SDI Realty Advisors, a Houston-based real estate and development company, announced its acquisition of the center at Partnership Lake Houston's virtual Kingwood BizCom event Dec. 3. SDI Managing Partner Charles Shears said the company will acquire the property in March and quickly redevelop it. SDI hopes to complete the redevelopment by the end of 2021.
"What we're trying to do is bring life back into the shopping center," Shears said. "It's been sitting there for a while, and so we're going to bring some life back to it."
Located at the northwest corner of Kingwood Drive and West Lake Houston Parkway, the center has been without an anchored tenant for several years as H-E-B relocated to the adjacent, newer development on the northeast corner in 2016.
The center was then hit by Hurricane Harvey in August 2017, with many business owners receiving about 4 feet of floodwater. At least eight businesses closed or relocated from the center after Harvey, Community Impact Newspaper previously reported.
Shears said SDI Realty Advisors is working with H-E-B, which still owns the current anchor spot at Kings Crossing, to acquire the property.
"We're going to hopefully redevelop the H-E-B fairly soon; we're in discussions with H-E-B, and we're working out some details on that," he said.
As for current tenants, Shears said business owners are being invited to stay within the shopping center and have their storefronts renovated. Longtime tenants include Pet Ranch, PostNet, Hallmark, Domino's, Hunan Garden and Walgreens.
"We have gone to [current tenants] to find out what their needs and wants are," he said.
Shears said the redevelopment will also feature new regional restaurants and tenants.
"We’re also bringing in some new regional tenants," he said. "I'd like to tell you who they are, but I can't until we have executed leases, but I think the community will really appreciate some of the folks that are coming in."