NewQuest Properties has broken ground on the 143-acre Cottonwood Creek Market, an entertainment-anchored development slated to open in spring 2020 in Waco, Texas.
Cinemark Holdings Inc. (NYSE: CNK) is the first to break ground in the 285,000-sf development at the intersection of Interstate 35 and Loop 340/TX 6, a super-regional location in a booming university town. Cinemark, based in Plano, Texas, is the third largest theater chain in the U.S., and operates 342 cinemas with 4,596 screens in 41 states in addition to 205 theaters with 1,455 screens in 15 Latin American countries.
"We are excited to have broken ground with the City of Waco on this community development, which will offer a star-studded cast of family entertainment anchors representative of NewQuest's premium retail centers," says Steve Alvis, managing partner of the Houston-based brokerage firm. "There is a great momentum with road construction is underway on the new public connection between New Road and Interstate 35, which is scheduled for completion by year-end."
Other national brands are negotiating final terms for the class A space in NewQuest's newest master-planned, mixed-use project, such as a national bowling and family-dining entertainment destination set to commence construction on a 20- lane venue later this year. The brokerage firm has also reached terms with a national retailer in golf entertainment. Leasing the project is Austen Baldridge, a NewQuest senior associate.
"Waco has needed an entertainment hub for quite a while," Alvis adds. "This venue will be an important cornerstone for the city and its growing number of tourists."
Much of the tourism uptick is tied to Magnolia submarket, which is one of Waco's foremost economic drivers and draws an estimated 30,000 visitors per week. In the past nine years, the Waco population has spiked 27% within a three-mile trade area of NewQuest's Cottonwood Creek Market.
In partnership with NewQuest, city officials have signed an infrastructure funding agreement that provides support for the future economic development of the Waco community.
"NewQuest's diversified portfolio has enabled us to make an upfront infrastructure commitment to the community to bring this development to life," Alvis says.
In addition to diverse entertainment venues, Cottonwood Creek Market will offer an impressive lineup of trendy restaurants and retail shops. Future development will include multifamily, office and hospitality ventures.
"Our company prides itself on attracting the best tenants, domestic and international, to our landmark developments," Alvis adds. "Cottonwood Creek Market will be a prime example of a destination where great hospitality meets premium entertainment for a great getaway."
The new Cinemark Waco and XD theater, currently under construction at Cottonwood Creek Market, will feature cutting-edge technology and customer-preferred amenities such as:
- 14 ultra-modern auditoriums with wall-to-wall screens and enhanced sound systems;
- Two XD auditoriums– the No. 1 exhibitor Premium Large Format (PLF) in the world
- Luxury Loungers – electric-powered, plush, oversize recliners with heat-controlled seats in all auditoriums;
- Reserved seating with online, kiosk and app ticketing capabilities;
- An upscale lobby lounge with expanded food and beverage options as well as a traditional concession stand offering fan-favorite snacks
"NewQuest has been a long-standing partner of Cinemark and we look forward to extending our relationship through the Cottonwood Creek development," stated Jay Jostrand, senior vice president, real estate, Cinemark. "We are extremely pleased to expand our Texas footprint into Waco and provide residents the ultimate movie-going experience with our state-of-the-art amenities."
The privately owned NewQuest Properties has 40 brokers, owns a $2.2-billion portfolio with properties in Texas, Louisiana and throughout the U.S. that provides leasing services for more than 12 million square feet of commercial space, much of which it has developed or redeveloped. In addition to development, NewQuest specializes in landlord and tenant representation, investment sales, land brokerage and property management.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.08 billion and provides leasing services for more than 12 million square feet of commercial space in Texas and Louisiana.
