RICHMOND, Texas (Covering Katy News) — Costco's newest Houston area store in Richmond is driving additional retail development at The Grand at Aliana along Highway 99 in Richmond.
Costco opened about four months ago at Highway 99 and West Airport Boulevard and since that time NewQuest Properties has broken ground on a new19,000-square-foot building that's already 75 percent pre-leased.
“It’s been extremely busy since Costco opened. Phase III is attracting a lot of quality national brand operators,” said Josh Friedlander, senior vice president and development partner at Houston-based NewQuest.
Portillo’s Restaurant opened this week, and Milano Nails, America’s Best, Five Guys, Dunkin Donuts, Firehouse Subs, and Buffalo Wild Wings Go have pre-leased leased space in the new building.
NewQuest owns 65 acres fronting the Grand Parkway/TX 99 in Richmond, which is part of one of Texas’s largest and fastest-growing retail corridors. The project’s three phases have a build-out capacity of 665,000 square feet of mixed-use space and 350 apartments.
“I get calls every day from retailers and restaurateurs who want to be in this market. Except for the pads, it will be 2026 before there is any more first-generation inline space to lease,” Friedlander said. “Typically, to lease in this submarket, pre-leasing commitments are made one to 1.5 years before a building delivers.”