After selling for $130M, Austin Radisson's $75M makeoverAfter selling for $130M, Austin Radisson's $75M makeoverhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130972016-05-05T05:00:00Z

​AUSTIN - ​​The new owners of the Radisson Hotel & Suites overlooking Lady Bird Lake in downtown Austin have planned a $75 million makeover for the property to transform it into one of their signature Line hotels. 

In a deal that closed May 4, the 413-room hotel, at E. Cesar Chavez and Congress Ave., sold for $130 million.

The renovated hotel will reopen as The Line Austin in spring 2018. The hotel is the only Radisson property in Austin.

"The renovation will be extensive and touch every area," said Andrew Zobler of the hotel company Sydell Group. "It will feel in every way like a brand new hotel when the work is completed."

The Line Austin will have 420 guest rooms, two restaurants, additional waterfront meeting and events spaces and amenities such as lakeside dining. ​

The Austin hotel, which was built in 1965 and expanded in 1998, currently has 180 employees, a headcount that is expected to increase once the property converts to the Line brand.

The Line Austin will be the third in the Line portfolio, after The Line Hotel in Koreatown, Los Angeles, which opened in January 2014, and The Line DC in Washington, D.C., which is set to open in early 2017.

The hotel was purchased from Forestar Group by Austin Lakeside Hotel Owner LLC.

Austin American-Statesman
Austin-Round Rock
http://www.mystatesman.com/news/business/austin-radisson-to-get-75m-makeover-become-part-of/nrHLN/Read more at the {Source}
$75M One Uptown topping out, 198 luxury apartments to D-town$75M One Uptown topping out, 198 luxury apartments to D-townhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130882016-05-05T05:00:00Z

​​DALLAS - One of Uptown's high-profile apartment tower projects along McKinney Ave. is expected to hit a new milestone, as the $75 million, 20-story tower reaches its uppermost height.

The topping out has been months in the making as the luxury residential and retail tower at the northwest corner of McKinney Ave. and Routh St. has taken shape on the former Hard Rock site in Uptown.

One Uptown—which will include a curvy façade—has leased the street-level retail space to Fogo De Chao & Bar and Style & Grace.

Plans for the tower include 198 luxury apartments, 18,500 sf of retail and restaurant space and a 480-car underground parking garage.

The tower will have an amenity deck for residents on the rooftop, which will include the city’s highest private rooftop infinity pool, fire pits, outdoor kitchen, cabanas and a game room.

The developer expects to begin leasing apartments to residents by fall 2016.
Dallas Business Journal
Dallas-Fort Worth-Arlington
http://www.bizjournals.com/dallas/news/2016/05/03/luxury-apartment-tower-in-uptown-to-hit-milestone.html?iana=ind_creRead more at the {Source}
Oak Cliff: 18-acre Colorado Place purchased for multifamily projectOak Cliff: 18-acre Colorado Place purchased for multifamily projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130862016-05-05T05:00:00Z

​​​DALLAS - Lincoln Property Co. purchased one of the largest development sites in Oak Cliff—the 18-acre Colorado Place property at Fort Worth Ave. and Colorado Blvd.

Lincoln Property has filed for a building permit with the City of Dallas to construct 299 apartments at Colorado Place. 

The construction—valued at almost $30 million—calls for the apartments to be in 11 buildings.

The entire tract is zoned for mixed-use development, including retail.

The vacant land—which previously was occupied by apartments built in the 1940s—had been up for sale since late last year.
Dallas Morning News
Dallas-Fort Worth-Arlington
http://bizbeatblog.dallasnews.com/2016/05/oak-cliffs-colorado-place-development-site-bought-by-lincoln-property-for-large-apartment-community.html/Read more at the {Source}
Lead the Pack! Run Track! Texas A&M to spend $68MLead the Pack! Run Track! Texas A&M to spend $68Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130272016-05-05T05:00:00Z

​​​​​COLLEGE STATION - Texas A&M University's athletic director described the pressing need for an outdoor track-and-field complex saying, "[this] team [is] on the road more than Willie Nelson."​

The Texas A&M regents approved a new track venue to the tune of almost $40 million.

