New Katy Office Soon?
Katy has been great for years, and the Grand Parkway is stretching that activity north, including some potential new office developments. That’s why we’re excited to host Bisnow’s first-ever Future of Katy event on Oct. 28, starting at 7:30am in Katy Ranch Phase 1.
Trammell Crow is developing Grand Crossing, its 124-acre mixed-use development at the Grand Parkway and I-10, principal Brandon Houston (a speaker at the event) tells us. It’s owned the acreage there for 13 years and has been waiting for the market to catch up to the demand it forecast. (A decade ago, office rarely came west of Highway 6.) Now the master planned communities and great school district are driving interest in a big way, so TCC is starting to get things moving. It already sold a tract to Price Development Group to build a 311-unit multifamily community, and Costco is already open. Brandon's pictured here with his daughter Caroline at her school's "Dads and Donuts Day." (Can we implement this day at work?)
TCC and Prudential Real Estate Investors have locked down eight acres for a two-phased office development. One Grand Crossing (three stories and 172k SF) broke ground last year. With its large floor plates—57k SF—and 5:1,000 parking density, it’s primarily targeting energy services or engineering users, but the development was put on hold because of the energy markets. But One Grand Crossing is 100% capitalized, Brandon tells us, and interest from potential tenants started picking up again last quarter. He’s hoping to get a pre-lease in hand and restart the project very soon. A second identical building would follow. TCC is also looking at retail and restaurants for Grand Crossing, and a hotel is planned to start construction later this year.
Transwestern EVP David Baker says the Grand Parkway has been transformational. Most home sites south of I-10 are built out, which is spurring new communities to the north. (Those builders are hoping to attract people working in The Woodlands.) And office is following suit; David says there are some major companies looking at land north of I-10. Although the office market has slowed, these groups are considering multipurpose campuses with labs, testing, etc. He thinks it would drive more multi-tenant office leases after. David’s marketing a couple of sites out that way that will eventually be built out office and/or retail. Join us for Bisnow’s first-ever Future of Katy event on Oct. 28, starting at 7:30am in Katy Ranch Phase 1. Register here.