RECON

Real Estate Center Online News

May 29, 2012


New Museum Written in the Stars?

AUSTIN (KUT.org) – The stars could soon align for a new planetarium and mixed-use residential tower in downtown Austin.

KUD International is developing a 157,000-sf science and technology museum that will include the state’s largest planetarium, as well as a 47-story residential tower with restaurants and retail.

The proposed location is near the Bob Bullock Texas State History Museum and Blanton Museum of Art, which the Austin Planetarium website says “will solidify a Museum District for Austin, increasing visitation to the surrounding museums and adding a tourist destination just blocks from the State Capitol and the University of Texas at Austin Campus.”

The property is owned by the state, so the Austin Planetarium will need to lease the land before construction can begin on the $240 million project.

The Austin Planetarium hopes some of those funds will come from a city bond as part of this November’s election.

South Austin's Latest Denizen Moving in this Year

AUSTIN (Austin American-Statesman) – Developers are set to break ground in South Austin on a new condominium project called the Denizen.

The $32 million development will consist of 119 condominiums, townhouses and flats at South Fifth and Cumberland streets in the Galindo neighborhood. The units will be on an 8.6-acre tract that will include a two-acre park to be open to the neighborhood.

The Denizen is considered the largest condominium project to start construction in the south central market since the 270-unit Barton Place was built in 2010. Starting prices will be lower than Barton Place, with units ranging from the $180,000s to the $400,000s.

The first units are planned to be available by the end of the year.

The development team includes Terry Mitchell, Adam Nyer and Bill Skeen.

3003 Carlisle Breaks Ground

DALLAS (Alamo Manhattan) – A local real estate company has broken ground on its first luxury apartment project.

Dallas-based Alamo Manhattan has begun work on 3003 Carlisle, a six-story 192-unit apartment complex in Uptown, complete with underground parking. The property will have direct access to the Katy Trail.

First units will be finished in fourth quarter 2013.

Addison-based Hensley Lamkin Rachel is the project architect, and Andres Construction is the general contractor. ZRS Management will manage the property. Equity financing is being provided through Principal Real Estate Investors, and the construction loan is being provided by Texas Capital Bank.

Alamo Manhattan plans to break ground on another project in Victory Park this summer.

Chevron Planning New Midland Campus

MIDLAND (Midland Reporter-Telegram) – Chevron has big plans for the land it recently purchased in Midland.

After purchasing 25 acres west of the Scharbauer Sports Complex, the California-based energy company has announced plans for a $100 million complex to consolidate its local operations.

Chevron currently houses about 530 employees in two separate locations in the area, but increased activity in the Permian Basin means they are outgrowing their space.

Pending approval from their corporate headquarters, Alan Kleier, vice president of Chevron’s Mid-Continent Business Unit, anticipates completing the facility in two or three years.

SA Medical Office Market Fit in 2012

SAN ANTONIO (NAI REOC) – NAI REOC San Antonio's first quarter survey of nearly 6.1 million sf of medical office space showed vacancy is trending downward, quoted rental rates are steadily moving up and investment and development activity are on the rise.

Long story short, “the San Antonio medical office market passed its first fitness test of the year," said Kim Gatley, director of research for NAI REOC San Antonio.

New leases and expansions signed in the first three months of the year generated 35,257 sf of positive net absorption in the medical office market.

Quoted rental rates continue their steady climb, stepping up 25 cents from last quarter to reach $23.34 per sf per year on a full-service basis. The citywide average quoted rent is up 59 cents compared with the same quarter last year for a 2.6 percent annual increase. The average price for top-tier, Class-A medical space was $27.22 — up 3.4 percent from a year ago.

Furthering the "fitness" of San Antonio’s medical market are recent announcements for future growth by major hospital systems. Methodist Healthcare is planning a second significant expansion of its Methodist Stone Oak Hospital facility, and CHRISTUS Santa Rosa announced plans to reposition its downtown campus into a children’s hospital and research center.

NYC REIT Takes Richardson Office Complex

RICHARDSON (Dallas Business Journal) – A New York City-based real estate investment trust has picked up a Richardson office complex.

CapLease Inc. purchased the two-building Lakeside Centre near North Central Expy. and Campbell Rd. for $46 million.

The two Class-A buildings total 318,000 sf.

Five for the Road

COLLEGE STATION (Real Estate Center) – Still hungry for more Texas real estate news? Then check out NewsTalk Texas, our online news database. Here's some of what you'll find this week:

NewsTalk Texas is updated each weekday, throughout the day.

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