Howard Hughes Corp. plans its next Woodlands project
As leasing winds down at two big retail projects in The Woodlands, The Howard Hughes Corp. is planning its next one. Research Crossing, a proposed shopping center on Research Forest Drive between Interstate 45 and Grogans Mill, is set to break ground once 50 percent of the space is leased.
A handful of tenants, including Verts Mediterranean Grill and Mama Fu’s Asian House, both represented by JLL, have signed up so far. The center is on the north side of Research Forest Drive, between Bob’s Steak & Chop House and Community Bank of Texas.
Rip Reynolds, vice president, leasing and commercial land for the Howard Hughes Corp., provided an update on the retail scene in the company’s master-planned communities.
Q: How big is the project? A: The size is approximately 56,000
square feet. We have executed a few leases with some fast-casual restaurants, and we have another lease we are negotiating with a fitness concept. Our objective is to break ground in the second or third quarter of 2017, with delivery in the first quarter of 2018.
Q: How is the leasing going?
A: We haven’t been out in the market that long. We’re focused on somewhat of a wellness theme. We’re hoping to have a fitness concept, maybe a day spa. These new fastcasual restaurants, they don’t have a presence in The Woodlands. We like to bring new and unique concepts to the community. We’re happy with the pace.
Q: Are there other immediate developments planned in The Woodlands?
A: No. We just completed Hughes Landing. That was a huge project we worked on the last three years. We are down to one available space in Hughes Landing. The Creekside Park Village Green in our last residential village of Creekside Park has been open and operating and doing well. We are down to three spaces within that project. We’re getting close to 100 percent on those two projects. We’re also working on a project in Bridgeland called Lakeland Village Center. That is completed and we have a CVS open and about five tenants under construction to open later this summer and fall. We have about eight to 10 deals that are in various stages.
Q: Is there much land left in The Woodlands devoted to retail?
A: I wouldn’t say a lot, but there are pockets available.
Q: How does retail occupancy in The Woodlands compare with Houston overall?
A: It’s consistent with Houston and would be in the mid- to upper-90 percent because there’s just not a lot of available supply.
Q: How much retail space is in The Woodlands?
A: Close to 11 million square feet, including the mall, the lifestyle center, the groceryanchored centers.
Q: Has the oil slump affected people’s retail spending?
A: I imagine people would be more cautious or more selective with their spending. We continue to see good crowds and numbers for our restaurants. One of our restaurants on Restaurant Row told me the other day for the month of December, they’re completely sold out every Thursday through Saturday, every week. Companies are already looking forward to the holiday season and aren’t afraid to book a holiday event.
Q: What are the retail plans for your new community north of Conroe?
A: We’re just land planning now. We haven’t begun to market those opportunities.