07-03T13:38:49","slug":"newquest-breaks-grond-on-400m-mixed-use-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/newquest-breaks-grond-on-400m-mixed-use-project\/","title":{"rendered":"NewQuest Breaks Ground on $400M Mixed-Use Project"},"content":{"rendered":"\n

NewQuest has begun construction on the retail portion of Texas Heritage Marketplace, a planned $400 million mixed-use development in Katy, Texas.<\/p>\n\n\n

\n
\"The<\/a>
The Texas Heritage Marketplace mixed-use development in Katy, Texas. Image courtesy of NewQuest<\/em><\/figcaption><\/figure><\/div>\n\n\n

The Texas Heritage Marketplace name applies to both the 750,000-square-foot regional shopping center and the larger mixed-use project, which will eventually also encompass 550 apartments in two communities, plus almost 300,000 square feet of medical office space and self storage units.<\/p>\n\n\n\n

The 165-acre site is at the southeast corner of Interstate 10 and Texas Heritage Parkway.<\/p>\n\n\n\n

NewQuest\u2019s own architectural team aimed at creating a walkable environment with ample green space. The focus of this is a huge Heritage oak tree that was saved from the path of the recently completed parkway and relocated to the center of the development. <\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: What\u2019s in Store for Retail in 2025?<\/a><\/p>\n\n\n\n

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NewQuest reportedly has spent about 10 years preparing for this project, biding its time till the right point in the area\u2019s rapid population growth\u201456 percent since 2020\u2014and until the 6.5-mile Texas Heritage Parkway was completed. The latest trigger was the developer having secured Target as a 149,000-square-foot anchor tenant.<\/p>\n\n\n\n

Patience is a virtue<\/h2>\n\n\n\n

Texas Heritage Marketplace might be part of a pattern for NewQuest. In the 1990s the developer acquired a 65-acre site in Tomball, Texas, also in metro Houston, but didn\u2019t break ground on The Grand at 249, a 404,256-square-foot retail center there, until years later. In October 2023, Commercial Property Executive<\/em> reported that the center had reached 96 percent preleasing<\/a>.<\/p>\n\n\n\n

Metro Houston\u2019s overall economy is doing well, with job growth of 1.8 percent, above the national average 1.4 percent, year-over-year, according to a fourth-quarter report from Cushman & Wakefield<\/a>.<\/p>\n\n\n\n

The retail market, naturally, is thriving. Though average vacancy bumped up slightly, to 5.4 percent in the fourth quarter, closing 2024 significantly below historical averages.<\/p>\n\n\n\n

In the Katy submarket specifically, vacancy was 4.7 percent on an inventory of 31.4 million square feet. Asking rents were up a landlord-pleasing 7.3 percent year-over-year, to $24.82 NNN asking, Cushman & Wakefield reported.<\/p>\n","protected":false},"excerpt":{"rendered":"

Construction on the retail portion of the suburban development is underway.<\/p>\n","protected":false},"author":882,"featured_media":1004744583,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,1589,21752,21742,21749,51973],"tags":[32799,36420],"class_list":["post-1004744573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-houston","category-mixed-use","category-latest","category-retail","category-southwest","tag-cushman-wakefield","tag-newquest-properties"],"acf":[],"yoast_head":"\nNewQuest Breaks Ground on $400M Mixed-Use Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"NewQuest has begun construction on the retail portion of Texas Heritage Marketplace, a $400 million mixed-use development in Katy, Texas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/newquest-breaks-grond-on-400m-mixed-use-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NewQuest Breaks Ground on $400M Mixed-Use Project\" \/>\n<meta property=\"og:description\" content=\"NewQuest has begun construction on the retail portion of Texas Heritage Marketplace, a $400 million mixed-use development in Katy, Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/newquest-breaks-grond-on-400m-mixed-use-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-28T13:34:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-03T13:38:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/NewQuest-Target-Rendering-Texas-Heritage-Marketplace-Katy-TX.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/newquest-breaks-grond-on-400m-mixed-use-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/newquest-breaks-grond-on-400m-mixed-use-project\/\",\"name\":\"NewQuest Breaks Ground on $400M Mixed-Use Project - 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