In addition to purchasing 86.14 acres for Phase 3 of Fort Bend Town Center, NewQuest also sold 23.18 acres to multifamily housing developer Sueba USA Corp., according to an Aug. 23 release.
The residential development will include one- and two-bedroom apartment units across four four-story buildings. Two buildings will feature on-site amenities, a courtyard and swimming pools.
"We want Fort Bend Town Center to be the premier lifestyle hub for shopping, dining, entertainment and high-end apartments in southwest Houston," NewQuest Senior Associate Andrew Alvis said in the release. "This will be the first multifamily development to come out of the ground at that intersection."
Construction is expected to begin on Fort Bend Town Center III in mid 2022. Spanning three corners of the Hwy. 6 and the Fort Bend Parkway Toll Road intersection, Fort Bend Town Center boosts easy access to the Texas Medical Center.
"There are many medical professionals of all ages who want high-end, urban-style units outside the city versus what's historically been available," Alvis said in the release. "We plan to fulfill that demand while also putting bodies on the ground to further support our retail, restaurant and entertainment tenants."
According to the release, negotiations are underway with retail and leisure tenants for Phase 3
NewQuest broke ground on Phase 2 of Fort Bend Town Center on Aug. 5. Fort Bend Town Center II will be anchored by a 12-screen Cinemark theater as well as other shopping and dining destinations.
