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.