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Residential Developer Purchases Acreage in Katy

(KATY) - A local joint venture has sold 9.37 acres of prime land in Katy to Heights Colonial LP, an entity of City Choice Realty, for a residential development. The site fronts Colonial Parkway near the intersection of Park West Green Drive.

Glenn Dickerson and Brad LyBrand of NewQuest Properties represented the seller, Katy Promise JV, which has additional development sites on the market.

“It was only listed for six weeks before we had a contract. We had several offers because it’s right in the middle of Katy’s growth,” says Dickerson, senior vice president and development partner with Houston-based NewQuest.

The NewQuest team presently is marketing adjacent land for the joint venture –an 18-acre treed site with frontage along Interstate 10 and Colonial Parkway.

City Choice’s new development site is situated less than two miles from Katy Grand and the Shoppes at Grand Crossing, both class A retail projects developed by NewQuest. The latter is anchored by PopStroke and a 19-screen Cinemark XD theater.

“Due to the growth of Katy and the quality of schools, the area is a magnet for residential development,” Dickerson said. “The site is ideal for that use with good access to freeways.”


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