MISSOURI CITY (Covering Fort Bend News) – A second retail developer has taken a 3.2-acre stake in a site near the 10,500-acre Sienna Plantation as the seller finalizes plans with the Texas Department of Transportation to construct a turn lane at the lighted intersection of Hwy. 6 and Oyster Creek Place in Fort Bend County.
Interest in the land has been triggered by the seller’s decision last summer to subdivide 12 acres, prompting an immediate seven-acre sale in an unrelated transaction. The newest ground play has come from Palta Inc., which is planning to develop small shop space on a site fronting the six-lane highway and facing Houston Methodist’s emergency care center and primary care group’s facility.
“We’ve attracted two experienced retail developers now that the land’s been subdivided. That decision has generated a lot of momentum,” says J.J. McDermott, associate of Houston-based NewQuest Properties. He and colleague Jon Jamison, also an associate, are marketing the land for Lieven Van Riet, trustee, who also owns 13 acres directly across the street.
“The seller hopes to start construction in May on the turn lane and two curb cuts,” McDermott says. “The retail centers should break ground about the same time.”
The latest buyer was represented by Josh Sebesta of S&P Interest LLC. The NewQuest team has 4.2 acres remaining of the subdivided acreage. There are no plans to subdivide the 13-acre site.
Van Riet’s land has a combined 2,970 feet of highway frontage.
“Sienna Plantation has been leading Houston’s residential growth for three or four years running,” McDermott says. “It’s a strong area with higher-end demographics. And, there’s not a lot of available land.”
In the three-mile trade area, population has increased 50.2 percent to 66,806 since 2010. The average annual income is $143,763.