Greater Houston Partnership Economic Indicators June 2017Greater Houston Partnership Economic Indicators June 2017https://www.recenter.tamu.edu/news/newstalk-texas/?Item=172082017-07-22T05:00:00Z2017-07-22T22:00:00Z

Houston economic indicators for June 2017.

Greater Houston Partnership
Houston-The Woodlands-Sugar Land
http://www.houston.org/pdf/research/quickview/EconomicIndicators.pdfSource: {Source}
Two complexes, 500 units sold in HumbleTwo complexes, 500 units sold in Humblehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171392017-07-22T05:00:00Z2017-07-22T19:45:00Z

​​​HUMBLE – Gaia Real Estate sold two apartment complexes in Humble, in Houston’s far north market. 

Timerlakes at Atascocita poolThe 312-unit Timberlakes at Atascocita and the 200-unit Eagle Crest are part of Gaia’s nine-property, 2,594-unit portfolio that spans the Houston metro.

Timberlakes at Atascocita, at 18551 Timber Forest Dr. delivered in 2000. The property, valued at $22.9 million, offers one-, two- and three-bedroom units, ranging from 780 to 1,220 sf. 

Amenities include a fitness center, pool, club house, and private, detached garages.

Eagle Crest, at 5303 Atascocita Rd., is valued at $14 million. 

The property offers one- and two-bedroom units from 656 to 1,054 sf. 

Amenities include a club house, fitness center and pool.​
Houston-The Woodlands-Sugar Land

​​Want more data? See ​Houston Multifamily Market Research.

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A mixed-use development with GraceA mixed-use development with Gracehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171592017-07-21T05:00:00Z2017-07-21T22:00:00Z

​THE WOODLANDS – Grace Community Church has announced the latest portion of their mixed-use development just south of The Woodlands.

The Medical Resort at the Woodlands, a skilled-nursing facility, is being built on more than five acres within the Cathedral Lakes Development at 24400 North Fwy. 

Grace Church's main campus in The WoodlandsThe church's Woodlands campus is creating the development on more than 100 acres of land it has owned for several years along I-45. 

The Medical Resort at the Woodlands, operated by Senior Care Excellence, will be a 90-bed transitional care facility. 

It will offer services catering to short-term rehabilitation clients as well as pulmonary clients with ventilator needs. 

In addition to the Medical Resort, other Cathedral Lakes components will include a Lexus dealership on 22 acres and a hotel. 

Energy Capital Credit Union also has a branch in Cathedral Lakes.

A four-lane parkway through the property is already open.
Houston Business Journal
Houston-The Woodlands-Sugar Land

​​Check out more mixed-use news here​

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Safest place in the country to play sports? Cowboy's mixed-use developmentSafest place in the country to play sports? Cowboy's mixed-use developmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=170972017-07-21T05:00:00Z2017-07-21T22:00:00Z

​​​​Aerial photograph of construction on The Star and rendering of completed projectFRISCO – The Dallas Cowboys and Baylor Scott & White Health have reached the uppermost vertical point on a new sports therapy and research center at The Star in Frisco. 

This is the latest component to the Dallas Cowboys-anchored mixed-use development.​

The new center will focus on injury prevention, research and wellness for athletes ranging from youth players to professionals, such as the Dallas Cowboys players.

The new sports therapy and research center will sit adjacent to the Cowboys indoor practice facility and will help make the region the "safest place in the country to play sports," said former Baylor Scott & White CEO Joel Allison, during a groundbreaking ceremony for the new center.

Additional plans for the new facility include:
  • an imaging center with MRI suite;
  • a sports performance program;
  • an urgent care center;
  • an outpatient rehabilitation clinic;
  • a brain injury program with concussion specialist on the sidelines of Frisco ISD games; and
  • a research center that can look at concussion management to clinical management.
The new sports therapy and research center is slated for completion in 2018.​
Dallas Business Journal
Dallas-Fort Worth-Arlington

​Want ​more data? See DFW Overview Market Research. 

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Snapped up! 15 acres for redevelopmentSnapped up! 15 acres for redevelopmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171642017-07-21T05:00:00Z2017-07-21T21:40:00Z

​​DALLAS – An investor who has recently purchased several blocks in downtown Dallas has snapped up another large property south of the central business district.

