$50M Kingwood development to features an H-E-B
Shovels are expected to hit the ground soon on a new multi-use development in Kingwood.
The Kingwood Place development is plotted for 51 acres at the southwest corner of Hwy. 59 and Northpark Drive.
The centerpiece of Kingwood Place is a 103,000-square-foot H-E-B.
Stratus Properties, a real estate company based out of Austin, announced plans for the new development at the beginning of August.
Plans for the development consist of the HEB, an additional 41,000-square-feet of commercial space, six retail pads, and 11 acres of residential space for 300 multi-family dwellings.
Chairman, president and CEO of Stratus, Beau Armstrong, noted in a seekingalpha.com quarterly report call transcript that the original data projections for Kingwood Place are subject to change as the development progresses. However, Stratus currently estimates the total project investment will be about $50 million.
Stratus aims to break ground on Kingwood Place this November, which would set HEB on a track to open in October of 2019.
Armstrong explained that Stratus Properties has been able to branch out more with their developments due to growing credit capacity and tenant consistency.
“Our new Kingwood, Texas, development that we announced today is a great example,” Armstrong said. “It is our sixth development project with HEB as an anchor. We are excited to be entering this growing community with the commitment of HEB, the number one privately held employer in Texas.”