NEW HYDE PARK, N.Y.--(BUSINESS WIRE)--Kimco Realty Corp. (NYSE:KIM) announced the opening of its Grand Parkway Marketplace in Spring, Texas, with Target opening its doors to the public today. The 126,000-square-foot Target is the first retailer to open in the much-anticipated Grand Parkway Marketplace development, the latest of Kimco’s Signature Series ground-up developments to open for business. The project’s $87-million, 488,000-square-foot phase one is scheduled for completion in the third quarter of this year.
In addition to Target, multiple anchor tenants are scheduled to open at the center in the next few months, including TJ Maxx, Michaels, PetSmart, Burlington, Famous Footwear, DSW, Ulta, Party City, and Five Below, among others.
“After a lot of hard work, Grand Parkway Marketplace is now ready to be one of the most sought-after shopping destinations in the Houston market. Phase one is approximately 80 percent leased and there is strong demand for the remaining space,” said Robert Nadler, President, Central Region at Kimco Realty. “We are thrilled that Target recognizes this development as a phenomenal opportunity to serve this community with their broad assortment.”
Grand Parkway Marketplace is located along the newly opened Grand Parkway, a massive highway project encircling the Greater Houston region. This prime location offers retailers street frontage along Grand Parkway, Spring Stuebner Road and Kuykendahl Road, as well as a direct route to The Woodlands, a highly successful, upscale planned community just a few miles north of the shopping center. Within a five-mile radius there are almost 180,000 people with an average household income exceeding $110,000. Recent additions to the area include new facilities for Noble Energy, Southwestern Energy, CHI St. Luke’s Health, and the ExxonMobil world headquarters, which houses approximately 10,000 employees. Furthermore, HP recently announced plans for a new campus that would bring approximately 2,400 employees to the area. Phase one of Grand Parkway Marketplace will contain national, regional, and local tenants, with eight junior anchors, 11 outparcels, ample parking, a restaurant village with a man-made lake, a series of fountains, and a boardwalk amenity for the restaurants.
Additionally, Grand Parkway Marketplace II is under development. The second phase, located across the street, has three anchor boxes, two of which have been leased by Hobby Lobby and Academy Sports + Outdoors, with the third under lease negotiation. In addition, the planned $52-million phase two development will include a number of multi-tenant retail buildings, and several outparcels for restaurants, banks, or other retail uses. In aggregate, the two phases will encompass over 110 acres, and will create a retail hub of approximately 750,000 square feet.
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America’s largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2016, the company owned interests in 524 U.S. shopping centers comprising 85 million square feet of leasable space across 34 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.