Developer Zad Roumaya's Digit 1919 apartments under construction on Akard Street at Cornith.Dallas restaurateur and entrepreneur Mike Hoque has purchased about 15 acres on Corinth St. at Cesar Chavez Blvd. for redevelopment.

The purchase includes the shuttered Pilgrim's Pride plant south of downtown. The chicken processing plant closed in 2011.

Hoque, who owns several downtown restaurants and businesses, said he wants to redevelop the land as a mixed-use project. He's talking with builders about a variety of projects.

"There is an opportunity to build affordable housing there," he said. "A lot of people are being pushed out of Deep Ellum because rents for apartments and art studios are going up. It's the same thing in the Design District."
Dallas Morning News
Dallas-Fort Worth-Arlington

​Want more d​ata? ​See DFW Overview Market Research.

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Mod Pizza chain links six more Houston locationsMod Pizza chain links six more Houston locationshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171162017-07-21T05:00:00Z2017-07-21T21:05:00Z

​​​​Mod PizzaHOUSTON AREA – Mod Pizza, which entered the Houston market in late 2014, plans to open another six locations across the metropolitan area by the end of 2017.

Here are the new locations to come in 2017:
  • Bay Colony—2945 Gulf Fwy. S., League City;
  • Kingwood East—4537 Kingwood Dr.;
  • Springwoods Village—2168 Spring Stuebner Rd. (announced last year);
  • Deer Park—9315 Spencer Hwy.;
  • Westchase—2550 Citywest Blvd.; and
  • Tomball—14,060 FM 2920 Rd.
Currently, there are 17 locations currently operating around Houston, including the most recent openings at:
  • Clear Lake MarketPl. in Clear Lake—3,200 sf;
  • The Market at Cross Creek Ranch in Fulshear—3,068 sf;
  • Indian Springs Shopping Center in The Woodlands—3,000 sf;
  • Sawyer Heights—2,700 sf;
  • Easton Commons in Copperfield—2,545 sf;
  • Westlake Marketplace in Summerwood—2,500 sf;
  • Pkwy. Commons in League City—2,500 sf; and
  • Fairfield Town Center in Cypress—2,500 sf
Houston Chronicle
Houston-The Woodlands-Sugar Land

​Check out Houston Retail Market Research.​

Source: {Source}
TIRZ for Jersey Village CrossingTIRZ for Jersey Village Crossinghttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171682017-07-21T05:00:00Z2017-07-21T21:00:00Z

​​​A draft indicates the proposed boundaries for the Jersey Village Crossing TIRZ.

JERSEY VILLAGE, HARRIS COUNTY – Jersey Village City Council voted to establish a Tax Increment Reinvestment Zone (TIRZ) for the 274-acre Jersey Village Crossing July 17, 2017.

The TIRZ will allow the city to take tax revenue generated in Jersey Village Crossing and place it into a separate fund that can be used for structural improvements and enhanced infrastructure in that area. It will exist for a period of 30 years. ​

Jersey Village Crossing covers the area south of Hwy. 290 around Jones Rd. in Jersey Village. 
Community Impact Newspaper
Houston-The Woodlands-Sugar Land
https://communityimpact.com/houston/cy-fair/city-county/2017/07/18/jersey-village-city-council-approves-tax-investments-for-jersey-village-crossing/Read more at {Source}
Firewheel Senior Living coming to GarlandFirewheel Senior Living coming to Garlandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171462017-07-21T05:00:00Z2017-07-21T21:00:00Z

​GARLAND – An upscale senior living community has begun near Garland's Firewheel Golf Park, which will bring more than 150 apartment homes geared to retired residents in North Texas.

Rendering of Firewheel Residences at completionThe four-story, 154-unit community, called Firewheel Senior Living Residences, at 5151 N. President George Bush Hwy., will total 171,572 sf of living space.

The property is slated for completion by year-end 2018.

Each of the apartments homes will have granite countertops, stainless steel appliances and custom cabinets, much like upscale apartments elsewhere in the region.

