NewQuest Kicks Off Newest Regional Retail Project: $400M Texas Heritage Marketplace in Katy

NewQuest Kicks Off Newest Regional Retail Project:  $400M Texas Heritage Marketplace in Katy Main Photo

26 Jan 2025


Release provided by NewQuest

NewQuest has commenced construction on the $400 million mixed-use shopping center dubbed Texas Heritage Marketplace in Waller County. Target has been secured to anchor the development and will build a 149,000-sf store.

The 165-acre development fronts Interstate 10 and the newly completed Texas Heritage Parkway in Katy, Texas. The completed build-out will include 750,000 sf of retail and restaurants and 550 apartments in two communities, which NewQuest will develop, plus nearly 300,000 sf of medical office space and self-storage units.

"After all these years of work, we couldn't be happier to kick off Texas Heritage Marketplace with a great anchor like Target," says Austin Alvis, president and chief development officer of Houston-based NewQuest. “We are presently working with a variety of leading retailers and restaurateurs to procure the best possible mix for the project. We look forward to announcing additional anchors and tenants soon.”

NewQuest has invested nearly 10 years in bringing the project to fruition, patiently waiting as growth pushed westward in what is now nationally ranked as one of the best cities to live in Texas. The NewQuest site was deemed ready for construction with the completion of the 6.5-mile Texas Heritage Parkway and depth of the preleasing activity.

The new artery links the development to a five-mile trade area with a population of nearly 147,000 and an average annual household income of $162,886. The unparalleled residential growth, up 56% since 2020, has created a future housing inventory of 13,600 homes to complement 4,683 that are now on the ground.

NewQuest's in-house architectural team designed a cohesive, walkable environment with ample greenspace, centering around a huge Heritage oak tree that was saved from the path of the recently completed parkway and relocated to the center of the development. NewQuest says it's the largest tree ever moved in the Houston area.

"We wanted to invest in preserving this Heritage oak and make the project a gathering space for the community," Alvis says. "This project has been a major collaboration with the City of Katy, Waller County and Texas Heritage Parkway Association, which was responsible for developing Texas Heritage Parkway. We thank them all for their support to get us to this point."