7-6-2015: TRC Breaks Ground on Shoppes at Parkwest in Katy, Texas
The Retail Connection, Connected Development Services, and Medistar Corp. to Break Ground on 450,000 Square Foot Shopping Center in Katy, Texas
The Retail Connection will break today on 300,000 square feet of what is planned to be a 450,000 square foot power center located at the NEQ of Interstate 10 and Katy Fort Bend Road. The center is one-half mile from the newly constructed Grand Parkway with access from Colonial Parkway, and is catty corner from Katy Mills Mall.
Members of The Retail Connection, and its development arm, Connected Development Services led by developer Dave Berndt, along with partner Medistar Corp. announced the development officially today. Architects on the project will be Johnson Architects of Dallas and the contractor will be EMJ Construction. Financing will be provided by Bank of the Ozarks.
The Shoppes at Parkwest in Katy will ultimately be built on 40 acres consisting of a combination of junior anchors, small shop retailers, restaurants, entertainment and service users. It will also include ample parking, lush landscaping and high quality finish out. The project is in a high demand area with over 120,000 vehicles passing by per day. It will provide unparalleled shopping to Katy and the over 200,000 residents who live and work within a 5 mile radius of the center.
“As the owners of Parkwest, which is a 150-acre Master Planned Development, we are pleased to be joint venturing with The Retail Connection, and Connected Development Services to begin this exceptional retail development.”
The new power center will be a tremendous asset to Katy and the remaining development planned at Parkwest. Parkwest is very strategic, being located at the northwest quadrant of I-10 and Grand Parkway adjacent to Memorial Hermann Katy Hospital. We are realizing, with the opening of the Grand Parkway, Segment E that the activity and development opportunities that are occurring at Parkwest in the next 6 – 10 months will be very exciting. We have owned land in this quadrant of the City continuously for over a decade, including putting together other deals, one of which is now the Bridgelands development by Howard Hughes so this market is very familiar and exciting, said Monzer Hourani, Founder and CEO of Medistar Corporation.
“Katy’s consistent economic growth has opened up the opportunity to bring additional retailers to this premium quadrant and high impact location, which was a key factor in our going forward with this site,” said David Stukalin, President of The Retail Connection’s Houston office. “The tremendous access granted by the new Grand Parkway has significantly changed the traffic patterns in Katy, and have allowed this location to become a major retail hub for the entire trade area,” he stated.
Many high profile national credit tenants and household retail brands have already committed to the center including: Bed Bath & Beyond, BuyBuy Baby, DSW, Kirkland’s, and DXL, to name a few. Additionally, The Retail Connection is currently negotiating over 150,000 square feet of leases.
“We are excited to be building from the ground-up our first high profile development in the Houston market,” said Alan Shor, President of The Retail Connection. “This project is in a one-of-a-kind location, and the finished product will be a great shopping option for the surrounding community. The project offers outstanding visibility for its tenants and convenient access to the customers,” Shor stated.
Strategically, The Retail Connection wanted to create a shopping and entertainment destination with high quality retailers and overall center design that would appeal to the ever-growing population, income and strong demographics of the Katy area, which has seen incredible growth in the past 10 years.
“As always, our retail clients have been actively and invaluably engaged with our incredible team and partners in this collaborative effort. Everything from catalyst, to design, to the merchandising mix,” said Steve Lieberman, CEO of The Retail Connection.
About The Retail Connection:
The Retail Connection provides brokerage, advisory, investment and management services through its four statewide offices. TRC represents more than 275 retail and restaurant clients and over 25 million square feet of retail projects. In addition to tenant and landlord representation, the company extends the reach of its clients’ expansion programs through its three investment divisions: Connected Development Services, Connected Acquisition Services and Connected Capital. Focused exclusively on tenant-driven collaborations, TRC joint ventures have acquired, redeveloped and developed over five million square feet of shopping centers to date and has an equivalent amount of projects in its current pipeline. The company is headquartered in Dallas, with offices in Austin, Houston and San Antonio.
About Medistar Corporation:
Founded and led by Monzer Hourani, Medistar Corporation is a full-service real estate development company based in Houston, Texas. Medistar specializes nationwide in the design, development, financing, acquisition and construction of medical, commercial, hospitality and mixed-use facilities.