NewQuest Properties Launches Construction On 200K SF Retail Expansion In Richmond
More retail and medical options will accommodate a residential burst in Richmond.
NewQuest Properties is developing a 200K SF shopping center in Grand at Aliana, a commercial development in Richmond. The Class-A retail space is a part of the first phase, which is slated to open in Q2 2020. The project sits on 57 acres at the northeast corner of West Airport Boulevard and the Grand Parkway.
"Aliana is the hot spot for retail growth in the city of Houston right now," NewQuest Properties Vice President Josh Friedlander said in a release.
To date, the development has attracted nine major tenants and six more for ground-lease sites, all national brands.
Most recently, Baylor St. Luke's Medical Group announced plans to open a 10K SF clinic with urgent and primary care services. This marks the first healthcare services provider to enter the northeast Richmond submarket, NewQuest said.
While Aliana is growing fast, it is an underserved medical market, Friedlander said. The new development will connect and make one big center, which also has an anchor Target store and an H-E-B supermarket.
Other major tenants include 24 Hour Fitness, Burlington, Ross Dress for Less, Michaels, Petco, Ulta Beauty, Five Below, Bath & Body Works and Skechers. McDonald's, Jason's Deli, Freddy's Frozen Custard & Steakburgers, Timewise and Express Oil have all leased out-parcels.
Strong demographics near Grand at Aliana make it ripe for retail development, according to NewQuest. At build-out, two nearby master-planned communities will include about 7,300 homes, of which more than half are completed and occupied.
More than 1,400 brand new, single-family homes are expected to be delivered each year. There is also an average annual household income of $100K within a three mile radius of Grand at Aliana, according to NewQuest.