NewQuest is moving ahead on a piece of The Grand at 249, a $90 million retail development planned near the intersection of Hwy. 249 and the Grand Parkway in Tomball.
The Houston-based commercial real estate firm has started construction on 163,456 square feet of junior anchor space at the development, according to a May 11 news release from NewQuest.
The new space will house several major retailers, including Dick’s Sporting Goods, Ross Dress for Less, Burlington, Dollar Tree, Cavender’s, Petco, Sephora, Bath & Body Works and Milano Nails.
The gist
The junior anchor space makes up a little more than one-third of the 450,000 square feet of retail and restaurant space planned for The Grand at 249, according to the release.
NewQuest expects to deliver the junior anchor spaces for tenant finish-out in March 2027, with openings tentatively planned for the second quarter of 2027, per the release.
“We're super excited about this development opportunity at such a prominent and important regional site,” Andrew Alvis, senior vice president and development partner of NewQuest, said in the release.
What’s coming
Several tenants have already signed leases at The Grand at 249, according to a separate May 11 release from NewQuest.
Dick’s Sporting Goods leased 60,425 square feet, Ross Dress for Less leased 22,000 square feet and Petco leased 12,500 square feet of retail space at the development. Dollar Tree also leased 10,000 square feet, while Milano Nails leased 5,012 square feet, per the release.
Construction is also underway on a 167,990-square-foot wholesale club, three multitenant buildings totaling 28,410 square feet and several pad sites throughout the development, according to NewQuest.
Crews are also expected to begin work soon on buildings for Carrabba’s Italian Grill and Wendy’s, both of which will be located on freeway-fronting land.
Meanwhile, Bruster’s Ice Cream is expected to open in 30-60 days, and Chick-fil-A is anticipated to open sometime this year, according to the release.
Zooming out
The Grand at 249 is located within Tomball city limits and is expected to serve a 10-mile trade area that reaches nearby communities such as Magnolia, Cypress and Spring, according to NewQuest.
The development is surrounded by several master-planned single-family communities, with more on the way, and neighbors a 240-acre Class A industrial project, per the release. Within 5 miles of The Grand at 249, the population tops 164,000, and the average household income is $148,000 per year, according to NewQuest.
Alvis said in the release that NewQuest has been selective about the tenant mix.
“With limited retail in this corridor, it's critical to curate the right mix of tenants that align with the area's demographics and long-term growth,” Alvis said.
