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MISSOURI CITY. Texas – In a testament to the area's fast-paced growth, NewQuest Properties will break ground Thursday on a 300,000-sf second phase of Fort Bend Town Center to advance visions to create a regional retail destination for Missouri City and surrounding communities in southwest Houston.
A state-of-the-art, 12-screen Cinemark theater will anchor the next wave of development at Fort Bend Town Center, which eventually will span three of the four corners at the intersection of TX 6 and Fort Bend Parkway. NewQuest is in final stages of negotiations with six junior anchors as dirt begins to fly on the 42-acre expansion project.
"It is always our hope that any type of development would lead to economic vitality and growth. This project will create a lot more excitement and awareness in that particular corridor," says Jeffrey L. Boney, Missouri City councilmember, District B. "I look at it as a game-changer. I'm excited about the future and things to come."Missouri City is widely recognized as the one of the highest-growth residential corridors in the state, with more than 45,000 existing homes within its bounds and another 7,600 coming on line this year. The longtime catalyst has been the city's proximity to the world-class Texas Medical Center, but future ones include Amazon's under-construction one million-sf fulfillment center and the planned expansion of Fort Bend Parkway across the Brazos River, which will open up an additional 50,000 acres for residential and commercial development.
"Fort Bend Parkway's expansion will change this intersection from being the last stop on the tollway to being a regional commercial hub," says Andrew Alvis, senior associate of Houston-based NewQuest properties, who teams with Bob Conwell, senior vice president, on Fort Bend Town Center's leasing.
NewQuest began developing the intersection in 2007. The inroad, Fort Bend Town Center, is a Kroger-anchored project, totaling 180,000 sf on 27 acres. Phase II will come on line in Q3 2023.
"The demand is definitely there," Conwell says, "and the momentum is growing every day."
Fort Bend Town Center's trade area boasts five of the top 10 master-planned communities in Greater Houston, including the leader of the pack, Sienna. Fort Bend County itself is ranked second in Texas for purchasing power and fifth in the U.S. The average household income is $120,634 per year within the five-mile trade area.
"This has been an untouched market for a while. Spurring the growth are young upwardly mobile professionals who prefer to raise their families in the suburbs," Alvis says.
National retail and restaurant brands also see the uptick in demand in the corridor and its rosy future. NewQuest is finalizing leases with Ross Dress for Less, Ulta, Five Below, Dollar Tree and Petco. In addition to Cinemark, deals have been completed with Burlington and MOD Pizza.
With big box leases in hand, the NewQuest team is shifting the leasing focus to quick-service and sit-down restaurants plus medical services. At build-out, Fort Bend Town Center II will have more than 50,000 sf of entertainment space, 200,000 sf of retail and 50,000 sf of restaurants.
Fort Bend Town Center II's design is family-driven. The project's gathering space is situated at a hard corner, which will be outfitted with sleek pavilions, patio seating and grassy areas to encourage customers to relax, linger and extend their shopping experience.
"Missouri City wants our development to be its main retail hub. Fort Bend Town Center II is going to be beautiful and walk-able," Alvis says. "This will be the next regional mixed-use destination for families in southwest Houston."
FOR MORE INFORMATION:Andrew Alvis, 281-477-5038Bob Conwell, 281-477-4324
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 80 retail and mixed-use projects exceeding $2 billion in value and provides leasing services for more than 10 million square feet of commercial space in Texas, Louisiana, Arizona and throughout the U.S.
8827 W. Sam Houston Pkwy. N., Suite 200 • Houston, TX 77040 • Tel 281.477.4300 • Fax 281.4774399www.newquest.com
For more information about Missouri City, please watch the City website: www.missouricitytx.gov, like us on Facebook—fb/MissouriCityTX, follow us on Twitter, Instagram and Snapchat—@MissouriCityTX and Nextdoor, watch Missouri City Television (Ch. 16 on Comcast and Ch. 99 on AT&T U-verse) or download the MCTX Mobile app (available for free in Google Play and the Apple app store).