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Small cities On the Edge of GrowthSmall cities On the Edge of Growthhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=183752017-11-21T06:00:00Z2017-11-21T23:55:00Z

​​​​​​​​​​Towns around San Antonio​SAN ANTONIO AREA – ​SA's neighbors are writing their own chapters in the region's economic development story. 

The San Antonio Business Journal​ took a look at these smaller cities and their strengths.

  • Cibolo—Geography as hook for new investment​​​
  • Converse—Affordable, safe city seeks health care, retail
  • Helotes—Town working to diversify business base
  • Live Oak—IKEA to add to town’s retail reputation
  • Schertz—Town cultivating a name in distribution
  • Selma—Small town scoring in industrial sector
  • Seguin—Need for skilled workers growing
San Antonio Business Journal
San Antonio-New Braunfels
Economy
https://www.bizjournals.com/sanantonio/news/2017/11/09/on-the-edge-of-growth-sas-neighbors-writing-their.htmlRead the full article at {Source}
CBRE: Austin retailers flock to new product CBRE: Austin retailers flock to new product https://www.recenter.tamu.edu/news/newstalk-texas/?Item=183872017-11-21T06:00:00Z2017-11-21T23:50:00Z

​​​​​

AUSTIN – CBRE has released ​​the third quarter 2017 Austin Retail ​MarketView report​.

Interested in submarkets? Then this report is for you!

Key Highlights:
 
Big box closures
  • As a result of big box closures, absorption levels are lower than 2016 despite stable demand and high occupancy rates.

  • The closures were a drag on net absorption in third quarter 2017 for a total of 88,000 sf of negative absorption.

High occupancy ​

  • However, high demand for new space led to 64,000 sf of activity in new product alone offsetting the closures and bringing the total net absorption to 116,000 sf .
  • Class A occupancy has been extremely tight for over two years and currently sits at 98.1 percent.
  • O​​verall occupancy is high as well at 96.2 percent—the highest retail occupancy in Texas.
Construction continues 

  • The Austin retail development pipeline continues to deepen reaching construction activity on par with 2013 levels.
  • The largest developments are both mixed-use projects including Plaza Saltillo in East Downtown and Belterra Village in West Austin/Dripping Springs.
  • Both developments follow national trends of focusing heavily on entertainment and restaurant to create an experience for consumers.

CBRE
Austin-Round Rock
Retail
https://assets.recenter.tamu.edu/Documents/MktResearch/Austin_Retail_CBRE_MarketView.pdfSource: {Source}
Colliers: DFW's industrial submarkets' trends, statsColliers: DFW's industrial submarkets' trends, statshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=183862017-11-21T06:00:00Z2017-11-21T23:15:00Z

​​​​​​​​DALLAS-FORT WORTH – A strong economy continues to propel DFW’s industrial market, according to Colliers' DFW ​​Third Quarter 2017 Research and Forecast.

Consumers’ demand for faster delivery has caused businesses to seek efficiencies throughout their supply chain.

Amazon signed the two largest deals this quarter at 920,000 sf and 604,000 sf.

Net absorption was 4.4 million sf, slightly slower than 2Q 2017, but stronger than 1Q 2017.​DFW industrial sub-markets data 3Q 2017

Colliers International
Dallas-Fort Worth-Arlington
Industrial
http://www.colliers.com/en-us/us/insightsSource: {Source}
$12.5 million facility juices up own electricity$12.5 million facility juices up own electricityhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184222017-11-21T06:00:00Z2017-11-21T23:15:00Z

​​​​The AEP Texas logo.SAN ANGELO – American Electric Power purchased the land to launch a $12.5 million project in San Angelo’s Industrial Park.

The company plans to begin construction of the 74,000-sf facility December 2017.

The company monitors and maintains the electric grid that serves more than 1 million customers throughout West Texas. 

AEP’s current San Angelo facility is on the north side of the city, 933 W. 19th St.

AEP Texas employs 85 people. Once the facility is completed, 21 full-time positions will be added.​

Because a majority of the employees spend time traveling, the new industrial park facility will allow them to avoid the congestion of the city and access the highway more quickly.

