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Katy Main Street: Mixed-Use Development


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WoodCreek Development recently purchased 86 acres at the southwest corner of I-10 and Pin Oak Road for a retail and office development. The project will be called Katy Main Street. Plans are to have over 450,000 square feet of retail, restaurants, and banks, a full service hotel and 510,000 square feet of Class A office space. This property will be completed through a joint venture partnership with BPI Realty Services.

BPI is a full-service commercial real estate firm specializing in shopping centers, developing and managing in excess of 3,000,000 square feet of retail centers.

www.bpirealty.com

Unlike WoodCreek Commons, WoodCreek Development will stay involved in this retail development after completion rather than selling the asset.

katymain.gif

Link: http://www.woodcreekdevelopment.com/retail-developments.html

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KMSlogoprelim.gif

WoodCreek Development recently purchased 86 acres at the southwest corner of I-10 and Pin Oak Road for a retail and office development. The project will be called Katy Main Street. Plans are to have over 450,000 square feet of retail, restaurants, and banks, a full service hotel and 510,000 square feet of Class A office space. This property will be completed through a joint venture partnership with BPI Realty Services.

BPI is a full-service commercial real estate firm specializing in shopping centers, developing and managing in excess of 3,000,000 square feet of retail centers.

www.bpirealty.com

Unlike WoodCreek Commons, WoodCreek Development will stay involved in this retail development after completion rather than selling the asset.

katymain.gif

Link: http://www.woodcreekdevelopment.com/retail-developments.html

That's an exciting possibility.. sounds a lot like First Colony Town Center. Be interesting to see if it ever actually materializes.

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KMSlogoprelim.gif

WoodCreek Development recently purchased 86 acres at the southwest corner of I-10 and Pin Oak Road for a retail and office development. The project will be called Katy Main Street. Plans are to have over 450,000 square feet of retail, restaurants, and banks, a full service hotel and 510,000 square feet of Class A office space. This property will be completed through a joint venture partnership with BPI Realty Services.

BPI is a full-service commercial real estate firm specializing in shopping centers, developing and managing in excess of 3,000,000 square feet of retail centers.

www.bpirealty.com

Unlike WoodCreek Commons, WoodCreek Development will stay involved in this retail development after completion rather than selling the asset.

katymain.gif

Link: http://www.woodcreekdevelopment.com/retail-developments.html

Looks nice. Wish I could enlarge the site plan though. :(

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I also hope it gets developed because we could always use better restaurants near old katy. The signs for Village at Katy are still sitting all over the north side and have been for years, so you never know about these things. I just want a Pappasitos out here...please!!!

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Looks nice. Wish I could enlarge the site plan though. :(

Though it is small, I think I can still make out a nail salon, liquor store and dry cleaners in the bottom right... and wait, wait I think there is Subway, too. Good times.

In all seriousness, I hope it works out too. The more multi-use developments we can get out here, the better.

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Though it is small, I think I can still make out a nail salon, liquor store and dry cleaners in the bottom right... and wait, wait I think there is Subway, too. Good times.

In all seriousness, I hope it works out too. The more multi-use developments we can get out here, the better.

Just curious we as as family are really considering opening s a restaraunt... What kind of restrauant do you feel is needed in Katy( ex Italian, deli, breakfast lunch etc) We are open for suggesstions? This will be a family run business so it wont be large... we have been looking at places anywhere from 1000-2000 sq ft TIA

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Just curious we as as family are really considering opening s a restaraunt... What kind of restrauant do you feel is needed in Katy( ex Italian, deli, breakfast lunch etc) We are open for suggesstions? This will be a family run business so it wont be large... we have been looking at places anywhere from 1000-2000 sq ft TIA

I think South Katy would like more breakfast options closer to home (I know I would), an alternative to big chains like Denny's.

As for a deli, I think Katy has plenty of those, with more coming. (Potbelly, Which Wich, Panera Bread, Murphy's...)

