Search
 

Opus West Contracts Land for 450,000-SF Retail Plan

HOUSTON-Joel DeSpain, the developer's man on the ground in Houston, starts making plans for 60 acres that he's put under contract. Meanwhile, he's also awaiting final signatures on long-term leases by two anchors for the Crossing at Fort Bend Parkway.

By Bonnie Grota | Updated on July 16, 2004

HOUSTON-Opus West Corp. has put 60 acres under contract in Fort Bend County for a 450,000-sf retail development along an under-construction tollway. The projected cost for the Crossing at Fort Bend Parkway could total $15 million.

Joel DeSpain, Opus’ development director in Houston, says the plan calls for a pair of big box anchors–a 200,000-sf discount retailer and 100,000-sf home improvement store–at the northwest corner of Beltway 8 and Fort Bend Parkway. He tells GlobeSt.com that another 100,000 sf of inline retail for junior anchors and small shops go along with the plan. Eight pad sites have been earmarked “for sale” or “for lease,” with banks and restaurants as the target market.

“We looked at the underserved retail areas of Houston,” DeSpain says. Opus’ search landed a site about five miles from the nearest power center. The seller is a private investment trust represented by David Cook of Cushman & Wakefield of Texas Inc. Opus’ broker is Lance Gilliam of Moody Rambin Interests, who is teaming with Ed James, also with Moody Rambin, to market the project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.