A development will expand the commercial corridor of northwest Fort Bend County.
Archstone Real Estate LLC purchased 3 acres of land from local investors Farid R. Bakht and John R. Bakht to develop a retail and office project in Katy on Aug. 5.
The development will be at the corner of Kingsland Boulevard and Main Street, and the site will support roughly 18,000 square feet of commercial space, according to a press release.
Glenn Dickerson, the vice president of Houston-based NewQuest Properties, represented the local seller in a direct deal with Archstone.
“This area of Katy is strong residentially,” Dickerson said. “It’s finally starting to experience some commercial development.”
There are more than 208,000 residents within a 5-mile trade area of Archstone’s site, per the release. Tge average annual household income is $181,034, and the median price of a home is pushing $355,000 within a 1-mile radius of the site.
“Once Archstone got its eyes on this location, the principals knew immediately what they wanted to do,” Dickerson said.
About a half-mile south of I-10, commercial development has gradually increased closer to the Kingsland-Main intersection. According to the press release, a new H-E-B grocery store is the closest retail development to date, and there are several restaurants about half a mile north of the Kingsland-Pin Oak Road intersection.
“This is a strong location for retail and office development,” Dickerson said. “Neighborhood services should do well in this area.”