NewQuest Adds To Texas Heritage Parkway Buzz With $400M Mixed-Use Development
NewQuest began construction on Texas Heritage Marketplace, the latest in a string of commercial and master-planned developments coming to the area near Texas Heritage Parkway in Katy and Fulshear.
The 165-acre mixed-use development will be anchored by a 149K SF Target.
The development at the intersection of Interstate 10 and Texas Heritage Parkway in Katy will include 750K SF of retail and restaurants, 550 apartments throughout two communities, and nearly 300K SF of medical office space and self-storage units, according to a news release.
NewQuest has owned the site and eyed this project for nearly a decade, waiting for Houston and Katy’s growth to push westward, the release says. NewQuest deemed the site ready for construction with the completion of the 6.5-mile Texas Heritage Parkway, which opened in 2021, as well as preleasing activity.
NewQuest’s architectural team designed the space around a Heritage oak tree that was moved from the path of Texas Heritage Parkway to the center of the marketplace development site.
"We wanted to invest in preserving this Heritage oak and make the project a gathering space for the community," NewQuest President and Chief Development Officer Austin Alvis said in the release. "This project has been a major collaboration with the City of Katy, Waller County and Texas Heritage Parkway Association, which was responsible for developing Texas Heritage Parkway. We thank them all for their support to get us to this point."
Target confirmed plans to the Houston Chronicle to open a store at 29355 Katy Freeway within the project but didn't disclose a potential opening date.
NewQuest expects tenants to move into Texas Heritage Marketplace in the second half of 2026, Alvis told the Houston Chronicle. Construction on the apartments will likely start around that time for a potential 2028 opening, he said.
The area around Texas Heritage Parkway is slated for significant development. Regency Centers in August announced plans to develop an H-E-B-anchored shopping center on 22 acres at the southeast corner of Texas Heritage Parkway and Jordan Crossing Boulevard, near Johnson Development's Jordan Ranch community in Fulshear.
Hines last week said it purchased nearly 3,000 acres at Westpark Tollway/FM 1093 and Texas Heritage Parkway for a 7,000-plus-home master-planned community near Katy and Fulshear.
Hines is responsible for the completion of the Texas Heritage Parkway from Westpark Tollway to the southern boundary at Winner-Foster Road, according to Realty News Report. Construction on the community is expected to begin in early 2025, with the first lots delivering in 2027 and homes from builders to follow thereafter.
