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Grapevine(s) burst with flavorful developmentGrapevine(s) burst with flavorful developmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=152612016-12-03T06:00:00Z2016-12-03T22:00:00Z

GRAPEVINE – A surge in development—including a planned commuter rail line—is attracting more construction activity to Grapevine.

"We've had almost $700 million worth of projects announced in the last 26 months—that's a lot of stuff," said Bob Farley, Grapevine's director of economic development.

Construction of the $1 billion-plus TEX Rail line linking downtown Fort Worth with DFW International Airport is adding development to Grapevine's downtown.

The city is designing a new commuter rail station and mixed-use project.

"There will be a small boutique hotel built adjacent to the station—four or maybe five stories with about 120 rooms," Farley said. "That will have some additional space for events and a rooftop deck.

Grapevine hopes to have plans for the hotel finalized before the end of 2016. The station will open in 2018—just in time for the first TEX Rail trains.

One builder isn't waiting for the train.

Dallas-based apartment developer Trinsic Residential Group has broken ground on a 250-unit rental community just east of Main Street near the rail line.

"We have started site work and plan to deliver our first units and retail in first quarter 2018," Trinsic's Adam Brown said. ​

Dallas Morning News
Dallas-Fort Worth-Arlington
Infrastructure & Transportation
http://www.dallasnews.com/business/real-estate/2016/11/18/new-commuter-rail-corporate-moves-ramp-development-grapevineRead more at the {Source}
Cedar Park brushes off land for new office-industrial centerCedar Park brushes off land for new office-industrial centerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=152322016-12-03T06:00:00Z2016-12-03T17:00:00Z

​​​​​​​​CEDAR PARK – More than 231,000 sf of office and spec industrial space are headed for Cedar Park. 

Work has begun on the $18.2 million Brushy Creek Corporate Center—a two-building development on 24 acres near Brushy Creek Rd. and U​​S 183 in the suburb north of Austin.

Austin Business Journal
Austin-Round Rock
Industrial
http://www.bizjournals.com/austin/news/2016/11/16/shovels-ready-for-18office-industrial-park-in.htmlRead more at the {Source}
Downtown Sixth street block slated for redevelopmentDowntown Sixth street block slated for redevelopmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=151992016-12-02T06:00:00Z2016-12-03T00:05:00Z

​AUSTIN – The University of Texas System Board of Regents made a pair of pivotal decisions recently that will shape Austin for years to come.

The board approved spending $392 million from its endowment to build nine projects, including an Energy Engineering Building on the UT Austin campus. 

Regents also instructed system staff to negotiate a ground lease with Trammell Crow Co. to redevelop a downtown block on Sixth St., turning it into dense mixed-use development that may help bridge the divide between two of Austin's most popular entertainment districts—East Sixth St. and West Sixth St.

The engineering facility, which will receive $100 million from the endowment to help cover its estimated $160 million price tag, is the most pressing need in the $392 million list of capital projects. 

As for the lease with Trammell Crow, the block bordered by West Seventh, Colorado, West Sixth and Lavaca St. is a prime piece of downtown real estate. 

System officials expect most of the current buildings will be razed and replaced with residential, commercial and retail space. 
Austin Business Journal
Austin-Round Rock
Mixed-Use
http://www.bizjournals.com/austin/news/2016/11/10/ut-clears-way-for-downtown-tower-160m-engineering.htmlRead more at the {Source}
Apartment construction hops to old breweryApartment construction hops to old breweryhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153192016-12-02T06:00:00Z2016-12-03T00:00:00Z

​​​SAN ANTONIO – Announcements continue with the developer selected for the first apartment building in the $300 million redevelopment project at the abandoned Lone Star brewery.

NRP Group is under contract to acquire approximately 2.5 acres of land in the complex along the Mission Reach Trail, reported San Antonio Express-News.

The developer plans to build a five-story apartment building encompassing approximately 250 units; construction is scheduled to begin next summer and completed by late 2018.

Lone Star Brewery's lead developers have plans to include three multifamily properties in the 32-acre project, as well as 376,000 sf of retail and office space.

The residential component will total about 750 units, but it's not carved in stone as the project's developers might increase the space allocated for the residential segment as they buy more land.

Multi-Housing News
San Antonio-New Braunfels
Multifamily
https://www.multihousingnews.com/post/nrp-to-build-lone-star-brewerys-first-apartments/

​Lo​oking for more multifamily data? See San Antonio Market Research​

Read more at {Source}
2,700-Bed University Estates and Village sold 2,700-Bed University Estates and Village sold https://www.recenter.tamu.edu/news/newstalk-texas/?Item=153222016-12-02T06:00:00Z2016-12-03T00:00:00Z

​​​​​​​​​AUSTIN – University Estates and University Village have been sold. Combined the properties offer 846 units, totaling 2,700 beds.

