A leading restaurateur has selected Crystal Falls Centre to launch a new concept, Sky Asian Fusion, allowing the landlord, NewQuest Properties, to reclaim 100% occupancy with just a few months down time in Greater Austin's third fastest growing suburb.
John Chen, founder of Hunan Ranch, has signed a long-term lease for a 2,826-sf end cap at Leander's busiest intersection – Crystal Falls Parkway and North Lakeline Boulevard. Sky Asian Fusion is slated to open in the fourth quarter.
The NewQuest project, totaling 9,917 sf, has been 100% leased since opening day in 2017. The end cap became available four months ago when Mattress One closed, creating the opportunity for Chen to break into a high barrier-to-entry market. Two other retail centers at the intersection also are practically full, a result of Leander's continuous and robust growth. More than 700 single-family homes have been traded or developed in the past year.
"Leander has experienced tremendous residential growth and is underserved by quality restaurants," says Josh Friedlander, a vice president with Houston-based NewQuest. "This community really craves quality restaurants."
Sky Asian Fusion is Chen's new concept, but the menu will be familiar to his large following of customers, many of whom live in and around Leander, Round Rock and Georgetown. Lynn Yuan and Robert Lloyd of Real International represented the restaurateur.
"I've been courting John for some time because he has the most popular Asian restaurant in the northwest suburbs," Friedlander says. "I wanted the best restaurant for Crystal Falls Centre."
Situated on a 1.3-acre tract, Crystal Falls Centre is one of NewQuest's smallest developments. "Our partners were very bullish on the neighborhood and growth in this area. It was an opportunity worth pursuing," Friedlander says.
Crystal Falls Centre is accessible from both major roads, each with a daily traffic count exceeding 15,000 vehicles. Other tenants in the center are ATI Physical Therapy, Monster Donuts, Renken Dentistry, Verizon and a Bank of America ATM. The NewQuest project's immediate neighbor is Crystal Falls Retirement Community. The intersection's other three corners hold the 108-bed Cedar Park Regional Medical Center, Shops at Crystal Falls and the grocery-anchored Crystal Falls Town Center. One mile to the south is Leander High School with more than 2,000 students and four miles north is Austin Community College's 100-acre San Gabriel Campus with an enrollment of 2,500.
Leander's population has catapulted 81% since 2010, of which nearly 136,000 people live within five miles of Crystal Falls Centre. The average annual household income tops $99,000, a good sign of the availability of disposable incomes in a trade area with homes ranging from roughly $200,000 to $2 million.
"Leander is a high barrier-to-entry market," Friedlander says. "I can see John's new restaurant having strong regional pull."
