In a high stakes triple play, NewQuest Properties is poised to go vertical on its first large-scale entertainment development with two of the three anchors now firmly in hand atthe soon-to-rise Cottonwood Creek Market in central Texas.
Topgolf Entertainment Group, a national leader in its field, is joining another North Texas-based entertainment giant, Cinemark Holdings Inc., in the 143-acre project in Waco. NewQuest Properties built Cinemark's first all-stadium cinema in Houston 25 years ago and still represents the company today.
Meanwhile, negotiations are moving into the final stretch with the third high-profile anchor, a nationally known bowling and family-dining entertainment brand.
"Cottonwood Creek Market will be the only development of its type in the country with these three anchors. It's an unprecedented lineup," says Austen Baldridge, vice president of Houston-based NewQuest Properties.
The 285,000-sf Cottonwood Creek Market is slated to open in winter 2020 at the intersection of Interstate 35 and Loop 340/TX 6. It will be the largest entertainment destination in the marketplace, home to Baylor University. Site work began last summer.
"We are going after the 'best of the best' for this format. NewQuest recognized the opportunity that Waco was an exploding market that could support multiple entertainment concepts coming on line at the same time," Baldridge says.
Topgolf's Waco facility will be a backyard-style single-story complex. The prototype is under construction in the Village at Riverwatch in Augusta, Ga. The open-plan design features climate-controlled hitting bays with Toptracer ball-tracing technology as well as life-sized Jenga and other yard games plus gathering spaces with fire pits and picnic-style dining areas. Topgolf also is working on a new Americana-inspired menu for its 60 venues in the U.S. and abroad.
"You don't have to be a golfer to enjoy yourself at Topgolf," Baldridge stresses. "It's a technology-driven experience that encourages non-golfers to give it their best shot."
Topgolf and NewQuest spent nearly 18 months negotiating the deal.Steve Greenberg of The Retail Connection was Topgolf's tenant representative and Steve Alvis, managing partner of NewQuest Properties, represented the developer.
Cinemark will be opening a 14-screen theater with wall-to-wall screens and enhanced sound systems and two XD auditoriums. The perks include luxury loungers, reserved seating and expanded beverage and food options.
As Topgolf and Cinemark firm up their designs, NewQuest intends to soon ink a deal with a major player in the bowling and family-dining space. Talks are underway for a 20-lane venue.
"Cottonwood Creek Market will be the place where locals and tourists can come together for premium entertainment choices and great hospitality," says Alvis.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