San Angelo Standard-Times
San Angelo
Industrial
http://www.gosanangelo.com/story/money/business/2017/11/03/aep-texas-launches-12-5-million-project-industrial-park/830652001/Read more at the {Source}
New El Paso campus offers medical associate degreesNew El Paso campus offers medical associate degreeshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=183722017-11-21T06:00:00Z2017-11-21T23:15:00Z

​​​​​​​​EL PASO – Tucson-based Pima Medical Institute officially opened its new 40,000-sf El Paso campus at 6926 Gateway Boulevard E.​

The facility is located in the old El Paso Saddleblanket store on Gateway East near I-10 and Hawkins. 

The campus offers
four associate degree programs

  • diagnostic medical sonography;​​ 
  • occupational therapy assistant;
  • radiography; and
  • veterinary technician. ​

The campus also offers assistant certificate programs: 

  • dental assistant;  

  • medical assistant; 

  • medical administrative assistant; 

  • pharmacy technician; and

  • veterinary assistant.
El Paso Inc.
El Paso
Education
http://www.elpasoinc.com/news/local_news/pima-medical-institute-opens-el-paso-campus/article_ea87c3d2-c408-11e7-bbb9-27c9e5c6e0c6.htmlRead more at {Source}
UTSA lures development north—hook, line and sinker​ UTSA lures development north—hook, line and sinker​ https://www.recenter.tamu.edu/news/newstalk-texas/?Item=183352017-11-21T06:00:00Z2017-11-21T23:10:00Z

​​​​​​​​​The UTSA Roadrunners logo.SAN ANTONIO – The University of Texas at San Antonio (UTSA) has become an increasingly enticing hook that could lure more major companies and development northwest of the center city.

One clear sign that the city’s economic development opportunities are not exclusively tethered to downtown is the decision by Ernst & Young to expand its presence outside of San Antonio’s urban core. 

UTSA was the hook that lured Ernst & Young​.

Ernst & Young's expansion to Northwest San Antonio, where it will create up to 600 new jobs, was prompted in large part by its planned new client service center's proximity to UTSA and a pipeline of young, trained talent.

The new campus will be housed in the Farinon Business Park, which is currently under development near I-10 and De Zavala Rd.

San Antonio Business Journal
San Antonio-New Braunfels
Education
https://www.bizjournals.com/sanantonio/news/2017/11/09/utsa-was-the-hook-that-lured-ernst-young.html

​​See also: San Antonio-New Braunfels Office Market Research.

Read more at the {Source}
Sun shines on old 1930s factorySun shines on old 1930s factoryhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184182017-11-21T06:00:00Z2017-11-21T23:00:00Z

Drawing of completed 1808 project​DALLAS – A former factory building from the 1930s is undergoing a redevelopment that will bring coworking offices, lofts, and a coffee shop to the Dallas Farmers Market neighborhood.

Plans for the project, named 1808, also include two courtyards, an event space and hotel-residential loft living.

The 60,000-sf building at 1808 S. Good Latimer Expressway will get a $300,000, 454-panel solar system to provide about 45.8 percent of its power needs.

​Construction on the nearly two-year-old project—including the solar panels—is slated to wrap up, and the building will be ready for occupancy by January 2018.​​

Dallas Business Journal
Dallas-Fort Worth-Arlington
Mixed-Use
https://www.bizjournals.com/dallas/news/2017/11/16/former-factory-near-dallas-farmers-market.htmlRead the full article at the {Source}
Pine Forest Golf Course on par for redevelopmentPine Forest Golf Course on par for redevelopmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=183692017-11-21T06:00:00Z2017-11-21T23:00:00Z

​​​Pine Forest golf course in BastropBASTROP – Austin real estate developer, David Buttross​, is purchasing the Pine Forest Golf Course in Bastrop with plans to improve it, expand its offerings and have it serve as a park and family attraction in a community that lacks recreational venues.

The purchase is expected to close Dec. 1, 2017.

The developer plans on improving the golf course and offering other programs like a pickleball court, Frisbee golf or foot golf. 

The property will also serve as an event space that can accommodate 200-300 people for weddings, fraternity and sorority mixers, and corporate functions that can include golf tournaments.

