United Equities broke ground two weeks ago on a Fiesta Mart-anchored shopping center on Fry Road in Katy. But the firm hopes this won’t be your typical grocery-anchored property. (Does that mean adults get to ride in the shopping carts while kids push?)
United Equities’ Buster Freedman, Kristen Cavanaugh, and Doug Freedman tell us they’re building a 60k SF store for Fiesta, and Phase 1 of their property will have 52k SF of additional retail and pad sites. Doug and Kristen say 60% of the additional retail is already at lease or LOI. Phase 1 will be up and running by the end of the year.
The unique part of the development is Phase 2. (Just like any relationship, it's once you get to know the person that they reveal their weird side.) Doug tells us his firm bought a bigger parcel than usual (22 acres) so it can build a second phase with users you don’t typically see in grocery-anchored centers. (People on hunger strikes?) Think entertainment, daycare, and larger medical facilities. United Equities can do BTS or ground leases.
Here's how the site looked yesterday afternoon. (Dirt is on sale, in the dirt aisle.) The location’s appeal: It sits at the SEC of N Fry Road and FM 529, right in the middle of the trade area (seven miles from 290 and seven miles from I-10). And of course, this is a high-growth region. There are over 70 schools in the trade area (including two three-tier campuses within a mile of the property), which Doug says is a great portent of residential activity. Another indicator is the giant Timewise adjacent to United Equities’ site: It stood alone on the corner with 20 pumps, preparing for the population explosion that’s hitting now.
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