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HOUSTON-Cinemark USA Inc. and 24-Hour Fitness will anchor the 200,000-sf second phase of CyFair Town Center at the southeast corner of US Highway 290 and Spring Cypress Road. The duo has pre-leased 66,000 sf or 33% of the expansion space.

Heather Nguyen, vice president of NewQuest Properties Inc., predicts to GlobeSt.com that the second phase will be at least 50% pre-leased by the spring groundbreaking. Cinemark took 39,000 sf, and 24-Hour Fitness signed for 27,000 sf, both inking long-term leases for the 33-acre expansion.

The Houston-based NewQuest is developing the 61-acre town center project at 17515 Spring Cypress Rd. The second phase design will be finalized in January. Completion is planned for first quarter 2006.

Earlier this year, Newquest completed CyFair Town Center’s 110,000-sf first phase. The fully leased, 28-acre first phase is anchored by a 70,000-sf Kroger Signature store and contains 40,000 sf of inline space. The second phase’s shop space is on the market for $22 per to $24 per sf.

“The intersection is just exploding with retail,” Nguyen says, adding a new Home Depot and Wal-Mart Supercenter have corners at the crossroads. She attributes the growth to an increase in rooftops. “This center sits right in the middle of several major master-planned communities,” she says. Construction is under way at Bridgelands, a master-planned community that will have 20,000 single-family lots at build-out.

When this year’s final count is in, the population, now 72,486, is expected to increase 54% within a five-mile radius of the town center. The area’s average annual household income is $93,642.

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