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KINGWOOD – Dhanani Private Equity Group has acquired Kingwood Commons, a retail center at Kingwood Dr. and Loop 494, from Kite Realty Group Trust.

The 165,000-sf property sits on 17 acres. It is currently 55 percent vacant. Tenants include Pei Wei, Carrabba’s, Pizza Hut, Petco, Massage Envy, Talbots and Jos. A. Bank.

CBRE represented Dhanani in the transaction.​

MANOR – Plans for Valley Park, a 600-acre public park in the $2 billion Whisper Valley housing subdivision, are underway.

The project will be just off the SH 130 tollway along FM 973 and extend east of Taylor Ln.

Plans for the space include picnic areas, manicured open space, playgrounds, shade structures, restrooms, decomposed granite trails, community gardens, an events amphitheater, benches, landscaping, and signage. The park will cost more than $8 million.

The park will be the centerpiece for a new master trail plan that will ultimately connect Austin's 4,000-acre Walter E Long Metropolitan Park and Lake Walter E. Long, Travis County's 14-mile trail system and the East Metropolitan Park through Whisper Valley, providing about 20 miles of trails in all.

The park's first phase will include the design and construction of miles of 12-ft-wide pedestrian trails that extend from the community retail center at FM 973 and along Gilleland Creek to Taylor Ln.

The final design for the first phase of Valley Park is due to be completed in 2025, with construction slated to begin in 2026.

The park is expected to be built in seven phases over six years.

Taurus Investment Holdings is the developer.

THE WOODLANDS – A two-property office portfolio totaling 153,294-sf on nearly ten acres has been sold to a private asset management firm.

The properties at 10200 Grogans Mill Rd. and 1610 Woodstead Ct. are 66.7 percent leased overall.​

GALVESTON – Dallas-based Clearworth Capital has acquired Lakeside at Campeche, a 320-unit apartment community at 3102 Cove View Blvd.

The property has one- and two-bedroom units.

Amenities include a pool, outdoor gym, and grilling and dining stations.

Colliers arranged the sale.​

PLANO – Phase two of Cawley Partners' The Parkwood project is underway.

This phase will add 120,000 sf of office space. It is currently 43 percent preleased.​

The first phase was completed in late 2022 and has 120,000 sf. 

​The development has a fitness center, pickleball court, conference centers, and rooftop terraces.

DALLAS – A new high-rise apartment building will be built near Turtle Creek.

The 31-story Fairmount Tower will break ground this fall. It will include luxury rental units and ground-floor retail. The $130 million building will replace the commercial buildings on the site.  

The designer is WDG Architecture.

Fairmount Tower will open in late 2025.​

DALLAS – Plans to turn Cabana Hotel into affordable rental units have moved forward.

The ten-story building will have 160 apartments. Plans include removing part of the parking garage, adding new construction, and opening the back side of the building. The hotel's signature exterior will be preserved.

Cabana Hotel was sold in 2017 with plans for restoration that stalled. Originally the Cabana Motor Hotel, it was constructed in 1962 and hosted celebrities such as The Beatles, Led Zeppelin, and Richard Nixon. It once served as a minimum-security county jail. It is one of the last large vacant buildings in downtown Dallas.

The project is being developed by Sycamore Strategies.​

HOUSTON – Meow Wolf has broken ground on its $42 million immersive art exhibit project at 2103 Lyon St.

The exhibit will occupy 32,242 sf in the former Moncrief-Lenoir Manufacturing Co. sheet metal plant, a 115,000-sf warehouse built in 1917.

The company said this location will be larger than its permanent exhibit in Denver, which attracts as many as 750,000 visitors annually. 

Completion is slated for 2024.

​HOUSTON – Austin-based OHT Partners has broken ground on Lenox Heights, a five-story, 359-unit apartment complex at 333 W. 24^th St.

The development will have one- and two-bedroom units ranging from 629 to 1,247 sf.

Amenities will include two resort-style swimming pools, sky deck, coworking studio, fitness center, clubhouse, and pet spa.

Steinberg Dickey Collaborative LLP designed the project.

Lenox Heights is expected to open in early 2025.

​HOUSTON –A Kelsey-Seybold Clinic has opened at the Vanderbilt Square shopping center in West University Place.

Located at 3003 W. Holcombe Blvd., the 26,000-sf clinic will provide primary care for adults and children as well as specialty care services in dermatology and infectious diseases.

It also offers laboratory, diagnostics, and pharmaceutical services.​

​​WACO – CenterPoint Hospitality has purchased a 122-room Holiday Inn & Suites hotel.

Built in 2008, the hotel has a pool, fitness center, and business center.

Marcus & Millichap represented the seller and procured the buyer.​

​​CYPRESS – Premier Stair & Door has signed a 46,614-sf industrial lease at 290 Northwest Business Center.

