NewQuest Properties is poised for its last major expansion of the one million-sf Stone Hill Town Center, where four hotels will rise practically in tandem at the "main and main" for shopping, dining and entertainment in northeast Austin.
The newest hotelier to come on board is Om Nama Ganeshaya, who's just closed on 3.1 acres to develop a Hilton-flagged hotel with shared lobby space for the Tru and Home2 Suites brands. Representing the seller were Rebecca Le, vice president of Houston-based NewQuest Properties, and Josh Friedlander, associate. The buyer's broker was Joe Dowdle of Dowdle Real Estate.
La Quinta del Sol and Holiday Inn Express hotels also will be developed in Stone Hill Town Center. All four hotels tentatively are slated for completion in third quarter 2019.
"With four hotels coming to Stone Hill Town Center, it's a testament to the project and the strength of this site. It shows our project is continuing to grow after 10 years of development," Le says.
Located at the intersection of TX 45 and 130, NewQuest's Stone Hill Town Center is the fifth largest shopping center in Greater Austin. The lifestyle collection of national retail, restaurants and entertainment venues sits on 196 acres just 14 miles from the state capital.
"NewQuest's partners watched the growth of the rooftops and took a large stake of land a decade ago because they knew this would be a prime retail intersection," Le says. "With the opening of the toll road, growth has been rapidly expanding outward from Austin's core."
Recent statistics from the U.S. Census Bureau validate NewQuest's foresightedness in 2008 to invest in Pflugerville's future growth. From July 2016 to July 2017, the city has experienced a 6.5% spike in population, making it the third fastest-growing city in the U.S. with at least 50,000 residents. The current population is 63,359, an increase of 14,000 in the past decade.
Pflugerville also is recognized as an affordable alternative to Austin in terms of housing and livability index. Stone Hill's three-mile trade area boasts 84,729 residents with an average household income of $116,416 per year. The hotels will front Hilltop Commercial Drive, right across the street from more than 750 multifamily units in the Stone Hill Apartments and Mansions.
NewQuest is nearing the build-out of Stone Hill Town Center, which is anchored by Cinemark, Super Target, Home Depot, Dick’s Sporting Goods and Petco. Its next-door neighbor is the 25-acre Texas Typhoon Adventure Park, which attracts more than 300,000 visitors each year. There are only five pad sites and one junior anchor space available for development in the NewQuest development.
"The amenities of this center with its shopping, restaurants and entertainment are what have sparked these four hotels to come here," Le says, "because everything is within walking distance for their guests."
