Costco has acquired land in a southwest Houston suburb, kickstarting the next phase of AIRIA Development’s master plan.
The membership retailer paid an undisclosed amount for a 20-acre tract in the Grand at Aliana, a 2,000-acre development in Richmond, where it is building a 155,000-square-foot store, the Houston Business Journal reported. The seller was Houston-based NewQuest Properties.
The store is expected to open next summer. It will be the company’s third location in Fort Bend County, joining stores in Katy and Sugar Land.
Situated near the southeast corner of West Airport Boulevard and the Grand Parkway, Costco’s arrival is reflective of the area’s strong market, NewQuest President Austin Alvis said.
The store also marks the start of the 250,000-square-foot third phase of Alira’s the Grand at Aliana. Construction started on that community in 2019, and it spans 80 acres along the Grand Parkway.
The upcoming phase will feature apartments, medical facilities, freestanding restaurants and 20,000 square feet of retail. Earlier this year, NewQuest Residential started construction on a $62 million, 294-unit apartment complex within the Grand at Aliana, slated for completion in June 2025 and strategically positioned across from Costco.
With more than 4,200 homes, the Aliana community is approaching full build-out, the outlet said. The Grand at Aliana’s tenants include EOS Fitness, Burlington, Ross, Petco and Ulta Beauty. Costco is expected to further enhance the long-term value of the development.
Costco recently made a real estate splash in Dallas as well. The company struck an agreement to pay more than $14 million for a 10-story office building on Central Expressway, adjacent to a 152,000-square-foot Costco store. It’s unclear what Costco plans to do with that property.
—Quinn Donoghue
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