NewQuest’s $90M Retail Development in Tomball 96% Preleased

NewQuest Properties is developing a $90 million retail center in Tomball, a growing suburb of Houston.

The firm is transforming a 65-acre site into a retail destination dubbed the Grand at 249. It is set to become the largest concentration of retail in the submarket spanning over 404,000 square feet upon completion, according to a news release from NewQuest.

Tomball is about 30 miles northwest of Houston, and the project is located at the intersection of Tomball Tollway/TX 249 and Grand Parkway.

The project is 96 percent preleased, with tenants such as Gringo’s, AT&T, Boomer Jack’s, Jersey Mike’s and Two Pho Nine Asian Fusion. NewQuest is in negotiations with potential anchor tenants.

Besides the inline spaces, the Grand at 249 will offer 12 pad sites, ranging from 1 to 2 acres. With commitments for all but two retail pads, NewQuest Properties is set to deliver the development sites by the end of this month. Simultaneously, the developer plans to construct two multi-tenant buildings, totaling 25,000 square feet.

Houston-based NewQuest bought the land in the 1990s.

“This development sits on one of the first land acquisitions made by NewQuest,” said Andrew Alvis, NewQuest Properties’ Senior Vice President. “The housing growth in the 249 corridor is booming … the Grand at 249 will play a significant role in creating the next super-regional intersection in the Grand Parkway’s path.”

Development activity along the northern corridor of the Grand Parkway has seen a notable increase, due to the recently completed section connecting New Caney to Dayton. More than a dozen apartment complexes with about 1,330 units were under construction in the area last quarter, according to Transwestern.

The combined submarket of Spring and Tomball ranked third in terms of multifamily construction activity within Greater Houston.

Aside from the multifamily sector, Tomball is also witnessing some 3,800 annual home starts per year. The town’s population increased more than 10 percent between 2020 and 2022, growing from 12,330 to nearly 13,600 residents, according to the U.S. Census Bureau.

The Grand at 249 is at Tomball’s southernmost point, and it’s adjacent to several master-planned single-family communities, such as Lakes at Creekside off Songlark Bend Drive. The 2,000-acre City Place community, which is set to encompass office, residential, healthcare, retail and an interconnected network of parks and trails.