Edited by katyresident
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Just curious we as as family are really considering opening s a restaraunt... What kind of restrauant do you feel is needed in Katy( ex Italian, deli, breakfast lunch etc) We are open for suggesstions? This will be a family run business so it wont be large... we have been looking at places anywhere from 1000-2000 sq ft TIA

I think that there's a shortage of just about everything except Mexican right now. I think that a small family run place with excellant quality food could do well in pretty much any catagory. (Of course, all the usual caveats about how high the failure rate is for new restaurants still apply.)

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Just curious we as as family are really considering opening s a restaraunt... What kind of restrauant do you feel is needed in Katy( ex Italian, deli, breakfast lunch etc) We are open for suggesstions? This will be a family run business so it wont be large... we have been looking at places anywhere from 1000-2000 sq ft TIA

A place like Empire Cafe in Montrose would be fantastic. It has a great breakfast, for those who thinks Denny's sucks (me), plus lunch and dinner. Here is a link to their site: http://www.empirecafe.net/

There seem to be a lot of people who moved to Katy from the inner loop who have moved out here to get the cheap house and "good" schools. One thing that we are missing are the good restaurants in the loop.

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A place like Empire Cafe in Montrose would be fantastic. It has a great breakfast, for those who thinks Denny's sucks (me), plus lunch and dinner. Here is a link to their site: http://www.empirecafe.net/

There seem to be a lot of people who moved to Katy from the inner loop who have moved out here to get the cheap house and "good" schools. One thing that we are missing are the good restaurants in the loop.

Good call. Count me in as a regular as soon as something similar opens in Katy.

Keep us up to date with the plans, lulu! :D

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  • 4 months later...

Friday, December 12, 2008

Katy Main Street set to go

Partners move forward with mixed-use project in stationary market

Houston Business Journal - by Jennifer Dawson Reporter

With commercial real estate activity almost at a standstill, a local development team is preparing to break ground in January on an 86-acre project called Katy Main Street.

The mixed-use development is designed to include 485,000 square feet of retail space, 500,000 square feet of office space and a full-service hotel and convention center at the southwest corner of Interstate 10 and Pin Oak Road in Katy.

Walgreen Co. has agreed to lease space for a drugstore in the first phase of Katy Main Street, which is being built across the street from Katy Mills Mall.

A grocery company is also on board as an anchor tenant, but the developer will not release the store's name.

"It's a very nice, high-end, well-known brand," says J. Troy Maxwell, a principal with Woodcreek Development Co.

Woodcreek and BPI Realty Services Inc. are developing Katy Main Street in a 50-50 partnership.

Woodcreek, with a track record in creating residential communities and developing commercial properties, is handling all of the infrastructure and utility work.

BPI Realty, with nearly 30 years of experience in developing shopping centers and land deals, is marketing the new pedestrian-friendly site to retailers.

Katy Main Street is moving ahead with construction on the strength of a bank deal secured a year ago.

The Woodcreek/BPI Realty partnership bought the vacant site inside the Katy city limits a year ago from the Goodrich family, with financing from IBC Bank.

Maxwell says IBC agreed at the time to provide construction lending on the project, and is now following through with that agreement.

Some of the equity for Katy Main Street was raised from a group of investors in Maxwell's hometown of Lufkin, as well as from a few Houston investors.

Robert Anthony, a Woodcreek principal, says financing is in place for all phases of the development, though terms are being kept under wraps.

"We're ready to move forward on the entire project, and we have financing to do that," Anthony says.

More selective retailers

Katy Main Street will be built in phases, but the infrastructure will be developed all at once.

Beginning in January, work will commence on drainage, roads, utilities, walkways and landscaping.

"There is not going to be a section that's not finished," Maxwell says. "The entire project is actually moving forward."

He says infrastructure work was put on hold until the grocery store decided where to be positioned on the property. If the store site was tweaked, Maxwell says, changing road plans in the middle of the process would have been very costly.

"We didn't want to put anything on the ground until the grocery anchor was nailed down," Maxwell says.

