NewQuest Properties will break ground this week on the 42-acre, 300K SF second phase of Fort Bend Town Center in Missouri City.

A Cinemark theater will anchor Phase 2 of the center, which will eventually span three of the four corners at the intersection of Texas State Highway 6 and Fort Bend Parkway. NewQuest is also in the final stages of negotiations with six junior anchors, the firm said in a press release.

Fort Bend Town Center II is expected to come online in the third quarter of 2023.

NewQuest said that it 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.

The firm is now shifting focus to quick-service and sit-down restaurants, as well as medical services, for the project. At completion, Fort Bend Town Center II will have more than 50K SF of entertainment space, 200K SF of retail and 50K SF of restaurants.

NewQuest began developing the intersection in 2007. The first phase of Fort Bend Town Center totals 180K SF on 27 acres and is anchored by a Kroger grocery store.

“Fort Bend Parkway’s expansion will change this intersection from being the last stop on the tollway to being a regional commercial hub,” NewQuest Properties Senior Associate Andrew Alvis said. He has teamed with NewQuest Properties’ Senior Vice President Bob Conwell to lease the center.

Missouri City is one of the highest-growth residential corridors in Texas, with more than 45,000 existing homes and another 7,600 slated to deliver this year, according to NewQuest.

The firm noted that future catalysts for growth in the area include Amazon’s 1M SF fulfillment center under construction, as well as 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.