One Houston developer is moving forward with plans to redevelop the former Macy’s property at Almeda Mall, which closed earlier this year. Read King, which acquired the 23-acre site in fall 2024, intends to convert the two-story, 290,000-square-foot building into an indoor marketplace called The Market at Almeda.
The closure of Macy’s was part of a broader reduction involving 66 stores nationwide. After buying the property, Read King leased it back to Macy’s until March 2025. Since then, Almeda Mall has lost a major anchor tenant and continues to see changes among its occupants.
Travis Read, senior associate at Read King, told the Houston Business Journal that discussions are underway with a grocer, fitness center and beauty school for space in the redeveloped building. The grocer would occupy approximately 65,000 square feet on the first floor as an anchor tenant. Additional ground-floor space will be used for restaurants and retail along the east and west sides of the structure. About 44,000 square feet upstairs will be allocated to smaller tenants while remaining areas will house utilities.
Read King originally considered demolishing the building but decided instead to adapt it due to its strong construction and visibility from Interstate 45. Planned renovations include recladding the exterior and adding new glass storefronts to give what Travis Read described as a “retro vibe” referencing the mall’s history. Bellaire-based Boucher Design Group is leading architectural work.
On land across Kleckley Drive from the main property, Read King plans to construct a detention pond and develop two pad sites intended for sale or ground lease—likely for restaurant or retail use. Permitting is in progress with groundbreaking expected in early 2025; development costs have not been disclosed.
Almeda Mall has experienced long-term decline with loss of other anchors such as Burlington last year. Current tenants include DD’s Discounts, Foot Locker and Bath & Body Works alongside a small food court. The mall itself is owned by South Florida-based 4th Dimension Properties.
“Plans to reclad the exterior and install new glass storefronts will bring what Read called a ‘retro vibe’ that nods to the mall’s history,” according to Travis Read.
Bellaire-based Boucher Design Group is leading architectural work on this project.