The 3,000-seat stadium will be located at the corner of George Bush Dr. and Penberthy Rd. and adjacent to the current stadium.

To boot, the regents threw in a new $28.6 million stadium for Jo Evans' softball squad.

The 2,000-seat softball stadium will be at the southwest corner of Tom Chandler Rd. and Penberthy Rd.

Both are expected to open in time for their respective 2018 seasons and will be built in the same architectural scheme as the new Kyle Field and baseball's Blue Bell Park.

San Antonio Business Journal
College Station-Bryan
http://www.expressnews.com/sports/columnists/brent_zwerneman/article/Aggies-green-light-new-outdoor-track-venue-7379769.phpRead more at {Source}
Austin, tech, and 18 hoursAustin, tech, and 18 hourshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130962016-05-05T05:00:00Z

​​AUSTIN - Record-setting office market performance and the increasing adoption of co-working spaces are just two of the six trends transforming Austin, Texas, into an 18-hour city, according to a new report from CBRE. ​

Over the past decade, Austin has evolved from its ‘college town’ attitude into a dynamic metro with a dense urban core. In its new report, CBRE identifies key trends helping the Texas capital join the ranks of America’s major cities. 

Office: due to robust employment growth, Austin’s office market is setting record highs in absorption and rents, while reaching new post-recession vacancy lows.

Multifamily: the city's ever strengthening workforce and the influx of millennials willing to pay for access to the central city’s cultural offerings has changed the face of multifamily, which has added 5,824 multifamily units to its urban core since the beginning of 2015.

“An urban renaissance is happening in Austin, a city once almost exclusively driven by the public sector. The new era of technology is supporting job and population growth, real estate development and sector diversity, along with a wealth of homegrown retailers that are elevating Austin’s brand outside the city limits,” said Robert Kramp, Director of Research & Analysis, CBRE.​

Austin-Round Rock
https://assets.recenter.tamu.edu/Documents/MktResearch/Austin-CBRE-Viewpoint.pdfRead more at {Source}
CBRE: Port of Houston climbs to 5th ranked port market in North AmericaCBRE: Port of Houston climbs to 5th ranked port market in North Americahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130952016-05-05T05:00:00Z

​​HOUSTON - Despite a serious commodity slowdown in Houston, the Port of Houston’s climb to the fifth-ranked port market in North America demonstrates that rumors of a demise in Houston’s commercial real estate market are largely exaggerated, according to CBRE Group, Inc.’s second-annual North American Seaports and Logistics Index.

The port saw nearly 10 percent growth in 2015, driven by strong petrochemical export business, some residual effect of west-east cargo shift, and the strength of Houston’s industrial market.

Combined with the upcoming Panama Canal and Houston Ship Channel’s expansions, midstream and downstream companies continue to see Houston and the Gulf Coast Region as a solid investment. 

According to the report, nearly $150 billion in petrochemical projects have taken place along the Gulf Coast since 2010, and $50–$60 billion in projects are located in the Houston-area.

While container volume grew by 9.2 percent, the value of exported goods dropped to $251 billion from 2014’s record of $289 billion. 

The biggest sectors to post losses were computer and electronics products ($45.3 billion), petrochemical and coal products ($44.1 billion), and chemicals ($39.9 billion), according to the Census Bureau.

In spite of these losses, the Houston area is projected to see an increase of new exports in the near future.

Houston-The Woodlands-Sugar Land
https://assets.recenter.tamu.edu/Documents/MktResearch/Houston_Industrial_CBRE_2016_Seaports_and_Logistics.pdfRead more at {Source}
ALN: Houston apartment review April 2016ALN: Houston apartment review April 2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=130692016-05-05T05:00:00Z

HOUSTON - ALN Apartment Data has released April 2016 apartment occupancy and effective rent data for aparments.

Check out more Houston apartment news here​.

ALN Apartment Data
Houston-The Woodlands-Sugar Land

​Check out more at Houston Multifamily Market Research.