The community will also include a fitness center and salon, resort-style salt water pool, a dog park with a fountain, a ballroom with kitchen and private dining area, two courtyards and more.
Dallas Business Journal
Dallas-Fort Worth-Arlington
Senior Living

​​Want more data? See DFW Market Overview Research.​

Read more at the {Source}
New Hope near Toll183A home to future HyattNew Hope near Toll183A home to future Hyatthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171232017-07-21T05:00:00Z2017-07-21T20:50:00Z

​​Hyatt Place Hotel breaks ground in Cedar Park​CEDAR PARK – The Hyatt Place Cedar Park hotel has broken ground.

Located at 1315 E. New Hope Dr. near Toll 183A, the hotel will have 137 rooms and 3,200 sf of meeting space.

Estimated to cost $19 million, the project is expected to open summer 2018.
Community Impact Newspaper
Austin-Round Rock

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Georgetown housing market by ZIPGeorgetown housing market by ZIPhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171672017-07-21T05:00:00Z2017-07-21T20:40:00Z

​​​​GEORGETOWN – June 2017 housing market data has been released by Community Impact Newspaper. 

The data was compiled by the Austin Board of Realtors. 

Charts for Georgetown housing market data

Community Impact Newspaper
Austin-Round Rock

​Check out more Austin Housing Market Research.

Source: {Source}
A journey to bigger and betterA journey to bigger and betterhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171582017-07-21T05:00:00Z2017-07-21T20:00:00Z
TxDOT is starting a new project in August 2017 in Combes, near Harlingen.

COMBES – The latest TxDOT project is planned in the Harlingen-San Benito Metropolitan Planning Organization district on Templeton Ave., also known as SH 107.

One part of the project extends from just east of the I-69E and U.S. 77 interstate and proceeds west along Templeton Ave. to Business 77, a distance of 0.465 miles.

Another phase extends west from there along Hwy. 107 all the way to FM 800/Bass Blvd., which will be resurfacing of the highway

The extensive project is expected to disrupt traffic during an 18-month long construction process.

TxDOT Pharr District spokesman, Octavio Saenz, said, “SH 107 is an existing urban arterial with an Average Daily Traffic of 7,000, and future Average Daily Traffic of 9,600 (in year 2037)".

In addition, new turnarounds at the interstate will be built for both southbound and northbound directions.

The project costs $3.7 million and should begin in August 2017, with completion 18 months from the start.​

Brownsville Herald
Infrastructure & Transportation
http://www.brownsvilleherald.com/news/valley/article_bdae9cee-6a9b-11e7-8705-ff0d6d632003.htmlSource: {Source}
'Unscripted' hotel anything but'Unscripted' hotel anything buthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171602017-07-21T05:00:00Z2017-07-21T19:25:00Z

​FLOWER MOUND – A development firm has been given the green light by the Town of Flower Mound to build a 12-acre mixed-use neighborhood adjacent to Lakeside DFW, which includes a five-story, 134-room hotel.

Rendering of Unscripted Hotel upon completionThe mixed-use development, called Lakeside Crossing, will sit on the west side of Long Prairie Rd. near the intersection of Lake Forest Blvd.

The property will include about 100,000 sf of retail, office and restaurant space with about 15 luxury townhouses.

The Unscripted DFW hotel will include 134 guest rooms and suites with nearly 4,000 sf of meeting space, a full-service restaurant and a rooftop lounge for guests.
Dallas Business Journal
Dallas-Fort Worth-Arlington
https://www.bizjournals.com/dallas/news/2017/07/18/dream-hotel-to-become-a-reality-as-part-of-a.htmlRead more at the {Source}
El Paso Streetcar facilities near end of trackEl Paso Streetcar facilities near end of trackhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=170132017-07-21T05:00:00Z2017-07-21T19:00:00Z

​​​El Paso Streetcar FacilityEL PASO – A 23,000-sf Streetcar Maintenance and Storage Facility is nearing completion in Downtown El Paso on South Santa Fe St. 

The $9.5 million maintenance and overnight storage facility will house El Paso’s six vintage streetcars when they begin operation; the facility will have two service bays and a wash bay.

Construction on the facility is scheduled to finish in fall 2017.​​​​​
El Paso Inc.
El Paso
Infrastructure & Transportation
http://www.elpasoinc.com/lifestyle/photos/collection_2336d3de-5f51-11e7-9a39-3fd09687a344.html#3Read more at {Source}
Medical firm searching for ... retail space? Medical firm searching for ... retail space? https://www.recenter.tamu.edu/news/newstalk-texas/?Item=172042017-07-24T05:00:00Z2017-07-21T18:00:00Z

​SAN ANTONIO – Investment Realty Company (IRC) announces its new Medical & Wellness Practice Group along with the new listing of Huntington Square—a 2.1-acre site in Northwest San Antonio.

