NewQuest, a Houston-based development and brokerage firm, acquired the site in the early 1990s, according to an Oct. 9 news release, and broke ground on the site in 2016, according to previous reporting.
Two-minute impact
The Grand at 249, a $90 million retail center, is under development at the northwest and southwest corners of Hwy. 249 and the Grand Parkway in the southernmost part of the city of Tomball.
As of Oct. 9, leases have been signed or negotiated for 96.1% of the 65-acre retail center since the beginning of the year. This totals 388,856 square feet of the 404,256 square feet planned at build-out, according to the release.
Leases have been signed with:
- Gringo's
- Boomer Jack's
- Jersey Mike's
- Milano Nails
- Two Pho Nine Asian Fusion
- AT&T
In addition to 12 pad sites—two of which include Gringo's and Boomer Jack's—two multitenant buildings are planned.
How we got here
NewQuest Properties acquired the land in the early 1990s.
“This development sits on one of the first land acquisitions made by NewQuest,” said Andrew Alvis, senior vice president and development partner of NewQuest Properties, in the release.
Once the Grand Parkway opened to drivers in February 2016, development began to accelerate in the Tomball area, including plans for the NewQuest site.
Those plans for the 65-acre site have changed over time:
- For example, Sam’s Club was the first tenant announced for the development in mid-2015, but NewQuest officials later said in 2019 the firm was re-evaluating the proposed shopping center because of a slowdown in the grocery market.
- Efforts to develop the property were reignited with the completion of the Harris County Toll Road Authority's project to add direct connectors between the Grand Parkway and tolled portion of Hwy. 249 in 2022.
- NewQuest officials announced plans earlier this summer to break ground on the long-awaited development, noting some retail and restaurants could begin to open in late 2024.
- “The housing growth in the [Hwy.] 249 corridor is booming,” Alvis said. “The Grand at 249 will play a significant role in creating the next super-regional intersection in the Grand Parkway's path.”
- “After decades of waiting and preparation, we couldn't be more excited to be commencing our project in Tomball. This has been a collaborative effort between our development team and the city of Tomball's past and current leadership,” NewQuest Managing Partner Steve Alvis said in the release.
In addition to development at NewQuest's site, the neighboring Interchange 249, a 240-acre industrial development by Lovett Industrial, is under construction. The first tenant, a nearly 1-million-square-foot Macy's Fulfillment Center, opened Sept. 20.
On the residential side, according to the release:
- There are approximately 27,000 single-family homes within 3 miles of NewQuest's site.
- An additional 21,631 homes are anticipated in Tomball in the future.