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TAR: Waco housing report 1Q2016TAR: Waco housing report 1Q2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=130852016-05-05T05:00:00Z

​​​​WACO - The Texas Association of Realtors has released its housing report for first quarter 2016. 

Waco home sales were slightly down when compared to 1Q2015, but the median home price shot up 7.5 percent to $150,500.​

Texas Association of REALTORS
https://assets.recenter.tamu.edu/Documents/MktResearch/Texas_Housing_TAR.pdfRead more at {Source}
SkyWalker steps into Arlington 'galaxy': 72,000-SF office soldSkyWalker steps into Arlington 'galaxy': 72,000-SF office soldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130822016-05-05T05:00:00Z

​​ARLINGTON - A 72,518-sf, Class A office building at 701 Highlander Blvd has been acquired in an all-cash transaction by SkyWalker Property Partners.

The 4.6-acre property is the first for the company’s Opportunity Knocks Fund in preparation for the launch of a major capital campaign in June.

The 40 percent leased office building is located on the city’s south side, close to Arlington Highlands and Parks Mall, and includes a T-Mobile cell tower.

At least $400,000 will be invested into addressing deferred maintenance and upgrading the 30-year-old structure. 
Dallas-Fort Worth-Arlington

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TAR: Austin-Round Rock continues strong growth in 1Q2016TAR: Austin-Round Rock continues strong growth in 1Q2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=130812016-05-05T05:00:00Z

​AUSTIN-ROUND ROCK - The Texas Association of Realtors has released its housing report for first quarter 2016. 

Austin area home sales continued to show signs of robust growth.

Median home prices, number of active listings and homes sold all increased compared to 1Q2015. 

Texas Association of REALTORS
Austin-Round Rock

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The Spot targets San Marcos entertainmentThe Spot targets San Marcos entertainmenthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130992016-05-05T05:00:00Z

​SAN MARCOS - ​The Spot, an entertainment venue featuring a movie theater, restaurant, bar and bowling alley, has begun construction in Springtown Center at 1180 Thorpe Ln. 

The 36,000-sf facility will occupy the space that formerly housed Target. 

The Spot, which is expected to open by September, will include six dine-in movie theater screens, eight lanes of boutique bowling as well as a venue for live music, an event space, social lounges and an outdoor patio. 

The Spot will be restricted to guests 18 years and older, though children will be allowed if they are accompanied by an adult. 

EVO Entertainment Group CEO Mitchell Roberts described the look and feel of the Spot as a modern speakeasy with "different social elements" than what he has seen in other movie theater concepts.

Gold's Gym opened at Springtown Center earlier in 2016. In February, Austin-based Tex-Mex chain Chuy's announced it would open a restaurant at Springtown by this summer.​

Community Impact Newspaper
Austin-Round Rock

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Trecora Chemicals buys closed plant in PasadenaTrecora Chemicals buys closed plant in Pasadenahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130712016-05-05T05:00:00Z

​PASADENA - BASF Corp., the North American affiliate of Germany-based BASF SE, has sold a Houston-area manufacturing facility that it closed last year.

Trecora Chemicals, a wholly owned subsidiary of Sugar Land-based Trecora Resources bought the plant in Pasadena.

BASF closed the facility late last year, affecting 40 jobs. 

Trecora said it will rehire some of the BASF operating personnel.

The facility produced wood and vegetable sterols, which are typically used in dietary supplements and as functional ingredients in food products to reduce cholesterol, according to BASF.

The 6.5-acre site is adjacent to Trecora’s 22-acre site and includes production equipment that is similar to Trecora’s, equipment that broadens Trecora’s capabilities and potential markets, substantial storage capacity, several rail- and truck-loading sites, and utility tie-ins to Trecora’s site.

Houston Business Journal
Houston-The Woodlands-Sugar Land

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ALN: Austin apartment review April 2016ALN: Austin apartment review April 2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=130752016-05-05T05:00:00Z

​​​AUSTIN - ALN Apartment Data has released April 2016 apartment occupancy, units added and floor plan breakdowns for apartments. 

See if you've missed any Austin apartment news here.

