August 14, 2012
Lake Highlands Project Moving Forward
DALLAS (Dallas Morning News) – A mixed-use development in northeast Dallas is getting off the ground after a five-year delay.
Developers have secured funding to begin construction of phase one in the 70-acre Lake Highlands Town Center. A $23 million HUD-backed mortgage loan will help fund a 200-unit apartment complex on 2.8 acres at Sedgwick Dr. and Watercrest Pkwy.
Dallas-based Prescott Realty Group and Austin-based Cypress Real Estate Advisors began building the infrastructure for the development in 2007, but the project was stalled by the economic downturn. Nearly $86 million has been spent on the development so far, including $10 million to build a new DART light rail station on site.
Prescott Realty Group has not yet announced a start date for construction of the apartments.
XCOR Reaching for the Stars in Midland
The California-based rocket-building company needs room — lots of it — to test rocket engines and space planes. It plans to set up shop in a hangar in Midland.
Company spokesman Mike Massee said the move could ultimately mean an annual investment of $12 million in payroll there.
Another company looking at Texas for space-related projects is SpaceX, which is considering Brownsville. SpaceX, which recently made history when its Dragon spacecraft became the first commercial vehicle to successfully attach itself to the International Space Station, already has a rocket-testing facility in McGregor. Meanwhile, Blue Origin, owned by Amazon.com founder Jeff Bezos, currently has a launchpad in West Texas.
University of Houston professor Alex Ignatiev, whose research has received NASA financing and who has advised space companies, told the Texas Tribune that Texas is eager to attract private space companies, and the technological and financial resources are there.
N.C. Firm Opens Student Complex Near UT
AUSTIN (GlobeSt.com) – A just-opened Austin apartment complex for University of Texas students is already full.
North Carolina-based Crescent Resources opened the 167-unit Circle West Campus apartments on 1.6 acres at 2104 Guadalupe St. The property is 99.6 percent leased, as more than 300 students have moved in to one-, two- and four-bedroom units for the fall semester.
Locally-based Rampart Construction was the general contractor for the project.
Despite Decline, SA Home Prices Headed Upward
SAN ANTONIO (San Antonio Business Journal) – Despite a small decline in home prices, a recent analysis shows San Antonio home prices are headed upward.
Financial services firm Fiserv Inc. found that homes in the San Antonio-New Braunfels metro area fell 0.8 percent between the first and second quarters of 2012. However, they expect a 0.1 percent increase in prices through the third quarter, followed by an additional 1 percent bump between first quarter 2013 and first quarter 2014.
Further, Fiserv anticipates home prices in the area will rise 1.7 percent between first quarter 2012 and 2017.
Energy Tower III On the Way
La Cantera Apartments Break Ground
SAN ANTONIO (USAA Real Estate Company) – USAA Real Estate Co. has broken ground on its 323-unit Class-A apartment complex, Residences at La Cantera.
Located on five acres at 6215 Via La Cantera, the complex is the first phase of the multiphase Town Center at La Cantera mixed-use development, which will include hotel, office, amenity retail and additional multifamily.
USAA is partnering with Cambridge Development Group of Houston on the project. The general contractor is CF Jordan Construction of Dallas. Riverstone Residential Group of San Antonio will manage the property.
DFW Home Prices Up
DALLAS (Dallas Business Journal) – Prices on existing single-family homes in the Dallas-Fort Worth area rose 7.6 percent year-over-year by second quarter 2012.
According to the National Association of Realtors' (NAR) second quarter housing report, the median price on a home in the Metroplex was $163,000. Nationally, the median price was $181,500.
NAR attributed the increase in DFW home prices to a lack of inventory, especially among lower-priced homes.
Granite Office Acquisition Offers Prime Location
HOUSTON (Houston Chronicle) – Granite Properties has purchased the 12-story, 236,932-sf 3355 W. Alabama office building near the River Oaks and West University Place neighborhoods.
Built in the 1980s, the building is 94 percent leased to more than 40 tenants.
Granite purchased the property from KBS Realty Advisors which, during its five-year ownership, upgraded the building’s chillers, roofing, elevators and sprinklers.
Meanwhile, Granite Properties is constructing a 300,000-sf office building in the Westchase submarket.
Transwestern, State Farm Buy Legacy
PLANO (GlobeSt.com) – Transwestern Investment Management and State Farm Life Insurance Co. have purchased the 379,404-sf 5320 Legacy Dr. office building.
Located at the Campus at Legacy, the Class-A property is fully leased to Denbury Resources.
According to the Collin Central Appraisal District, the seller was Spear Street Capital of San Francisco. The tax district assessed the property at $53 million.
News, News and More News
COLLEGE STATION (Real Estate Center) – If you'd like more Texas real estate news, check out NewsTalk Texas, our online news database. Here are just a few of the stories you'll find there this week:
- Grand mall on the Prairie opens softly
- McGregor center calling hundreds
- Walking the halls just got bigger in Hallsville
- Tire Recycling center opens in Harlingen Industrial Park
- Tyler's Goodyear plant going piece by piece
NewsTalk Texas is updated each weekday, throughout the day.