Large companies like Noble Energy, Baker Hughes and ExxonMobil are moving to Northwest Houston and bringing thousands of new jobs to the area. As a result, supporting industries such as new restaurants, retail and mixed-use developments have allowed Cy–Fair to begin to resemble a central hub for incoming business and residents.
"Everything that has been going on in oil and gas has driven a majority of the job growth and brought a large population to the area," said Peter Barnhart, development partner with Caldwell Companies. "Cypress has been overlooked in years past because of its transportation issues. This is a whole different place now. This once quiet bedroom community is now on the radar for businesses and—hopefully in the long-term—high-end employers."
Restaurant demand
Several restaurateurs have begun to open or expand their business to provide more lunch and dinner options for area newcomers, specifically along Beltway 8 where the Sam Houston Business Park and a Purvis Industries facility are under construction.
In response to the lack of dining options in the area and with more than 250,000 residents within a five-mile radius, NewQuest Properties broke ground on the West Eight Crossing development on the northeast corner of Beltway 8 and West Road in early 2013. The center will house a Starbucks, Salata and a Chipotle restaurant among others upon completion, said Bob Conwell, vice president with NewQuest Properties.
"The lack of product and the fact that this market is underserved has been the driving source for tenants," said David Myers, director of leasing and development partner with NewQuest Properties. "If you look along the Beltway, there are few tracts still available and little existing retail."
Other new eateries that have opened this year in Northwest Houston include a second Freebirds World Burrito, Sprouts Farmers Market, Zos Kitchen, two Marco's Pizza locations, Submarina California Subs and Bahama Bucks. These businesses opened some of their first Houston locations in the northwest corridor for the area's increasingly attractive business environment.
"[Businesses] are finding Harris County a great place to work," Jack Cagle, Precinct 4 commissioner, said. "Anytime you have a major industry move in, the number of surrounding businesses that sprout up is significant."
Submarina California Subs moved its headquarters to Houston in late 2012 after opening its first Houston restaurant in Missouri City. In early 2013, Submarina opened its first location in Northwest Houston to serve the growing market.
"This area has enormous potential for expansion," said area developer Robert Pina, who plans on opening 110 additional locations throughout the Greater Houston area over the next decade as part of the company's expansion plan.
Commercial expansion
As commercial entities continue to move in and expand, certain areas of Cy–Fair are beginning to resemble a downtown-style area with new mixed-use developments, traffic improvements and high-demand retailers and restaurants.
"There is a host of energy-related businesses coming in," Cagle said. "Along with these businesses, you begin to see a change in nearby retail centers. All the other industries that come in behind [these businesses] serve them, support them and encourage them."
The Cypress Village Station shopping center off Hwy. 290 at Skinner Road was developed by NewQuest Properties as the area's first transit retail-residential development and has produced some of the highest retail sales of NewQuests' properties throughout Houston. NewQuest expects to enter Phase III of developing the center in August or September with plans to either expand existing tenant space or to add additional options.
"Regardless of which plan we choose, we will be adding an additional 18,000 to 20,000 square feet of retail space," Myers said. "In general, the companies that are active in the Houston market see this area as a top-tier market to expand in. They are looking for good, new products, and there hasn't been a lot built in recent years in terms of retail. Anything that is new that can serve a large trade area is going to get a lot of looks."
Several potential tenants are in negotiations to rent space on the Boardwalk at Towne Lake managed by Caldwell Companies, Barnhart said. As the master plan reaches the final phases of its build-out, a flood of potential tenants have begun to inquire about leasing.
"A lot of our commercial development was really put on hold up to the past few years," Barnhart said. "Now there is a substantial amount of interest in the market in general, but specifically in this area."
Caldwell Companies expects to rent space to at least five eateries and retailers and a possible dine-in style movie theater on the Boardwalk. Other popular areas for development such as the Hwy. 249 corridor near Vintage Park, the Hwy. 6 and FM 1960 intersection and the entire Hwy. 290 corridor have begun to see a variety of new shopping and dining options such as a Dickies Retail Store, Carl's Jr., Sprouts Farmers Market, Panera Bread and the new Lonestar Crossing strip center.