University Estates, located at 1300 Crossing Place, is a 38-building community completed in 1997. It offers 498 units with two- to four-bedroom floor plans.

University Village is a 348-unit community located at 1301 Crossing Place. Built in 2001, the 35-building property offers two- to four-bedroom floorplans.​

Both properties are located on The University of Texas at Austin shuttle route. 

Multi-Housing News
Austin-Round Rock
Multifamily
https://www.multihousingnews.com/post/presidium-acquires-student-housing-portfolio-in-austin/

​​For more Multifamily data, see Austin Multifamily Market Research.

Read more at the {Source}
Take me out to the ballgame (in the shade)Take me out to the ballgame (in the shade)https://www.recenter.tamu.edu/news/newstalk-texas/?Item=151952016-12-02T06:00:00Z2016-12-02T23:55:00Z

​ARLINGTON – Rangers fans will have a shadier view of their baseball team thanks to approved taxpayer funding for a new $1 billion ballpark with a retractable roof. 

The Texas Rangers will stay in Arlington until at least 2054 with the new stadium planned on what is now a parking lot just south of East Randol Mill Rd. 

These taxes could fund up to $500 million for the $1 billion ballpark. 

Voters approved funding for the new stadium with a half-cent sales tax (already in place to fund the Dallas Cowboys' AT&T Stadium), a 2 percent hotel occupancy tax and a 5 percent car rental tax with 60 percent of the votes. 

BISNOW
Dallas-Fort Worth-Arlington
Public Facilities
https://www.bisnow.com/dallas-ft-worth/news/neighborhood/arlington-approves-new-rangers-ballpark-67480Read more at {Source}
Sensing the deal, audio visual group finds Pinnacle ParkSensing the deal, audio visual group finds Pinnacle Parkhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153302016-12-02T06:00:00Z2016-12-02T23:55:00Z

​DALLAS – Freeman Audio Visual has signed a long-term lease for 202,137 sf at I-30 Business Center III—a building being constructed—within Pinnacle Park in southern Dallas near I-30 and Loop 12.

Freeman Audio Visual plans to consolidate into the 292,250-sf building in January 2017.

The deal brings the soon-to-be completed building's occupancy rate to 70 percent.

The building is designed with a cross-dock configuration, 32-ft. clear heights, and design flexibility for multi-tenant occupancy.

Dallas Business Journal
Dallas-Fort Worth-Arlington
Industrial
http://www.bizjournals.com/dallas/news/2016/11/28/trammell-crow-co-clarion-partners-signs-big-tenant.html

​Learn more with Dallas-Fort Worth Industrial Market Research

Source: {Source}
San Antonio hotel market looks hospitableSan Antonio hotel market looks hospitablehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153242016-12-02T06:00:00Z2016-12-02T23:30:00Z
​SAN ANTONIO – San Antonio is known for its warmth and hospitality. It is a fun place to visit for the many conventioneers and tourists that are attracted to the city year after year. 

​The San Antonio lodging industry has also maintained a strong and steady pattern. 

The city has kept the number of new hotel rooms to a minimum, adding only about 1,000 rooms over the past five years.

This has enabled the San Antonio lodging market to maintain a stable 65 percent occupancy over the past three years.

The biggest game changer is the renovation and expansion of the Henry B. Gonzalez Convention Center, located on the River Walk in downtown San Antonio.

Completed in January 2016, the $325 million project re-designed the center to attract bigger and more lucrative meetings and rewired the facility for multi-gigabyte Internet speed. 

The expansion added 20 percent more exhibit space, increasing the total to 514,000 sf.

Based on the growth of the market, it is forecasted that occupancies will dip slightly in 2016 and 2017 due to new supply being added to the market, as well as the slowdown in the oil industry.
REBUSINESS
San Antonio-New Braunfels
Hotel
http://rebusinessonline.com/san-antonio-hospitality-on-the-rise/Want more info on the hotel market? Look at San Antonio Hotel Market Research.Read more at {Source}
Texas' job growth still climbing (slowly)Texas' job growth still climbing (slowly)https://www.recenter.tamu.edu/news/newstalk-texas/?Item=153622016-12-02T06:00:00Z2016-12-02T16:00:00Z​​COLLEGE STATION – ​Texas gained 204,500 nonagricultural jobs from October 2015 to October 2016, an annual growth rate of 1.7 percent, higher than the nation’s employment growth rate of 1.6 percent. The nongovernment sector added 158,100 jobs, an annual growth rate of 1.6 percent compared with 1.7 percent for the nation’s private sector.

