Woodlands Development Building More Retail

THE WOODLANDS, TX-The Woodlands Development Corp. is chipping away at the second phase of the 100,000-sf retail component for the mixed-use Waterway Square. To date, 39,943 sf has been delivered, with an additional 19,259 sf set to come on line in nine to 12 months.

“There are plans to add additional retail as more office and hotels are developed,” says Rip Reynolds, vice president with Staubach Co.’s Houston office. The new space at 24 Waterway on Waterway Avenue was just completed while the crew’s hard at work to add retail space the front of the project’s parking garage. Also under construction is the 216,600-sf 4 Waterway Square, an office building that recently broke ground at the corner of Woodloch Forest Drive and Waterway Square Place.

Reynolds, who has the retail leasing assignment, isn’t divulging quoted rates for the retail space. However, developers have been getting about $40 per sf, triple net for shop space in the Woodlands. The corridor’s 1.3-million-sf inventory has a single-digit vacancy.