Tomball - Magnolia Edition | May 2023

GROWTH at Grand Parkway & Hwy. 249 The Tomball-area intersection is seeing several retail and industrial developments take shape.

ADKISSON GROUP INDUSTRIAL BUILDING

FLOOR & DECOR

RETAIL DEVELOPMENT

Floor & Decor 6 acres Opened last fall

Preleasing has begun; 6-8 tenants at this development 13,800 square feet To be complete by the second quarter of 2024

Will house one to two tenants 325,219 square feet To be complete in mid-August

Timeline Size Tenant information

OLD BOUDREAUX LN.

249

BOUDREAUX RD.

INTERCHANGE 249

GRAND PARKWAY TOWN CENTER

TRACT FOR SALE

SHELL FEDERAL CREDIT UNION

Quick-service restaurant breakfast or coffee concepts targeted for this tract 0.95 acres TBD

Macy’s distribution center; others TBD 240 acres Phase 1 completed by early June

Shell Federal Credit union 1.75 acres; 5,325 square feet To be complete by late July/early August

AT&T, Gringo’s Tex-Mex, Jersey Mike’s Subs, BoomerJack’s; others TBD 65 acres Pad sites delivered to tenants: August 2023 Retail completed: late 2024/early 2025

SOURCES: NEWQUEST, PALO DURO COMMERCIAL PARTNERS, LOVETT INDUSTRIAL, SHELL FEDERAL CREDIT UNION/ COMMUNITY IMPACT

“It’s a big regional intersection,” said Andrew Alvis, NewQuest vice president and development partner. “You get a lot of traffic both east-west and north-south; [there is] a ton of growth going north up [Hwy.] 249 and even further up into Magnolia.” Alvis said the firm expects to break ground in June and begin construc- tion on the development’s utilities and roadways. Pad sites should be completed for tenants this August, with some retail and restaurants beginning to open in late 2024. Unannounced big-box retailers are anticipated to open in the first or second quarter of 2025, with other confirmed tenants including Gringo’s Tex-Mex, BoomerJack’s, Jersey Mike’s Subs and AT&T, Alvis said. The devel- opment can accommodate eight or nine large anchors and around 10 pad sites, alongside other retail. “I think we have some pretty cool concepts that are coming here,” he said. “And we’re really excited to finally get it off the ground and let the community enjoy it.”

Across Hwy. 249, Palo Duro Com- mercial Partners and Collum Com- mercial are developing land on the southeast corner, said Stephen Phie- garu, a managing partner at Palo Duro Commercial Partners. Six acres were sold to Floor & Decor, and another 0.95-acre tract is for sale. “We’re targeting smaller [quick-ser- vice] breakfast, coffee concepts, which we think is probably the high- est and best use for that size of tract and [the] location of it,” Phiegaru said. Meanwhile, a 1.75-acre tract in front of Floor & Decor was sold to Shell Federal Credit Union, Phiegaru said. Nicole Hernandez, the chief adminis- tration officer at Shell Federal Credit Union, said the business is aiming for a late July or early August opening. “We are excited to expand Shell FCU’s footprint and assist additional residents in Harris County,” Hernan- dez said in an email. Behind Floor & Decor, a 13,800-square-foot retail center is set to begin construction this summer and finish in the second quarter of

2024. Palo Duro Commercial Partners and Collum Commercial are develop- ing the project, which will have six to eight tenants. “We’ll be targeting fast-casual restaurants, medical, dental, ser- vice-oriented retailers that can ser- vice the immediate market right there over by Boudreaux,” Phiegaru said. Industrial growth Breaking ground in March 2022, construction on Phase 1 of Lovett Industrial’s Interchange 249 project— which is made up of four buildings— was slated to be complete in May, said Seth Flechsig, the senior manag- ing director of the Texas region. “We are currently assessing our strategy for Phase 2 and which sites to develop next within the park,” Flechsig said in an email. “Our focus will be to add space on the north end of the park [along the Grand Parkway], which would afford potential tenants great highway frontage visibility.” Flechsig said Building 2 of Phase 1 is

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have been tremendous assets for businesses in Tomball. Those two thoroughfares create easy access to the entire region.” Violette said the TEDC expects the economic impact of this intersection to be similar to that of the Tomball Business & Technology Park, which has generated more than $85 million in capital investment and created over 500 jobs since 2015. “We believe that the developments at the Grand Parkway [and Hwy.] 249 corridor, specifically Interchange 249 and the Grand Parkway Town Center, are great fits for Tomball,” she said. Retail on the way The 65-acre, 400,000-square-foot Grand Parkway Town Center at the southwest corner is being developed by NewQuest, which has owned the property for more than 25 years, Com- munity Impact previously reported. Construction was previously slated for February 2023.

COMMUNITYIMPACT.COM