The developer is purchasing the 18-hole golf course property for about $1 million, which includes 180 acres on the Colorado River.​
Austin American-Statesman
Austin-Round Rock
Public Facilities
http://www.statesman.com/news/local/austin-developer-purchase-pine-forest-golf-course-bastrop/9xlNUNoQnKAnZVq6TErxKO/Read the full article at the {Source}
A $360 million plant for the animalsA $360 million plant for the animalshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=183882017-11-21T06:00:00Z2017-11-21T22:50:00Z

​​​​​Novus logoPORT LAVACA, CALHOUN COUNTY – Novus International Inc., a global animal nutrition solutions company, has announced its new plant in Calhoun County.

Company officials said they will invest $360 million in the plant, which will employ up to 600 workers during its peak construction times.

The plant will be on the Ineos Nitriles property along SH 185 south of Bloomington. 

Novus plans to bring 65 permanent full-time jobs, most of which will be occupied by Ineos workers. 

The company plans to begin construction on the plant at the start of 2019 and finish by the end of 2020.
Victoria Advocate
Victoria
Industrial
https://www.victoriaadvocate.com/news/2017/nov/09/livestock-feed-company-to-invest-360-million-in-ca/

​Check ​out more industrial stories across Texas.

Read the full article at the {Source}
El Paso a top-ten U.S. Digital City El Paso a top-ten U.S. Digital City https://www.recenter.tamu.edu/news/newstalk-texas/?Item=183392017-11-21T06:00:00Z2017-11-21T22:05:00Z

​​​​​​El Paso city skyline.EL PASO – The City of El Paso ranked in the Center for Digital Government's top ten Digital Cities Survey​ in the cities with populations over 500,000 category.

The city achieved this ranking because of its variety of engagement and mobile-first strategies.

The annual survey recognizes cities using technology to improve citizen services, enhance transparency, and encouraging citizen engagement.

The city was recognized for:​​

  • free Wi-Fi accessibility on buses, in public buildings, facilities, libraries, and some park and recreation locations;

  • upgraded city websites to a new content management system;
  • an online agenda management system, which streamlines creation of City Council agendas;
  • City TV, the award-winning municipal TV station, which has livestream capabilities and programming available on YouTube;

  • allowing the public to make suggestions on how to save money or improve services; and

  • a mobile pay app for remote payment of parking meters​.​
Online news
El Paso
Market Overview
https://elpasoheraldpost.com/el-paso-ranks-top-ten-2017-digital-cities-survey/Read more at {Source}
Office gem found in Hidden GroveOffice gem found in Hidden Grovehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184212017-11-21T06:00:00Z2017-11-21T21:50:00Z

​​Garden inside Hidden Grove office complexDALLAS – Reserve Capital Partners just acquired the Hidden Grove office campus at 12404 Park Central Dr. near Forest Lane.

The 240,000-sf office campus surrounds a lake and wooded area just west of US ​Hwy. 75.

Reserve Capital bought the property from Red River Asset Management, which had owned the buildings for four years.

Reserve Capital plans to purchase about $300 million in industrial, office and self-storage buildings.

The office campus is next door to the White Rock Trail and has outdoor areas for the business tenants.
Dallas Morning News
Dallas-Fort Worth-Arlington
Office
https://www.dallasnews.com/business/real-estate/2017/11/20/new-investment-fund-snaps-north-dallas-office-campus

​​Check out more office stories across Texas

Source: {Source}
West Texas' $450M crude distillation unit underwayWest Texas' $450M crude distillation unit underwayhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184202017-11-21T06:00:00Z2017-11-21T21:40:00Z

​​​​A component of the land survey conducted on the Fort Stockton property for MMEX.FORT STOCKTON, PECOS COUNTY – MMEX Resources broke ground on a crude distillation unit just northeast of Fort Stockton, kicking off a $450 million project to build the first new refinery in the U,S. in more than 40 years.​

CEO Jack Hanks said the 10,000-barrel per day crude distillation unit is expected to be commercially operational by the end of 2018.

