The Latest And Greatest From The 1,400-Acre Development Rising In Northeast Houston
The Signorelli Co. is seeking to solve a problem in Northeast Houston.
Valley Ranch, a 1,400-acre master-planned community, will be dominated by commercial development, with about 60% of the development ranging from retail, multifamily, office, healthcare and entertainment assets. The community will be about 40% single-family housing totaling about 2,000 residences.
"The vision, which is quickly becoming a reality, solves for large voids in the market in each of these asset classes," Signorelli Vice President Brody Farris said.
Only about half of the land has been built up, leaving major opportunity for future growth: Over 650 acres remain to be occupied near Interstate 69 and the Grand Parkway.
The demand for Valley Ranch is fueled by the mobility expansion of the Grand Parkway and the growth of Houston's suburbs, he said. The Northeast Houston area is building up quickly, with construction all over the community.
The Signorelli Co. President and CEO Danny Signorelli will discuss Valley Ranch at Bisnow's Future of Springwoods Village and Grand Parkway event on May 30.
Large-scale users have heightened attention in Valley Ranch as it is within a qualified opportunity zone, which is driving interest from investors who want to participate in the tax-saving program, Farris said.
"We can cater to many types of users, providing them a blank slate as far as their wish list goes," Farris said. "As long-term owners, we are making decisions that are ideal for tenants today and bode quite well for their growth 10, 20 and even 30 years down the road."
With nearly 500,000 residents within a 15-minute drive, the regional destination is changing the shopping patterns of the nearby communities.
Kingwood residents, who traditionally traveled to Humble to dine and shop, are now traveling north to Valley Ranch, which is essentially the same distance, Farris said. Northern residents in Cleveland, Shepherd and Livingston are also visiting the development.
The expansion of Grand Parkway has unlocked a major east/west thoroughfare in North Houston. The next stage of the transportation expansion will increase the Valley Ranch trade area to include Huffman, Dayton and large parts of Liberty County, spur residential development and support retail, office and medical assets.
Bisnow has compiled an update on the specific projects within Valley Ranch.
Multifamily Development
Three multifamily projects are underway or in planning stages in Valley Ranch, Farris said.
The Pointe, a 336-unit luxury apartment in the Valley Ranch Town Center, will open its first phase in June, Farris said. The garden-style community offers waterfront units, a resort style pool and a host of other on-site amenities. Phase 2 will add 120 units.
Other planned projects include an unnamed Big House Project with about 350 units and a senior living development, both slated for mid-2020.
Medical District
Vivacity Medical District at Valley Ranch will encompass a hospital and a variety of medical office buildings in Phase 1. Future plans for the 186-acre site include life science incubators and workspace, academic buildings, hospitality and community-related retail, per the marketing material.
Signorelli's Kevin Layne and Jay Young, who are responsible for medical leasing, are in talks with a broad range of caregivers and hospital systems. Sitework, entitlement, detention and utilities are fully in place. The groundbreaking is planned for mid-2020, Farris said.
Commercial Expansion
Valley Ranch has multiple commercial districts. The town center and entertainment district will feature over 300K SF of office space, multifamily developments, a movie theater, restaurants, bars, retail and over 100 acres of parks, lakes and connectivity to the entire Valley Ranch development.
The Commerce District, the 57-acre site on the southwest corner of Grand Parkway and Interstate 69, will target corporate relocations and expansion partially driven by the district's access to George Bush Intercontinental Airport, The Woodlands, Springwoods Village and Downtown Houston.
Retail Offering
Over the last few years, a number of retailers have already moved in at Valley Ranch Town Center. The 240-acre mixed-use project has over 1M SF of retail developed or in lease-up, Farris said.
Anchor tenants include Kroger, Academy Sports + Outdoors, PetSmart, Burlington and Ulta. The restaurant lineup includes Chili’s, Chick-fil-A, Freddy’s, Subway, Whataburger, Lin’s Chinese and Shogun Japanese.
Tenants that will open soon are Olive Garden, Mathnasium, My Eye Lab, Regions Bank, DaVita, Bath and Body Works, Kung Fu Tea and Yummy Tummy Bakery. The current phase is over 92% leased.
The Boardwalk will feature national and regional concepts that overlook the lakes and the 100-acre Grove Park. It will also include New Caney ISD sports complex, which includes a natatorium and an 8,500-seat sports venue.
Over 100K SF of inline retailers have inked leases at Valley Ranch, including a home decor concept, a large format liquor store and several other soft goods tenants. The next phase can support 500K SF of retail, outlet, hospitality and multifamily.
Join Danny Signorelli, Robert Fields, Warren Wilson and others as they discuss the trends and developments impacting Springwoods Village and the Grand Parkway on May 30.
