NewQuest Properties is planning a spring groundbreaking on Katy Grand's Phase II, where the "dinner and a movie" concept will undergo a major makeover to reel in present-day and next-generation moviegoers.
With three leases signed and three more nearing the finish line, NewQuest is unveiling details of its closely guarded plan for the 7.43-acre expansion of Katy Grand and completion of the 21.7-acre first phase. A 19-screen Cinemark theater anchors the project, located at the junction of Interstate 10 and Grand Parkway in west Houston. The expansion calls for two retail/restaurant buildings, totaling 36,000 sf, to house a host of new-to-the-market restaurants and specialty retailers. The structures will deliver in late fall.
"We are creating a crossroads of culture for international dining and shopping experiences," says Heather Nguyen, development partner for Houston-based NewQuest. "We've been quietly working hard to attract new restaurants and specialty retail brands to Greater Houston." She and Rebecca Le, a NewQuest vice president, are pre-leasing the project.
Choosing Katy Grand's second phase for its market entry is Kinokuniya books. Leases also have been signed with85C° Bakery Café and Kula Revolving Sushi Bar, both of which have other locations in the region.
? Japanese-based Kinokuniya has reserved 4,000 sf for its vast collection of books, gifts
and stationery. It has two locations in North Texas and more than 100 worldwide, of
which 12 are in the U.S.
? 85C° Bakery Café, Taiwan's top coffeehouse, has taken 2,800 sf, with the new unit
offering patio space and its first drive-through location. 85C° Bakery Café has more
than 1,000 stores worldwide, including one in Carrollton Town Center.
? Kula Revolving Sushi Bar has leased 3,500 sf for its second restaurant in the region.
"Katy Grand will become a global dining adventure and family-oriented destination region-wide. We anticipate the pairing of 'dinner and a movie' will take on new meaning here," Nguyen says. "The restaurants will define the project."
Katy Grand is a walk-able design with green space and a dedicated children's area. "This will be a new gathering space," Nguyen says, "and will be one cohesive development when we're done."
At completion, the project will house a dozen restaurants, seven specialty retail shops, the Cinemark and a six-story, 1,727-space Metro parking structure. Within the five-mile trade area, there are nearly 236,000 residents with an average household income of $122,385 per year. The population has spiked more than 23% since 2010.
"Katy Grand is an urban development set in the suburbs. It will be the place to come for special events, family nights, dining out and taking in the latest movies," Nguyen says.
SOUTH TEXAS SALE
Jetbird Properties Inc. has sold 11.35 acres along Interstate 45, north of FM 3083, Conroe, to McGraw Enterprises LLC. Jeff Lokey of NewQuest Properties represented the seller. Steve Hailey of Hailey/Sadler Properties represented the buyer.
SOUTH TEXAS LEASES
LC Cabinet & Flooring has leased 3,000 sf of retail space in Westheimer Market Place, located at the intersection of Westheimer Road and Dairy Ashford Street, Houston, from NewQuest Properties. John Nguyen of NewQuest Properties represented the landlord. Candy Poon of AA Realty Co. represented the tenant.
85C° Bakery Café has leased 2,800 sf of retail space in Katy Grand Phase II, located at the intersection of Interstate 10 and TX 99 (Grand Parkway), Katy, from NewQuest Properties. Also, Kinokuniya has leased 4,000 sf and Kula Revolving Sushi Bar, 3,500 sf, in phase II. Heather Nguyen and Rebecca Le of NewQuest Properties represented the landlord. John Nguyen of NewQuest Properties represented 85C° Bakery Café.
Pho Shack has leased 1,830 sf of retail space in Shoppes at Grand Crossing, located at the intersection of Intersection 10 and TX 99 (Grand Parkway), Katy, from Alle TX 1099 LLC. Ashley Strickland of NewQuest Properties represented the landlord in the direct deal. The Tutoring Center has leased 1,700 sf of retail space in Tomball Parkway Plaza, located at the intersection of Theis Road and TX 249, Tomball, from Tomball Plaza LLC. Austen Baldridge and Brad Elmore of NewQuest Properties represented the landlord. Recy Dunn of Keller Williams Commercial represented the tenant.
