Last summer, Texans waved goodbye to one local H-E-B grocery store in Georgetown, but now, a new business is eyeing the spot. Atlanta's Floor and Décor Holdings Inc. is poised to breathe new life into the over 60,000-square-foot space formerly housing the H-E-B at 1101 S. Interstate 35 frontage road. According to a filing with the Texas Department of Licensing and Regulation on Jan. 23, which was quoted by the Austin Business Journal, this move is tentative and liable to adjustments.
Floor and Décor, a retailer specializing in flooring products like tile, wood, and laminate, is planning a major makeover for the old H-E-B property, with renovations estimated at $7.2 million. The project could kick off in May and reach completion by November, should the stars align. This would mark the company's fifth Austin location and its northernmost venture in the metro area. The Austin metro's retail spaces, particularly those exceeding 60,000 square feet, are hot commodities—rarely hitting the market, as per reporting by KXAN.
The site is still owned by San Antonio-based H-E-B, under H E Butt Inc., and carries a more than $6.7 million assessment from the Williamson Central Appraisal District. However, as is often the case, the sale price of real estate can soar above taxed value. The property's neighbors include Hobby Lobby, Taco Bell, and Tractor Supply Co., creating a bustling retail nexus with H-E-B's new location directly opposite the highway's west side. As of now, neither H-E-B nor Floor and Décor have commented on the potential deal.
Looking at the big picture, Austin's retail game finished strong at the end of 2023, with nearly 97% occupancy rates across over 52 million square feet of market space. This was highlighted in a Weitzman report, with the city witnessing some noteworthy leasing plays like Tesla's move into a 65,000-square-foot former H-E-B spot in Southwest Austin, according to the Austin Business Journal. With Floor and Décor possibly joining the mix, Georgetown's retail landscape continues its dynamic evolution—much to the interest of shoppers and sellers alike.