Needing other U.S. cities, check out ALN's monthly reports.​​ 

ALN Apartment Data
Austin-Round Rock

​For more free data, visit Austin Multifamily Market Research! ​

See the full report at {Source}
Tyler: Trinity Mother Frances and CHRISTUS Health finalize mergerTyler: Trinity Mother Frances and CHRISTUS Health finalize mergerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=131002016-05-05T05:00:00Z

​TYLER - ​Trinity Mother Frances Hospitals and Clinics and CHRISTUS Health have announced the finalization of an agreement that brings together the two health systems and will create CHRISTUS Trinity Mother Frances Health System.

CHRISTUS Trinity Mother Frances will remain headquartered in Tyler, and will continue to be a hub for services and the foundation of CHRISTUS Health's expansion in Northeast Texas.

The strategic plan of CHRISTUS Trinity Mother Frances envisions growth of the organization across East Texas and throughout the region.

"This joining of two distinguished health systems will greatly strengthen both organizations, improving access to care for patients and expanding each organization's service offerings. Most importantly, it will increase the capacity and ability to meet the ever-growing health care needs of East Texans through increased resources and innovative services," a release from the organization reads. 

The Catholic order of the Sisters of The Holy Family of Nazareth has become a third sponsoring congregation of CHRISTUS Health, in addition to its two founding sponsoring congregations, the Sisters of Charity of the Incarnate Word of Houston and the Sisters of Charity of the Incarnate Word of San Antonio.

The Trinity Mother Frances Foundation will remain and will continue to stay within the Tyler community. 

http://www.kltv.com/story/31891732/trinity-mother-frances-hospitals-and-clinics-enters-agreement-with-christus-healthRead more at {Source}
Why the Houston apartment market doesn't feel as good in 2016Why the Houston apartment market doesn't feel as good in 2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=130942016-05-05T05:00:00Z

​​HOUSTON - The oil slump is taking its toll on Houston’s multifamily market.

In January, Camden Property Trust issued a C and declining outlook for the Houston apartment market. Three months later, company officials said they are “feeling worse” about Houston, in part because job estimates are coming in less than expected.

Houston’s apartment market ended 2015 on a relatively firm footing with overall occupancy levels above 90 percent and rent levels continuing to grow, albeit at a slower pace than the boom years.

However, as the oil slump continues to roil the Houston economy, Camden’s revenue from its Houston properties has fallen flat and may dip into negative territory later this year, officials said.

Experts say Houston developers are delivering too many apartments as energy companies continue to announce layoffs and budget cuts to weather the low oil prices.

CBRE Group Inc. predicts a total of about 25,000 new apartment units will be delivered this year, representing about 4 percent of the entire Houston apartment market.

Houston developers delivered 5,034 new apartment units during the first quarter of 2016, according to the Los Angeles-based commercial brokerage.

That figure will be dialed down, quarter by quarter, until there are few if any new apartment projects coming online in 2017 and 2018, said Clint Duncan, CBRE Houston’s new senior vice president of multifamily.

The oil slump has cooled demand for new apartments. Experts predict between 12,000 and 15,000 new jobs will be added to the Houston economy this year, a far cry from the more than 100,000 new jobs created annually only a couple of years ago.

Houston Business Journal
Houston-The Woodlands-Sugar Land

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Interceramic fast-tracks 333,000-SF office/warehouse to CarrolltonInterceramic fast-tracks 333,000-SF office/warehouse to Carrolltonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130842016-05-04T05:00:00Z

​​CARROLLTON – Construction has started on a new 330,000-sf office and warehouse building for Interceramic at the southwest corner of Parker Rd. and Plano Parkway.

The international tile and building materials firm is moving its U.S. headquarters from Garland to developer Billingsley Co.’s Austin Ranch in Carrollton.

MYCON General Contractors stated that the project will cost $11.35 million.