Once complete, the crude distillation unit will be able to produce fuel oils, the gasoline ingredient naphtha and a form of diesel that has too much sulphur to be used in vehicles but has other applications.​

San Antonio Business Journal
Odessa
Industrial
https://www.bizjournals.com/sanantonio/news/2017/11/17/mmex-resources-ceo-talks-timelines-amid-refinery.html

​S​ee also: $450M crude distillation plant/refinery underway​.

Read more at the {Source}
Record housing sales in the capital cityRecord housing sales in the capital cityhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=183712017-11-21T06:00:00Z2017-11-21T21:20:00Z

​​​​​AUSTIN – In a year that’s shaping up to be another record-breaker, Central Texas home sales increased more than 2 percent in October 2017 and the median sales price climbed more than 4 percent.

Year to date, sales across the region are up 1.7 percent, putting the region on track for an anticipated seventh straight year of record sales, the Austin Board of Realtors said.

At the county level, home sales increased 1.4 percent in Travis County, 5.4 percent in Williamson County and 6.2 percent in Hays County, according to the board.​​
ABOR fast facts chart for Austin housing October 2017
Austin American-Statesman
Austin-Round Rock
Housing
http://www.statesman.com/business/austin-area-housing-market-pace-for-another-record-year/S3FXBYwOLtrDVNkIADbeJM/

​Check o​ut more housing stories across Texas. Be sure to check out ABOR for more Austin housing information​.

Source: {Source}
TREC adopts rule changesTREC adopts rule changeshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184322017-11-21T06:00:00Z2017-11-21T16:00:00Z

​​​AUSTIN – The Texas Real Estate Commission (TREC) has adopted a number of amendments to existing rules. They will go into effect 20 days after they are filed with the Texas secretary of state.

Consumer Protection Notice and Information About Brokerage Services form

The adopted rules clarify that sales agents, along with brokers, must provide a link to the Co​nsumer Protection Notice form in at least ten-point font in a noticeable place on the homepage of their business websites.

For both the Consumer Protection Notice and the Information About Brokerage Services Form, TREC added a new option for using only “TREC” as opposed to “Texas Real Estate Commission” in the link, provided the font size is in at least 12 point.

TREC increased administrative penalties from $500 to $3,000 per violation per day for violating rules about providing these documents.

Comparative market analysis, broker price opinion, and sales price estimates

TREC now requires license holders to provide new language in writing when giving a broker price opinion, comparative market analysis, or estimate of worth or sales price—which includes automated valuation models (AVMs)— to consumers. MLSs and RPR should provide the disclaimer when analyses are created through these platforms.

The new required disclosure statement needs to be reproduced verbatim and in at least 12-point type: “This represents an estimated sale price for this property. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.”

Texas Association of REALTORS
Texas
Housing
https://txrealtors.wordpress.com/2017/11/16/trec-adopts-changes-to-rules-for-consumer-notices-bpos-and-cmas-and-more/Read more at {Source}
New York investor picks up Craig Ranch apartmentsNew York investor picks up Craig Ranch apartmentshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184302017-11-21T06:00:00Z2017-11-21T16:00:00Z

​​McKINNEY – An affiliate​ of GFI Capital Resources Group Inc. has acquired the recently built Venue Craig Ranch.

The 277-unit community at 4651 S. Custer Rd. was 87 percent occupied at the time of sale. 

Davis Development built the complex, which has one-, two-, and three-bedroom floor plans across seven three- and four-story buildings. ​​

Dallas Business Journal
Dallas-Fort Worth-Arlington
Multifamily
https://www.bizjournals.com/dallas/news/2017/11/21/gfi-capital-resources-acquires-craig-ranch.htmlRead more at {Source}
Former Cabana Motor Hotel soldFormer Cabana Motor Hotel soldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184282017-11-20T06:00:00Z2017-11-20T23:00:00Z

​​​DALLAS – Centurion American Development Group has purchased the former Cabana Motor Hotel from Dallas County for $8.1 million. 

The ten-story, 357-room hotel sits on 3.3 acres at 899 Stemmons Fwy. 

CBRE and OMS Strategic Advisors arranged the transaction. 

