Costco Purchases 150 Acres In Katy, Replacing Planned Pintail Crossing
Costco has reportedly acquired a 105-acre land parcel from Katy Partners Ltd. in Katy. Previously, Houston-based Hines and Katy Partners were set to develop the Pintail Crossing Business Park on that tract.
Hines announced Monday the deal closed to an undisclosed user. According to the release, the user will develop and own a large-format distribution center serving Katy and the surrounding areas. The Houston Business Journal reported that buyer is Costco.
“In the midst of our planning effort for our Pintail Crossing development, we were approached by a user/owner whose interest was to own, rather than to lease the property," Hines Managing Director Charlier Meyer said in the release. "This is a win for everyone involved including Hines, our land partner, the new owner, as well as the City of Katy."
The partners announced plans in May to inject 2.2.M SF of distribution space into Katy. The business park was slated to be situated between Amazon and Igloo's distribution centers at the northwest corner of Interstate 10 and Igloo Road.
Katy Mayor Chuck Brawner was the first to reveal last week Hines had canceled development plans, Community Impact reported. He confirmed then that a new distribution facility for a major-brand company would be located in the newly annexed property.
In other local news by the national retailer, Costco released plans earlier this year to build a 158K SF store in Webster. The warehouse and fuel facility would employ between 200 and 250 full- and part-time workers.
