KATY, TEXAS (Covering Katy News) – Eleven three-story apartment buildings with 348 units are under construction on a twelve-acre site next to a new HEB grocery store/mixed-used development that's also under construction.
The apartment development and HEB are being built at the northeast corner of Morton and Katy Hockley cut-off roads across from Katy Park.
Also read: New HEB to offer more than just groceries
A large retention pond with new sod around the exterior has already been constructed. The property has a Katy address but is in unincorporated Harris County at the City of Katy line.
Wayfinder Real Estate and Read King Commercial Real Estate broke ground on the project in October, and they expect to complete it by mid-2025, with residents moving in earlier that year. It will have detached garages, a stand-alone clubhouse, a separate fitness building, a large pool, pickleball courts, a co-working space, a sauna, and outdoor grilling areas.
One- to three-bedroom apartments ranging from 682 to 1,467 square feet will reportedly rent for about $1,600 to $2,600 a month.
“The Katy Park and athletic fields already draw families from across the Katy area year-round, and the new H-E-B will attract a steady stream of customers seven days a week from the moment it opens,” said Cort King of Read King. “This location will quickly become one of the most trafficked intersections in the region and among the most desirable places for residents seeking apartments.”
According to a joint statement from Wayfinder and Read King, “An undersupply of apartments, coupled with a strong demand in the area, is driving the market.”
"This imbalance is expected to intensify in the next few years as multifamily developers dramatically cut back on new construction due to high-interest rates and market uncertainty," the statement said.
According to RealPage Market Analytics, developers have broken ground on just 40 multifamily communities throughout the entire Houston area in 2023, fewer than half of the 91 multifamily projects started in 2022.
"The median sales price of a single-family home in the Katy area has increased 45 percent to $350,000 since 2019,” the statement said. "The price increases coupled with a near doubling of mortgage rates has pushed single-family home ownership out of reach for many families."
With the southern and northeastern areas of Katy nearly built out, thousands of new single-family homes are expected to be built in the northwest quadrant of the city and surrounding area in the coming years, driving demand for additional retail.
The Market at Katy Park will be the first grocery-anchored retail center north of I-10 and west of the Grand Parkway.
The Oak at Katy Park is scheduled to be completed in mid-2025, with the first residents moving in earlier that year.
Covering Katy originally published this article on March 15, 2023, and it was updated with additional information on December 15, 2023.
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Covering Katy News
Morton Road across from Katy Park
A retention pond has been constructed on the property on Morton Road across from Katy Park. Photo taken in March of 2023.
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Covering Katy News
Morton Road at Katy Hockley Cut Off Road
The parcel of land on Morton Road and Katy Hockley Cut Off Road will have an HEB grocery store and a large apartment development.