CBRE
Dallas-Fort Worth-Arlington
Hotel
Read more at {Source}
WWC pairs up with San Antonio apartmentsWWC pairs up with San Antonio apartmentshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=184292017-11-20T06:00:00Z2017-11-20T23:00:00Z

​​​​​SAN ANTONIO – ​​​Western Wealth Capital (WWC) ​has acquired two multifamily ​properties​​ totaling ​​480 units. 

​The 276-unit Brynwood Apartments is at 8711 Bowens Crossing. The 204-unit Sereno Park Apartments is at 3903 SE Military Dr. 

ARA Newmark brokered the sale. 

REBUSINESS
San Antonio-New Braunfels
Multifamily
http://rebusinessonline.com/wwc-acquires-two-multifamily-properties-totaling-480-units-in-san-antonio/Read more at {Source}
368-Unit Aura Riverside to East Riverside Drive368-Unit Aura Riverside to East Riverside Drivehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=183582017-11-20T06:00:00Z2017-11-20T23:00:00Z

​​Rendering of Aura Riverside in AustinAUSTIN –​ Another large apartment complex is underway in the exponentially expanding East Riverside drive corridor.

This one is located at 6205 E. Riverside Dr. at the southwest corner where it intersects Montopolis Dr.

The 368-unit complex, currently named Aura Riverside, is being developed by Trinsic Residential Group, according to the filing with the Texas Department of Licensing and Regulation​

Estimated cost of construction of the complex is $24.5 million.

A new leasing center to serve the complex is valued at $425,000.

The purchase price is unknown but the Travis Central Appraisal District valued the raw land this year at $3.3 million for tax purposes.​

​The project is expected be completed in June 2019.
Austin Business Journal
Austin-Round Rock
Multifamily
https://www.bizjournals.com/austin/news/2017/11/14/new-luxury-apartment-complex-underway-on.html

​Check out more multifamily stories across Texas

Read more at the {Source}
Festivals, conferences to the top at South by Southwest Festivals, conferences to the top at South by Southwest https://www.recenter.tamu.edu/news/newstalk-texas/?Item=183902017-11-20T06:00:00Z2017-11-20T23:00:00Z

Rendering of the South by Southwest headquarters​AUSTIN – The new South by Southwest headquarters has broken ground.

The 12-story, 145,000-sf building is now under construction in downtown Austin near 14th St. and Lavaca St., across from the Texas Chili Parlor.

The top three floors of the building will serve as headquarters for the conference and festivals. 

The rest of the building will be retail and office space, including five floors for parking. 

Green features include a rain garden, low-flow plumbing, rooftop deck and special landscaping.

The building is set to open late 2019.
Online news
Austin-Round Rock
Office
http://spectrumlocalnews.com/tx/austin/news/2017/11/15/ground-breaking-for-new--green--sxsw-headquarters

​​Check out more office stories across Texas

Source: {Source}
Despite Harvey, Houston housing starts rank No. 2 in U.S. Despite Harvey, Houston housing starts rank No. 2 in U.S. https://www.recenter.tamu.edu/news/newstalk-texas/?Item=184102017-11-20T06:00:00Z2017-11-20T23:00:00Z

​​Aerial view of a Houston neighborhoodHOUSTON – Despite Hurricane Harvey, Houston ranks No. 2 in the nation in housing starts, behind only Dallas, as Texas continues to show exceptional strength in homebuilding.

Houston had 27,713 housing starts for the 12-month period ending Sept. 30, 2017 which marks a 6.4 percent increase over 2016, according to a Metrostudy report.

Houston builders sold 7,540 houses in third quarter 2017, up slightly from the 7,427 sold in 3Q 2016.

Most Houston builders were relatively unscathed by Hurricane Harvey.

Houston has seen an uptick in job growth in 2017 and existing home sales are running at a record-setting pace. 

Dallas remained the top new home market in the country, with builders starting 31,911 homes in the 12 months ending 3Q 2017.
Realty News Report
Houston-The Woodlands-Sugar Land
Housing
http://realtynewsreport.com/2017/11/16/despite-hurricane-houston-ranks-no-2-in-the-nation-in-housing-starts-behind-dallas/

​Check out​ more Houston Housing Market Research.​

Source: {Source}

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