​According to the Real Estate Center’s latest Monthly Review of the Texas Economy, Texas’ seasonally adjusted unemployment rate in October 2016 was 4.7 percent, up from 4.5 percent in October 2015. The nation’s rate decreased from 5 to 4.9 percent.

All Texas industries except mining and logging and manufacturing had more jobs. Education and health services ranked first in job creation followed by leisure and hospitality, financial activities, and the government sector.

All Texas metro areas except Texarkana, Wichita Falls, and Odessa had more jobs. Dallas-Plano-Irving ranked first in job creation followed by Laredo, College Station-Bryan, McAllen-Edinburg-Mission, Brownsville-Harlingen, and Victoria.

The state’s actual unemployment rate was 4.4 percent. Amarillo, Austin-Round Rock, and Lubbock had the lowest unemployment rate followed by College Station-Bryan, Dallas-Plano-Irving, and Sherman-Denison.
Real Estate Center
Texas
Economy
Read more at {Source}
Work starts on Bella Vista phase IIWork starts on Bella Vista phase IIhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153632016-12-02T06:00:00Z2016-12-02T16:00:00Z

​​BROWNSVILLE – ​​Addison-based RightQuest LLC has broken ground on the second phase of Bella Vista Apartments, a market-rate luxury community.

Bella Vista is on 28 acres fronting Ruben M. Torres Sr. Blvd. near SH 48, just southwest of the ​recently expanded SH 511. 

The first phase included 128 units of Class A luxury apartments as well as a clubhouse with pool and full Class A amenities. Phase II adds 144 Class A apartments. 

RightQuest is developing the property on behalf of locally based JJR Group Ltd. San Antonio-based B&A Architects and locally based civil engineering firm Mejia & Rose Inc. coordinated the design.

Other firms on the team include:

  • Nations Construction LLC, general contractor;
  • ICB Bank-Brownsville, financing;
  • Capstone Real Estate Services, lease-up and property management services;
  • SSP Design, landscape design; and
  • Davidson Design Group, interior design.

The development is RightQuest's fifth in the Rio Grande Valley.

RightQuest Real Estate Advisors
Brownsville-Harlingen
Multifamily
Read more at {Source}
Texas housing demand diversifies in 2016Texas housing demand diversifies in 2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=153652016-12-02T06:00:00Z2016-12-02T16:00:00Z

​AUSTIN – ​​The demand for Texas real estate grew this year with robust sales activity among several types of property, according to the Texas Annual Housing Report​ by the Texas Association of Realtors. 

Demand increased among first-time homebuyers, single women, and international buyers, especially those from Asia, over the last year. The report showed that 30 percent of Texas homebuyers were first-time buyers, and that single women were twice as likely to purchase a home than single men.

International buyers from India purchased more homes in Texas than in any other state, with one in five homebuyers from India buying here.

Condominiums, new homes, luxury homes, and small land parcels also saw higher demand. The Texas Condominium Mid-Year Sales Report​ showed condo sales experienced double-digit growth in most of the major metropolitan areas in the first half of 2016.

​Sales of homes priced $1 million and higher continued to rise throughout the state, and 30 percent of Texas homes purchased in a 12-month period were new homes. 

The total number of Texas home sales is on track for another record​ year in 2016, as sales posted modest but steady gains while inventory continued to remain low.​

Texas Association of REALTORS
Texas
Housing
Read more at {Source}
IKEA to fill San Antonio area with a "little bit of Sweden"IKEA to fill San Antonio area with a "little bit of Sweden"https://www.recenter.tamu.edu/news/newstalk-texas/?Item=153232016-12-01T06:00:00Z2016-12-02T00:35:00Z

​​​​​​LIVE OAK – IKEA is moving forward with plans to open a San Antonio-area location as part of the company's goal to "fill in the middle of the country with a little bit of Sweden."

The retailer is currently under contract for 31 acres of vacant land at the corner of I-35 and Loop 1604, the future home for its proposed location in the City of Live Oak.

The Swedish retailer will begin filing for permits to open the sixth Texas store, which is expected to open its doors by summer 2019.

The company plans to create 250 jobs in connection with the new store.

Details for the future 290,000-sf store are expected to include more than 1,000 parking spaces and—consistent with the retailer's 390 locations around the world—boast the infamous yellow and blue design scheme.
San Antonio Business Journal
San Antonio-New Braunfels
Retail
http://www.bizjournals.com/sanantonio/news/2016/11/29/ikea-under-contract-for-31-acres-to-build-sa-area.html

​Shop for free data til you drop! See San Antonio-New Braunfels Market Research​.