The property was completed in 2019.

Colliers represented the landlord, KBUSA Properties, in the lease negotiations. The Lish Co. represented the tenant.​​

​HOUSTON – Three Pillars Capital Group has acquired Chateaux Dijon, a 426-unit apartment community at 5331 Beverlyhill St., from InvestRes.

The property has one- and two- bedroom units, a pool, fitness center, business center, outdoor grilling and dining areas, package lockers, and a pet park.

Global Real Estate Advisors brokered the sale.​

IRVING – Germany-based Korber is expanding its U.S. headquarters with a 75,000-sf warehouse.

The $10 million warehouse and manufacturing space, which will be a supply chain office for the global chain, will mean the addition of 100 new local jobs over the next year or so, said a Korber spokesperson.

The company's HQ is on Esters Blvd. near DFW Airport.

Korber provides technical support, robotics, and aut​omation systems.

WILMER – A 1.5 million-sf business park is under development south of Dallas.

The Southport Logistics Center will have two industrial buildings near I-45 and the Union Pacific Intermodal Yard. These will add to the 17 million sf of warehouses planned for south Dallas County.

The project is being developed by Bandera Ventures and Invesco Real Estate. JLL will oversee leasing.

The buildings will open later this year.

SAN ANTONIO – Supply chain disruptions that began during the pandemic are still causing shortages of a piece of equipment needed to power homes: transformers.

Transformers, those dark green metal boxes visibile on neighbhood lawns, transform higher voltages flowing through underground power lines into lower voltages for use in homes. For about every four houses being built in a new subdivision, one new transformer must be installed. 

Utilities across the state and nation are struggling to secure the distribution system transformers they need to meet the needs of residential developers. Procurement times, which averaged about three months in 2020, stretched to more than a year by the end of last year, according to the American Public Power Association. In national surveys, the lack of transformers been specifically identified by builders as a concern for 2023.​​​​ 

In early May, CPS Energy, which serves San Antonio, had 645 of the 35-kilovolt transformers used in residential subdivisions ready for installation—and requests for more than 3,400. CPS warns that some developments could be waiting for more than a year.

​AUSTIN – ​The Texas Parks and Wildlife Commission last week unanimously voted to authorize Texas Parks and Wildlife Department’s (TPWD) executive director to purchase approximately 5,000 acres in Freestone County including Fairfield Lake State Park.

TPWD acquired Fairfield Lake State Park by lease in 1971 from Texas Utilities, now Vistra Energy. The park opened to the public in 1976. 

Named after 2,400-acre Fairfield Lake, it sees an average 80,000 visitors a year and is known for activities such as horseback riding, family reunions, paddling, fishing, camping, and hiking.

COLLIN COUNTY – ​Developer Billingsley Co. is finalizing plans for the first phase of a 500-acre mixed-use development that could total over $3 billion when completed.

The development, Sloan Corners, will be in Allen and Fairview.

The developer gained control of 240 acres at the southeast corner of US 75 and SH 121 in Fairview in 2019. Two years later, they purchased 260 acres across the highway in Allen.

The City of Allen just designated its corner as a reinvestment zone and tax increment finance district, which will allocate increased property taxes from the Sloan Corners development to help pay for streets, utility lines, and other infrastructure. The maximum reimbursement could be nearly $75 million.

Plans for Sloan Corners call for more than ten million sf of office space, 6,000 apartments, and over 200,000 sf of retail space.

The firm plans to build apartments and offices in the first phase on Chelsea Blvd. The planned Hartford Square apartments would be in a four-story building designed by Dallas’ O’Brien Architects. The rental units would open in early 2026.

Sloan Corners will include greenbelts, parks and walking trails.

​SAN MARCOS – Texas State University has broken ground on its new $37 million Football Performance Center at Bobcat Stadium.

Located at 1100 Aquarena Springs Dr., the project is a renovation to the existing complex and will entail adding a new 8,000-sf weight room, players' lounge, training room with hydrotherapy, individual position meeting rooms, and a recruiting room.

The conference rooms will also receive an upgrade with additional offices along with additional premium hospitality spaces.

Construction starts this summer and will be completed by fall 2024.​​​

​HOUSTON – Baylor College of Medicine has started construction on The Lillie and Roy Cullen Tower, a 503,000-sf, 11-story medical education and research building.

The development will include a 35,000-sf simulation lab, a 500-seat classroom and event center, small-group and studio classrooms, dedicated space for big data analytics, lecture halls, and a student wellness center.

The 11^th floor will house the new offices of Baylor executive leadership.

The Cullen Foundation, The Cullen Trust for Health Care, and The Cullen Trust for Higher Education contributed a combined $30 million for the project with an additional $100 million donated.

The construction manager for the project is Linbeck Group. The project manager is JLL.

The building is expectd to open in 2026.​​