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H-E-B will anchor a mixed-use development adding at least 144K SF of retail and 300 multifamily units to Kingwood.
Austin-based Stratus Properties Inc. secured a construction loan from Comerica Bank for $32.9M to finance about 70% of the cost for Kingwood Place, according to a new release. The remaining $15M will be funded by borrower equity, contributed by Stratus and private equity investors.
In addition to the 103K SF grocery store, the project will include 41K SF of retail space, six retail pads and a 10-acre parcel planned for a 300-unit multifamily community. Stratus is looking to sell the multifamily parcel to a third-party developer.
Construction of Kingwood Place is slated to start this month. The H-E-B grocery store is expected to open in the third quarter of 2019. This move represents the company's strategy to expand its portfolio of development projects outside of Austin.
Kingwood, a master-planned community in northeast Houston, has noted substantial growth of large-scale retail-anchored developments over the last three years, according to Community Impact.
The retail demand is driven by the area's rapidly growing population, relatively uncongested thoroughfares and the availability of undeveloped land. The Lake Houston area’s population is expected to increase by more than 30,000 residents by 2020, according to U.S. Census Bureau data.
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