Tim Ho Wan, one of Asia's most iconic restaurant brands, has selected NewQuest Properties' Katy Grand in west Houston for its first location in Texas and fourth on the mainland U.S.
In Katy Grand's innovative phase II, NewQuest is constructing a 53,521-sf Asian village of upscale restaurants and retail in its bid to create a culinary adventure designed to draw customers from far beyond its trade area. Hong Kong-based Tim Ho Wan Dim Sum Specialists is planning to open in the winter.
"The fact that Michelin-rated Tim Ho Wan has chosen Katy for its first location in Texas shows how special the city and NewQuest's project are," says Heather Nguyen, a development partner for Houston-based NewQuest. "Katy Grand will be 'the place' to go to try a concept and know it's best of the best."
Tim Ho Wan has leased 5,160 sf on an end cap of a newly built 19,119-sf building that's 100% leased. NewQuest is now pre-leasing a second building, totaling 17,000 sf.
"We convinced Tim Ho Wan that Texas is the market to enter because of its continued high growth, low corporate taxes and strong demand for Asian concepts," says John Nguyen, a NewQuest vice president. "And, Katy Grand is the best possible springboard for an Asian restaurateur."
Within the five-mile trade area of Katy Grand, the population is pushing 267,000, an increase of 35.8% since 2010, with an average household income of $115,000 per year. Close to 11% of the population is Asian or Pacific Islander and it grows to 13% within the 10-mile trade area.
Tim Ho Wan, a Dim Sum specialist, has more than 46 restaurants in Asia as well as East Village and Hell's Kitchen in New York, Irvine, CA, Las Vegas and Waikiki. Each dish of its iconic cuisine is crafted by hand and made to order with fresh ingredients delivered daily. Specialties include
BBQ pork buns, rice rolls, pan-fried turnip cake, Sui Mai, Har Gow and steamed egg cake.
At Katy Grand, the Tim Ho Wan restaurant will be accented by a Zen garden, offering a soothing setting to serve as wait space for eager diners or a gathering space. Houston-based Dill Design Works is the landscape architect for phase II. Locally based firms Osborn & Vane Architects Inc. and LaGrone Services Ltd. are project architect and general contractor, respectively.
"We want to create a five-star dining destination in Katy," Nguyen says. "We're recruiting concepts locally and internationally to create the perfect combination for our tenant mix."
Katy Grand has dual freeway visibility at the junction of Interstate 10 and the Grand Parkway/TX 99, where the daily traffic count is 200,000 and growing. The NewQuest development is the largest retail project at the eastern edge of the highest growth residential market in the nation and adjacent to the University of Houston's under-construction 46-acre campus, which is slated to open in August.
Katy Grand's first phase, totaling 22 acres, is anchored by a 19-screen Cinemark and includes 141,655 sf of well-known American retail and restaurant brands. The project also features a six-level Metro parking garage. The two phases will be connected by Grand Circle Boulevard, a landscaped interior road with streetlights to enhance walk-ability and create a cohesive multi-cultural development.
In the 7.4-acre phase II, tenants have started finish-outs, including Tim Ho Wan. The balance of the class A retail space will be occupied by 85°C Bakery & Café (2,800 sf); Kura's Revolving Sushi Bar (3,250 sf); Books Kinokuniya (4,000 sf); and Somi Somi Soft Serve & Taiyaki (1,206 sf).
"With our world becoming so global, we're blending cultures," Nguyen says. "We are seeking concepts that are huge brands in Asia – mainstream and authentic. With restaurants like Tim Ho Wan, Katy Grand will be an international destination for Houstonians seeking Asian culture close to their homes."
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 $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