Katy Main Street's small phase one development will include approximately 25,000 square feet of speculative retail space next to the Walgreen's, as well as several pad sites for a bank and restaurants. Future phases of the project are expected to be constructed in 2010.

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Edited by CoolBuddy06
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A grocery company is also on board as an anchor tenant, but the developer will not release the store's name.

"It's a very nice, high-end, well-known brand," says J. Troy Maxwell, a principal with Woodcreek Development Co.

Who do you think the grocery company is?

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I'm not sure I would describe HEB as "upscale," but maybe it will be a fancier than normal HEB.

It will not be an HEB Central Market like the one downtown. They have stopped building those because there is too much waste or shrink. It hurts the bottom line when you have to constantly throw away food so that you can have fresh items the next day. I'll see what I find out about this being an heb or not. Stay tuned.

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Construction is back on track and scheduled to resume the first quarter of 2009.

Really? It doesn't seem like they have made a lot of progress in renting the available space in Phase I. Are they thinking that the addition of Phase II will make the entire project more attractive to prospective tenants?

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I'm glad to hear about this project and La Centerra picking back up. I didn't live here at the time but from what I've been told The Woodlands grew throughout the oil bust 80's and continues to grow even now. I'm here in Katy for at least 10 more years because of school aged children. I'd love to look back 10 years from now and say WOW I remember when. I have only been here since 98 and Katy has grown exponentially since then.

On a related note but not necessarily Katy, I read somewhere this week that HEB has purchased land at Grand Parkway and Farmer Road. I imagine the new store that they'll eventually build there and other future stores will look more like the one at Bunker Hill. That store is a model of energy efficiency and water conservation. They're "looking" a little more like Whole Foods so that may be why the commenter uses the "upscale" adjective.

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Really? It doesn't seem like they have made a lot of progress in renting the available space in Phase I. Are they thinking that the addition of Phase II will make the entire project more attractive to prospective tenants?

Hmm...good question...that could be the reason.

Anyways, they have already started to clear the land.

(Also, Perry's looks like it will open soon.)

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  • 1 month later...

Hey bman, funding is in place and has been in place, they were working on some other things before they proceeded with the unveiling that took place. Do you know what they are going to be asking for retail rents? I am digging around and will let you know if I find out.

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  • 2 months later...

Well, I finally got to the root of it. The "Unnamed" grocery store on Katy Main Street will be ...............an HEB!!! It WILL NOT be an HEB PLUS or HEB CENTRAL MARKET. It will look a lot like the new one that they have built on Bunker Hill and I-10. They will be starting construction very very soon, and will open up three new Houston area stores in the next year or so. I will get the location of the other two ASAP. :lol:

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  • 2 weeks later...
Well, I finally got to the root of it. The "Unnamed" grocery store on Katy Main Street will be ...............an HEB!!! It WILL NOT be an HEB PLUS or HEB CENTRAL MARKET. It will look a lot like the new one that they have built on Bunker Hill and I-10. They will be starting construction very very soon, and will open up three new Houston area stores in the next year or so. I will get the location of the other two ASAP. :lol:

Confirmed. This will be an HEB and looking at the plan it will also have a gas station. They have put "HEB" under the retail drawing, and it says "HEB pad-site" which will most likely be the gas station.

http://www.bpirealty.com/Uploads/Documents...eet%20Flyer.pdf

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  • 2 weeks later...
It will not be an HEB Central Market like the one downtown. They have stopped building those because there is too much waste or shrink. It hurts the bottom line when you have to constantly throw away food so that you can have fresh items the next day. I'll see what I find out about this being an heb or not. Stay tuned.

It's not in downtown.

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  • 2 years later...
  • 1 year later...

BisNow's newsletter contains a blurb about Katy Main Street starting phase two of development. Phase 2 is about 86 acres in size.

