KATY, Texas – A three acre parcel of land along Kingsland Boulevard at Main Street in Katy will be developed into a retail and office project. The property is located a short distance from the Mark A. Chapman/Katy Main Street YMCA. Archstone Real Estate purchased the land from an investment group.
The site can support about 18,000 square feet of commercial space according to NewQuest Properties which brokered the deal.
"This area of Katy is strong residentially. It's finally starting to experience some commercial development," vice president Glen Dickerson of NewQuest Properties said.
There are more than 208,000 residents within a five-mile trade area of Archstone's site. Within a one-mile radius, the average household income is $181,034 per year and the median price of a home is pushing $355,000.
"Once Archstone got its eyes on this location, the principals knew immediately what they wanted to do," says Dickerson, who also is marketing 10.9 acres right across Kingsland for the same seller.
Through the years, commercial development has been gradually edging closer to the Kingsland-Main Street intersection, which is a half mile south of Interstate 10.
"This is a strong location for retail and office development," Dickerson says. "Neighborhood services should do well in this area."