Read more at the {Source}
Stork to deliver $125M expansion to Dallas campusStork to deliver $125M expansion to Dallas campushttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153292016-12-01T06:00:00Z2016-12-02T00:00:00Z

DALLAS – The $125 million expansion will add five full floors to the existing Tower D on Medical City Dallas' campus, which will boost the women's hospital from 144 beds to 222 beds.

​About 12 of the beds will be VIP suites with upgraded linens, concierge services, a spa-like bathroom, and views of the Dallas skyline.

In all, the expansion will add 24 labor and delivery rooms, four C-section operating rooms, 84 Neonatal Intensive Care Unit rooms, and numerous other rooms focused on women's health and delivery.

The expansion also adds two floors of physician offices, which will allow patients easy access to medical specialists and experts under the same roof.

Construction is slated for completion in March 2018 with additional patient rooms slated to open through the following month.

Dallas Business Journal
Dallas-Fort Worth-Arlington
Medical
http://www.bizjournals.com/dallas/news/2016/11/29/luxury-womens-hospital-medical-city-dallas.htmlRead more at the {Source}
Brothers 'Bowl' a strike in El Paso, office building purchasedBrothers 'Bowl' a strike in El Paso, office building purchasedhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153262016-12-01T06:00:00Z2016-12-01T23:45:00Z

​​EL PASO – The USI Insurance office building near Downtown El Paso has been purchased by the Bowling Brothers Holding Company.

The three-story building at 2505 Missouri, was appraised at $136,000 by the El Paso Central Appraisal District. 

Since 1986, the reflective, glass-covered building has been anchored by USI Insurance, which was formerly Wells Fargo Insurance and Rogers and Belding before that. 

They have negotiated a lease with the building’s new owners to remain in the building.

Patriot Mortgage—a division of Tropicana Companies operated by the Bowling Brothers—will move to the building in January from its current location in Northeast El Paso.
El Paso Inc.
El Paso
Office
http://www.elpasoinc.com/news/local_news/article_1b7e34de-b682-11e6-85c3-8b9bf499b3e8.htmlRead more at {Source}
Mimosas come with a $2M price tag in Upper KirbyMimosas come with a $2M price tag in Upper Kirbyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=152652016-12-01T06:00:00Z2016-12-01T23:30:00Z

​​​HOUSTON – Citiscape International Inc. and Sudhoff Cos. have unveiled plans for Mimosa Terrace, a new luxury condominium project that boasts one of the largest floor plans in Houston.

The seven-story, 11-unit condo project is located at 2240 Mimosa Dr. near the Glendower Court area between River Oaks and Upper Kirby.

The contemporary midrise building will feature two condo units per floor with more than 4,400 sf plus an average of 600 sf of terrace.  

Prices will average about $2 million.

Mimosa Terrace also will feature one penthouse unit on the top floor spanning 6,600 sf with 3,200 sf of terrace wrapped around the entire top floor.

The price is around $7 million.

Mimosa Terrace will be largely a non-amenitized building to keep homeowners association costs low.

The building will feature two elevators with private key access, full-time concierge and security.

Citiscape and Sudhoff plan to sell half of the units before breaking ground sometime next year. Construction will likely take between 14 to 15 months.

Houston Business Journal
Houston-The Woodlands-Sugar Land
Housing
http://www.bizjournals.com/houston/news/2016/11/17/developer-unveils-condos-with-one-of-the-largest.htmlRead more at the {Source}
Waco Commons sells for nearly $10MWaco Commons sells for nearly $10Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=152872016-12-01T06:00:00Z2016-12-01T23:00:00Z

​WACO – The a 128,769-sf​​ shopping center ​Waco Commons shopping center located at 300 N. Valley Dr. and 4125 Franklin Ave. has sold. 

Waco Commons was purchased for $9.7 million. 

At the time of sale, the 128,769-sf property was 82 percent occupied by tenants including Dirt Cheap, Tractor Supply Co., Planet Fitness, Firehouse Subs, CSL Plasma, and Brident Dental.     

Shopping Center News
Waco
Retail
http://www.shoppingcenterbusiness.com/the-latest-news/bh-properties-completes-9-7-million-sale-of-waco-commons-in-texasRead more at {Source}
Alliance Residential adds 2,000 apartment units to Houston marketAlliance Residential adds 2,000 apartment units to Houston markethttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153282016-12-01T06:00:00Z2016-12-01T22:45:00Z

​​​HOUSTON – Alliance Residential Co. is nearing completion on seven new luxury apartment projects across Houston.