The new Huntington Square site is an ideal location for the medical retail focus. 

It will accommodate a two-story, 24,050-sf building and will be located on North Loop 1604 W. at Collins Circle (Pond Hill).

Rendering of Hunington Square"As the traditional retail industry continues to adapt to the advent of online retail, we are seeing medical offices or wellness studios take advantage of large retail centers that offer safety and convenience that's close to home," said Steve Raub, president of Investment Realty Co.

Medical providers are seeking retail centers due to the large increase in health care spending by many Americans. 
San Antonio-New Braunfels

​​Want more data? See ​San Antonio ​Medical and Retail Market Research. 

Read more at {Source}
Investor buys 15 acres near downtown DallasInvestor buys 15 acres near downtown Dallashttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171982017-07-21T05:00:00Z2017-07-21T17:00:00Z

​​​​​DALLAS – Local restaurateur​ and entrepreneur Mike Hoque has purchased around 15 acres on Corinth St​. at Cesar Chavez Blvd.

The purchase includes the shuttered Pilgrim's Pride plant, which closed in 2011.

Hoque plans to redevelop the land as a mixed-use project.

Dallas Morning News
Dallas-Fort Worth-Arlington
https://www.dallasnews.com/business/real-estate/2017/07/18/investor-snaps-big-development-site-south-downtown-dallasRead more at {Source}
Fitch Ratings says Texas homes 'overvalued.' But are they?Fitch Ratings says Texas homes 'overvalued.' But are they?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=171992017-07-21T05:00:00Z2017-07-21T17:00:00Z

​​​​NEW YORK – San Antonio and Austin top the list of five most overvalued housing markets in the country, according to Fitch Ratings.

Using five metrics, Fitch determined 27 percent of the 412 housing markets it tracks are overvalued, with home prices at least 5 percent above fair local value. Those metrics were nominal income growth, population growth, unemployment, change in rental prices, and change in home prices.

​The list is based on the year-over-year change in these measures for the 50 largest metropolitan statistical areas in first quarter 2017.

At number one, San Antonio's median home price was $202,600, overvalued by 18.6 percent, Fitch found. Number two Austin's median price was $286,400, overvalued by 17 percent.

However, Real Estate Center Research Economist Dr. Luis Torres said determining whether a market is overvalued is always difficult, but especially when a market's housing inventory is low.

Last month, the San Antonio-New Braunfels MSA had a 3.7-month's supply of homes for sale. Austin-Round Rock had a 3.1-month's supply. Statewide, inventory is at 4.1 months.

"We have a supply constraint issue in home construction," Torres said, "especially in the price ranges below $250,000. Nevertheless, this is obviously an important issue and one the Real Estate Center will continue to monitor. In fact, we're working on an article based on the Case-Shiller methodology ​of estimating actual prices based on fundamentals of demand and supply, and we found some price misalignments for Texas and the four MSAs."​

https://www.forbes.com/sites/samanthasharf/2017/07/19/texas-is-home-to-the-most-overvalued-housing-markets-in-america-2017/#15222fa93906Read more at {Source}
Maverick Terminals signs 30-year lease with Port of Corpus ChristiMaverick Terminals signs 30-year lease with Port of Corpus Christihttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171952017-07-21T05:00:00Z2017-07-21T16:00:00Z

​​​CORPUS CHRISTI – The Port Authority has awarded a 30-year lease to Maverick Terminals Corpus LLC, which plans to build a pipeline from the Coastal Bend to Mexico.

The measure, approved Tuesday, gives the company access to 41 port-owned acres on the north side of the Corpus Christi Ship Channel.

Maverick Terminals wants to build and operate a multiservice facility there, including a rail terminal, a storage structure for petroleum and petroleum products, and the new Oil Dock 20.

Under the terms of its agreement, the port would design and construct the new oil dock. Maverick Terminals would build the rail loading facility, the storage infrastructure, and the pipelines.

The 30-inch pipeline would run from Corpus Christi to Monterrey, Mexico, but would require separate federal approval.

