Skip to main content

NewQuest’s $90 million Retail Center to Transform 249 Corridor

Published Oct 13, 2023 by Hailea Schultz

The Grand at 249 Development Site

The Grand at 249 Development Site

A $90 million retail center is underway in Tomball at the intersection of state Highway 249 and the Grand Parkway. 

Set for completion by 2025, The Grand at 249 will span 404,256 square feet, making it the largest retail concentration within Houston's northwest submarket, according to Houston-based development and brokerage firm NewQuest properties.  

Situated at the southwestern corner of the Grand Parkway-Highway 249 intersection, the groundbreaking 65-acre development boasts 12 pad sites, with 10 of the sites already committed. Notably, 96% of the space is leased or under negotiation, securing tenants like AT&T, Boomer Jack's, Gringo's, Jersey Mike's, Milano Nails, and Two Pho Nine Asian Fusion.  

The development will be surrounded by master-planned communities and mixed-use projects, including Lovett Industrial's 240-acre Interchange 249, offering 3.1 million square feet of industrial and warehouse space, which will house Macy’s distribution center. 

With large-scale developments like The Grand at 249 and advanced infrastructure thanks to the Grand Parkway driving people and businesses to the city, Tomball continues to see rapid residential growth. Currently, there are nearly 27,000 single-family homes with an average household income of $141,000 per year within a three-mile radius of The Grand at 249, according to NewQuest. The Tomball Economic Development Corp. expects the city’s population to skyrocket from 12,000 to 20,000 by 2030.  

"The housing growth in the 249 corridor is booming," said Andrew Alvis, senior vice president and development partner of NewQuest. "The Grand at 249 will play a significant role in creating the next super-regional intersection in the Grand Parkway's path." 

Tomball’s growth and the rise of new developments is sparking commercial development in the area, including White Unicorn Investments’ 77-acre mixed-use center along the Grand Parkway in northwestern Harris County set to include retail, dining, multifamily and industrial space. 

“We recognize the immense potential of this location and are committed to developing a project that will be a testament community enhancement,” said Richard Buxbaum of White Unicorn Investments in a statement.  

Discover more about the rising projects and growth in Tomball

Related News

Economic Development

Bridgeland’s 925-Acre Urban District Taking Shape, Driving Growth in Cypress

2/29/24
A groundbreaking 925-acre urban district situated in the heart of Bridgeland, Cypress’ massive master-planned community, is beginning to take shape as construction commences on its mixed-use development.   Spanning 70-acres, Village Green at Bridgeland Central aims to redefine Houston’s Northwest market, offering more than 28,000 square feet of retail and restaurant space, as well as a 100,000-square-foot H-E-B and 49,000-square-foot sustainable office building dubbed One Bridgeland Green.    Click to expand According to Bridgeland’s website, One Bridgeland Green will be the region’s first mass timber office development. Designed to reduce 20 percent of greenhouse gas emissions and 80 percent of its annual water consumption, the building sets a new standard for the future of eco-friendly workspaces.   Village green will service nearby residents of the district’s already developed apartment complex Starling at Bridgeland, which opened in 2022, and its 150-unit townhome community Highland Homes.   Click to expand Although its urban district is still in the early stages of development, Bridgeland has been steadily evolving since 2003. The 11,500-acre master-planned community has since garnered significant acclaim for its array of residences, schools and abundance of outdoor amenities.   Ranking amongst the top five bestselling master-planned communities in the nation, Bridgeland has witnessed a remarkable surge in new home sales, reaching a 74 percent increase year-over-year, according to real estate consultant firm RCLCO. With this momentum, the community is poised to reach its full build-out potential, accommodating an estimated 70,000 residents in the near future.  As Bridgeland continues to revolutionize living in greater Houston, the community's innovative and family-friendly landscape draws the attention of businesses, developers and new residents, driving substantial growth to the area.   According to Community Impact’s analysis of the U.S. Census Bureau’s American Community Survey, Cy-Fair grew by more than 52,000 residents from 2016-2021, marking a 9.4 percent increase in five years.  To accommodate growth, the Grand Parkway from I-10 to U.S. 290, which opened in 2013, is expected to be widen in 2026, improving mobility. Cy-Fair ISD is also responding to the increasing demand for education services by opening two new schools.   Click to expand As developers add more homesites and mixed-use developments to the area, companies are taking note in hopes of establishing a presence where people can live and work. Last year, Chevron acquired more than 77 acres of undeveloped land in Bridgeland for a possible research and development campus.  “Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” Daniel Abate, head of Chevron’s corporate real estate, told the Houston Chronicle.  Discover more about Houston’s neighborhoods and communities.  
Read More
Real Estate

Houston Area Suburbs Rapidly Growing, Emerging as Residential Hotspots

1/9/24
Houston has recently witnessed a remarkable shift in its real estate market with its suburbs emerging as vibrant and highly sought-after residential hubs.  Despite a slowdown in the market, Houston realtors sold over 100,000 homes in 2023, according to the Partnership’s Home Sales update. While the city saw some of these wins, a majority of home sales occurred in the suburbs, with the Fulshear/South Brookshire/Simonton community earning the greatest percentage increase of home purchases in the third quarter of 2023, with a 56.3 percent year-over-year increase, according to a Houston Association of Realtors (HAR) report.   In addition, other Houston-area suburbs have taken the spotlight recently, thanks in part to their compelling blend of affordability, new development and variety of master-planned communities.   Cypress and Katy recently topped the list of “Hottest Zip Codes” in the nation, ranking first and second for being the top neighborhoods where people bought homes the fastest in 2023. According to Opendoor, Cypress jumped six spots from its 2022 ranking, while Katy climbed up one spot, drawing praise for their tight-knit communities and close proximity to the city. “Many of these areas have more opportunity than meets the eye,” according to the Opendoor report. “They have smaller populations than cities, but are growing rapidly because they are accessible to major metros. Newly built homes, like many in these neighborhoods, are becoming a more accessible option, and developers continue to invest in these areas.”  Bridgeland, a nearly 12,000-acre master-planned community located in Cypress, has contributed to the city’s unprecedented growth. According to the same HAR report, Cypress ranked second in the third quarter of 2023, with transactions rising 47.8% percent year-over-year.   Kingwood, known as Houston’s “livable forest,” has recently become a growing hotspot for families, receiving recognition for its small-town charm and welcoming community. In a new report, All Star Home named Kingwood the second friendliest American neighborhood, outranking Memorial and Alief. According to the report, 18.75 percent of reviews of Kingwood businesses were described as “friendly.”   Earlier last year, Kingwood was also named the most popular neighborhood in the Houston area, according to HouseFresh. The report identified the most desirable neighborhoods in the nation based on the amount Zillow views homes in the area received. The findings revealed that Kingwood received over 12,000 daily views.   As Houston's suburbs evolve into highly desirable residential hubs, the burgeoning landscape not only offers an inviting lifestyle but also underscores Houston's robust potential for companies and professionals seeking a thriving ecosystem conducive to both personal and professional success.  Discover more about Houston’s suburbs.  
Read More

Related Events

Executive Partners