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.

The first phase of the Fort Bend Parkway will be completed in the fall, improving traffic patterns in the southwest corridor. DeSpain says the development's timing with the freeway expansion is key for attracting major retailers to the Crossing at Fort Bend Parkway. "Auto traffic will be routed both through and by the center," he says. In the end, both projects will be catalysts for growth. "You'll see not only more retail, but office and residential development as well," he says.

Opus hopes to announce a development timetable within 90 days. DeSpain says the wait is tied to final approval of long-term anchor leases. "You need the big box retailers in place before you can make it happen," he says. Tentatively, Opus is looking at a spring or summer 2005 start.

The Crossing at Fort Bend Parkway is the first major undertaking for the Phoenix-based Opus West's new development office in Houston, located on the fifth floor of Millennium Tower at 10375 Richmond Ave. DeSpain, who leads the office, spearheaded Opus' Houston activity from Austin for the past two years.

Instant Insights /

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

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