Maverick Terminals is a subsidiary of San Antonio-based Howard Energy Midstream Partners, which also operates terminals at the Port of Brownsville and Port Arthur.

Corpus Christi Caller-Times
Corpus Christi
Infrastructure & Transportation
http://www.caller.com/story/news/2017/07/18/company-wants-port-authoritys-approval-mexican-pipeline-plan/484021001/Read more at {Source}
Austin eighth best market in tech talent Austin eighth best market in tech talent https://www.recenter.tamu.edu/news/newstalk-texas/?Item=171962017-07-21T05:00:00Z2017-07-21T16:00:00Z

​​​LOS ANGELES – Austin came in ​eighth on CBRE's annual Tech Talent Scorecard, which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent.

The Capital City was the No. 5 most concentrated large market in terms of its tech labor pool as a percentage of its total labor pool, at 7.1 percent, with a tech talent pool of nearly 69,000, an increase of 28.3 percent from 2011 to 2016.

"With a rate of 48.3 percent, Austin ranked No. 7 among the top markets for educational attainment," according to a CBRE press release. "It stands out as a strong tech job creator and tech talent attractor, with more than 5,500 more tech jobs than graduates. Austin's millennial population grew 5.5 percent from 2010 to 2015, above the U.S. average of 4.6 percent."

The city's office vacancy rate decreased 6.9 percentage points to 9.5 percent from Q1 2012 to Q1 2017, demonstrating the demand for quality office space. ​

Dallas-Fort Worth was the only other Texas market in the top ten, ranking tenth.

Other markets in the top ten include No. 1 ​San Francisco Bay Area; No. 2 Seattle; No. 3 New York; No. 4 Washington, D.C.; No. 5 Atlanta; No. 6 ​​Toronto; No. 7 Raleigh-Durham, N.C.; and No. 9 Boston.​​
Austin-Round Rock
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Foreign buyers scooped up over 284,000 Texas homes last yearForeign buyers scooped up over 284,000 Texas homes last yearhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171972017-07-21T05:00:00Z2017-07-21T16:00:00Z

​​​DALLAS – Nationwide, the number of foreign buyers in the home market has surged to a record high in the last year, and Texas is one of their favorite destinations.

International buyers snapped up 284,455 U.S. properties—a 32 percent hike from 2016, according to the National Association of Realtors. More than 34,000 of these purchases were in Texas.

Although foreigners purchased proper​​ties nationwide, five states accounted for 54 percent of total residential property purchases: Florida (22 percent), Texas (12 percent), California (12 percent), New Jersey (4 percent), and Arizona (4 percent).

"[Realtors and others] are doing a lot of business with foreign buyers," said Real Estate Center Chief Economist Dr. Jim Gaines. "Texas represents a very nice opportunity for them. We've been the fastest growing state in the country for years."

The greatest volume of Texas' foreign home buys—about 40 percent—came from Mexican and Latin American purchasers. Asian buyers were a close second with 39 percent of the offshore acquisitions.

"The Chinese are very entrepreneurial, and Texas is a very entrepreneurial state," said Gaines. "We have a lot of Asians relocating to Texas."

Buyers from China spent the most on U.S. housing—some $31.7 billion. The largest share of their 40,572 purchases—37 percent—were in California. Texas was their second favorite U.S. home market, accounting for 11 percent of their deals.

Canadian buyers spent $19 billion on U.S. homes, followed by buyers from the United Kingdom ($9.5 billion), Mexico ($9.3 billion), and India ($7.8 billion).​

Dallas Morning News
https://www.dallasnews.com/business/real-estate/2017/07/18/texas-high-shopping-list-foreign-home-buyersRead more at {Source}
JV breaks ground on 296-unit apartmentJV breaks ground on 296-unit apartmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=171872017-07-21T05:00:00Z2017-07-21T15:00:00Z

​​AUSTIN – Phoenix Capital Partners Ltd. and Ardent Residential have started work on Palo Verde.

The 296-unit apartment community at US 290 and FM 1826 will​ open by second quarter 2019.​

Austin-Round Rock
http://rebusinessonline.com/phoenix-capital-ardent-residential-break-ground-on-296-unit-apartment-community-in-austin/Read more at {Source}

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