on target

Houston developer breaks ground on $400 million, 165 acre Katy project

Those driving along the frontage road of Interstate 10 and the newly completed Texas Heritage Parkway in Katy might have noticed a big new project under construction. That’s because Houston-based commercial real estate firm NewQuest just began work on its $400 million, 165-acre, mixed-use shopping center in Waller County.

The Texas Heritage Marketplace, when complete, will include 750,000 square feet of retail and restaurants, along with 550 apartments in two communities. NewQuest will develop all of those, plus nearly 300,000 square feet of medical office space and self-storage units. Target is set to anchor the development and will build a 149,000-square-foot store.

NewQuest has invested nearly 10 years in bringing the project to fruition.

"After all these years of work, we couldn't be happier to kick off Texas Heritage Marketplace with a great anchor like Target," says Austin Alvis, NewQuest's president and chief development officer. "We are presently working with a variety of leading retailers and restaurateurs to procure the best possible mix for the project. We look forward to announcing additional anchors and tenants soon."

The developer waited for a decade, as growth in the area pushed westward. Now, the communities around Katy and the city itself are nationally ranked as one of the best places to live in Texas. With the completion of the 6.5-mile Texas Heritage Parkway and interest from prospective tenants, NewQuest hit go on the project. The new artery links the development to a five-mile trade area with a population of nearly 147,000 with an average annual income of more than $160,000, according to NewQuest.

For residents along the corridor, the completed project will bring new shopping, business and entertainment options. The developer’s in-house architectural team designed a cohesive, walkable environment with ample greenspace, including a huge Heritage oak tree that has been relocated from the path of the recently-completed road. NewQuest says it's the largest tree ever moved in the Houston area.

The project represents a collaboration with the City of Katy, Waller County, and Texas Heritage Parkway Association. There’s no date yet on when the development will be fully complete.

Photo courtesy of NewQuest

The new Texas Heritage Marketplace will be located along Interstate 10 and the newly completed Texas Heritage Parkway in Katy.

So hot right now

Houston nails down No. 8 spot among fastest-moving luxury home markets

TK Images for Martha Turner Sotheby's International Realty

11095 Memorial Drive is for sale for $8.8 million.

For-sale signs on the lawns of luxury homes in Houston-area communities like Bellaire, River Oaks, West University Place, and The Woodlands are disappearing faster than in most U.S. markets.

November’s Realtor.com Luxury Housing Report shows luxury homes in the Houston metro area spent a median 61 days on the market in November, up 3.4 percent from last November. That puts the Houston metro in eighth place among the country’s fastest-moving luxury home markets.

Asking prices for Houston-area listings among top-tier luxury homes started at $794,576 in November, according to the Realtor.com report.

The Houston Association of Realtors (HAR) says stepped-up activity in the luxury home market helped boost the average single-family home price in the area to $422,552 in November. The luxury market — homes priced at $1 million and above — was the region’s top-performing home category in November, according to HAR, with sales up 23.4 percent compared with the same time in 2024.

The Realtor.com report ranks San Jose, California, as the fastest-moving metro for luxury home sales in November. There, luxury homes spent a median 56 days on the market, down 6.7 percent from last November.

“Luxury home dynamics are increasingly driven by local factors rather than national trends,” Antony Smith, senior economist at Realtor.com, says in a release. “Some high-cost metros are experiencing brisk demand and fast turnover, while others face slower sales even at elevated price points. Understanding these local dynamics is key for both buyers and sellers in today's luxury market.”

Roughly 200 miles west of Houston, the San Antonio metro lands on Realtor.com’s list of the country’s slowest-moving markets for luxury homes. San Antonio-area luxury homes lingered on the market for 99 days in November, up seven percent from the same time last year. That gave San Antonio eighth place on the list of the country’s slowest-moving luxury home markets.

Asking prices for San Antonio-area listings among top-tier luxury homes started at $766,548 in November, according to the report.

In November, 5.6 percent of home prices fell into the $750,000-and-above category, according to the San Antonio Board of Realtors (SABOR).

Bend, Oregon, tops Realtor.com’s list of the slow-moving markets for luxury homes. In the Bend metro area, luxury homes were stuck on the market for a median 146 days in November, up 14.1 percent from the same period in 2024.

real estate market real estate report