“We are pleased to have been selected for this fast-track, new construction project,” John Riggins, MYCON’s vice president, said in a statement.​

The company will move about 150 workers to the project when it’s finished late this year, including top execs.​
Dallas Morning News
Dallas-Fort Worth-Arlington
http://bizbeatblog.dallasnews.com/2016/05/construction-starts-on-office-headquarters-and-distribution-project-in-carrollton.html/Read more at the {Source}
Pearland's Ivy District utilities, streets underway for 2017Pearland's Ivy District utilities, streets underway for 2017https://www.recenter.tamu.edu/news/newstalk-texas/?Item=130922016-05-04T05:00:00Z

​PEARLAND - America Modern Green, a subsidiary of Beijing-based Modern Land China, has begun construction on a $300 million mixed-use project that will deliver office, retail, multifamily, seniors living and a hotel to Pearland, just south of Houston.

The 48-acre development, called the Ivy District, is expected to have a wide variety of commercial and residential building on-site upon completion in a few years.

Ivy District will be located on Hwy. 288, eight miles south of the Texas Medical Center in southern Harris County.

The Ivy District is expected to include a 224-unit seniors community, 46 townhomes, more than 200,000 sf of Class A office, retail space, 335 units of rental apartments and 142 condominium units, according to the recently revised plan for the project.

Land work for utilities and streets is underway and vertical construction is expected to begin in 2017.

Realty News Report
Houston-The Woodlands-Sugar Land


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TAR: What oil downturn? Tyler housing market sees growth in 1Q2016TAR: What oil downturn? Tyler housing market sees growth in 1Q2016https://www.recenter.tamu.edu/news/newstalk-texas/?Item=130832016-05-04T05:00:00Z

​​​TYLER - ​The Texas Association of Realtors​ has released its housing report for first quarter 2016. 

Despite the oil downturn, Tyler saw growth in major areas when compared to 1Q2015.

The median home price and homes sold were both up in 1Q2016, with the median home price increasing 6.3 percent, and homes sold increasing 1.5 percent. 


Texas Association of REALTORS
https://assets.recenter.tamu.edu/Documents/MktResearch/Texas_Housing_TAR.pdfWant to find out more about the Tyler market? Visit Tyler Housing Market Research​!Read more at {Source}
Lofty (scary) view? 22-Story Saint Paul Place major office redo in DallasLofty (scary) view? 22-Story Saint Paul Place major office redo in Dallashttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130872016-05-04T05:00:00Z

​DALLAS - Quadrant Investment Properties—which acquired Saint Paul Place in downtown Dallas in February—has unveiled plans for millions in renovations to the 22-story, 273,217-sf office tower.

The office tower at N. Saint Paul St. and Ross Ave. overlooks the Dallas Museum of Art and Klyde Warren Park adjacent to the Dallas Arts District.

The new tenant lounge, which will include a new state-of-the-art conference center and outdoor patio deck with fire pit, will sit on the second floor of Saint Paul Place. The tower's lobby will also be upgraded with new seating areas and new W-Fi accessibility.

The 1983-built tower is 80 percent leased to tenants including D Magazine and Sendero.
Dallas Business Journal
Dallas-Fort Worth-Arlington

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Citigroup to consolidate Houston offices in Galleria Tower ICitigroup to consolidate Houston offices in Galleria Tower Ihttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130742016-05-04T05:00:00Z

​HOUSTON - Citigroup Inc. has inked a lease for nearly 50,000 sf in Galleria Tower I at 2700 Post Oak, where it plans to consolidate 250 employees by the end of the year.

Citigroup currently occupies two Galleria offices at 5065 Westheimer and 2800 Post Oak.

Both leases expire at the end of the year, which is when Citigroup will move employees into the new space.

There is no substantial staffing change related to the move and no other Citigroup facilities are expected to be impacted, the spokesperson confirmed.

Galleria Tower I, a 493,456-sf office tower, is owned by Unilev Management Corp. and recently underwent an $8 million renovation that included a redesign and upgrade to the second- and third-floor lobbies. 

Colvill Office Properties is in charge of leasing. The building has about 228,680 sf available for lease, according to Colvill's website.

Missing news? See Houston's latest office news.

Houston Business Journal
Houston-The Woodlands-Sugar Land

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