The developer is set to deliver its Broadstone-branded apartment projects through the end of the year and into early 2017, adding more than 2,200 units to the Houston market.

With the completion of these projects, Alliance Residential will have built 27 communities in Houston since 2001, and more than 60 communities across Texas.

Alliance Residential—one of the nation’s largest multifamily developers—recently ranked No. 2 on the Houston Business Journal’s Largest Houston-Area Multifamily Developers List.

Here are Alliance Residential's latest apartment projects in Houston:

Broadstone Falcon Landing: A 386-unit apartment and townhome project in Katy featuring a three-acre lake, green space, fountains, courtyards. The project opened earlier this year.

Broadstone Energy Park: A 416-unit apartment project in the Energy Corridor featuring one- and two-bedroom units. The project opened earlier this year.

Broadstone Harmony: A 273-unit apartment project in Spring featuring one-, two- and three-story bedroom units. The project opened in November.
Broadstone Woodmill Creek and The Townhomes at Woodmill Creek: The two apartment projects, located near The Woodlands, will offer 380 apartments and 171 townhomes. Leasing has started for the projects.

Broadstone Skyline: A 269-unit apartment project near downtown Houston featuring a resident lounge, penthouse, a sky lounge and an Epicurean Kitchen and bistro. The project will begin preleasing by the end of the year.

Broadstone Tinsley Park: A 365-unit apartment project near Buffalo Bayou Park featuring a rooftop sky deck, game lounge and 10,000-sf fitness center. The project will begin preleasing by the end of the year and open in 2017.

Houston Business Journal
Houston-The Woodlands-Sugar Land
Multifamily
http://www.bizjournals.com/houston/news/2016/11/29/developer-adds-more-than-2-000-new-apartment-units.html

​Check out tons of free data under Houston Multifamily Market Research.

Read more at the {Source}
Renovations for 106-year-old? Downtown El Paso's historic AbdouRenovations for 106-year-old? Downtown El Paso's historic Abdouhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153252016-12-01T06:00:00Z2016-12-01T22:40:00Z

​​EL PASO – A group of young El Paso investors has purchased the 106-year-old, seven-story Abdou building in Downtown, adding to the rejuvenation of the city's center in hopes of getting more El Paso expatriates to return home.

The group completed purchase of the historic 25,000-sf building at 115 N. Mesa and Texas—for sale for $1.85 million and appraised for tax purposes at $407,118 by the El Paso Central Appraisal District.

The group plans to first have the exterior repaired, painted gray and new lighting added.

The Abdou building has eight apartments and three ground-floor retail spaces, one of which is vacant and for lease.
 
Plans are to keep apartments on the second through fourth floors, and turn the upper three floors into office spaces.
El Paso Times
El Paso
Mixed-Use
http://www.lcsun-news.com/story/money/business/2016/11/29/el-paso-downtown-redevelopment-real-estate-historic-buildings/94569302/Read more at the {Source}
Bell Frisco at Main rings in new ownerBell Frisco at Main rings in new ownerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=152302016-12-01T06:00:00Z2016-12-01T22:00:00Z

FRISCO – The Orion Frisco apartments, a 360-unit community at 1801 McCord Way near Main St. built in 2012, has sold. 

The rental community has 12 four-story buildings. The new owners have renamed the property Bell Frisco at Main.

The property is located in close proximity to Frisco's "$5 Billion Mile." 

Dallas Morning News
Dallas-Fort Worth-Arlington
Multifamily
http://www.dallasnews.com/business/real-estate/2016/11/15/frisco-apartment-buy-adds-north-carolina-companys-growing-d-fw-holdings

​Learn more with Dallas-Fort Worth Multifamily Market Research

Read more at the {Source}
North Dallas tower sells to Florida investorNorth Dallas tower sells to Florida investorhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=153542016-12-01T06:00:00Z2016-12-01T22:00:00Z

​DALLAS – ​​Florida-based Founder Commercial has purchased the 17-story 8080 North Central tower.

Located near North​Park Center, the 289,000-sf building was built in 1984 and is more than 90 percent leased to tenants such as BVA Compass Bank, Health Texas, and Regency Center.

8080 North Central is valued for taxes at almost $47 million.

Dallas Morning News
Dallas-Fort Worth-Arlington
Office
http://www.dallasnews.com/business/real-estate/2016/12/01/ncx-office-tower-north-dallas-sells-florida-investorRead more at {Source}

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