The firm is eyeing seven tenantsacross 16 acres for the anchor spots and will break ground when at least three have signed on. In the past six months, BPI has signed Chick-Fil-A, Bank of America, two retail buildings, and Alicia’s Mexican Restaurant: All are under construction and will open soon.

BisNow is e-mail only, so no there's no link action to be had. But you can sign up for it here: http://www.bisnow.com/

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katymainstreetaerialretaileraerial2012bigbox.jpg

Calling it "Main Street" is somewhat deceptive, it invokes the wrong kind of imagery. This should be "Katy Freeway Frontage Road and Detention Pond Parking Lot Development with National Retail Tenants Totally Devoid of Any Character Whatsoever."

Edited by woolie
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7310147726_e2df14770d_z.jpg

I wonder if I created a gallery of major "shopping center" developments in Houston, rotated the images, removed all the labels, etc. How many people could match them up with the correct locations? What if I used Google Street View plopped down in a parking lot. Could you even tell what part of the city you were in. Or even what city in the USA.

Edited by woolie
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katymainstreetaerialretaileraerial2012bigbox.jpg

Calling it "Main Street" is somewhat deceptive, it invokes the wrong kind of imagery. This should be "Katy Freeway Frontage Road and Detention Pond Parking Lot Development with National Retail Tenants Totally Devoid of Any Character Whatsoever."

Totally agree. People so far from anything are desperate to trick others into believing they arent. Pretty sad actually.

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Totally agree. People so far from anything are desperate to trick others into believing they arent. Pretty sad actually.

Your a clown... One thing I'll give you though, you've got thick skin. As ridiculed as you are on this forum you just keep coming back with dummer and dummer statements and it doesnt seem to phase you.

For the rest of you young and ignorant folks... You obviously hate anything outside of the loop (or close to it), so why must you always speak negative.

These are the far outer suburbs my beloved brain children, and Houston is no different than any other sunbelt city in this regard. I know you want super dense 60 story buildings, and walkable retail for miles, but that's not going to happen here.

Maybe you could channel your energies to something more important like playing hop scotch.

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Your a clown... One thing I'll give you though, you've got thick skin. As ridiculed as you are on this forum you just keep coming back with dummer and dummer statements and it doesnt seem to phase you.

You're. Dumber. Now, for the accusations of ignorance, my hatred of the far suburbs springs from personal experience.

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You're. Dumber. Now, for the accusations of ignorance, my hatred of the far suburbs springs from personal experience.

LOL!!! Great comeback...

The ignorance I'm speaking of is a goofy desire for Houston's burbs to be something they are not. Also, as a professional musician for almost 30 years I have traveled to every major city in this country and I find it laughable that you and others here act as if Houston's burbs are pitiful in comparison to other cities (save East coast/Chicago) and they are not.

I'm sure your young and single

and I understand the burbs are far more boring to you, but maybe, just maybe as you get older, have a family, and have to worry about your finances a lot more, you may reconsider your point.

Don't misunderstand, I would like a better design, but in the end these businesses are in this to make money, not please your misguided interests for a place you don't live.

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I'm sure your young and single

and I understand the burbs are far more boring to you, but maybe, just maybe as you get older, have a family, and have to worry about your finances a lot more, you may reconsider your point.

Hmm? I'm a married, and a homeowner. My finances are just fine. No kids, because we don't like kids.

I think this kind of development is sad anywhere -- in the far suburbs, in the loop, in Chicago, on Mars. It's about one kind of experience and one kind of development that ignores all local context and culture. It's boring because it's homogenous.

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You guys are so busy hating that you didn't read the rest of the article, which talks about building a hotel and convention center on the property at part of phase III. Assuming that gets built (which granted is an assumption), wouldn't you agree that moves it out of the generic shopping center characterization that was used earlier?

(pause for generic abuse of suburbs in general)

Further to Gary's point, I would tell you that if you don't have children, you probably don't understand the appeal of the suburbs. If you never have children, then you probably never will. However, if at some point you do have children, you may be surprised to find that it changes your attitude about many things.

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