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RECON for February 1, 2019RECON for February 1, 2019Bryan PopePope
2019-02-01T06:00:00Z2019-02-01T06:00:00Z

Real Estate Center Online News
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According to the National Association of Realtors, pending home sales fell across the nation in December. Get the details in today's RECON. (Photo from Center files.)
February 1, 2019

The FM 646 overpass is falling down, falling down

​​​DICKINSON (Houston Chronicle) – Major changes are coming this spring to the intersection of FM 646 and I-45, and while the work is projected to make a positive impact on traffic flow, it will cause traffic delays in the short term.

Demolition of the FM 646 overpass over the interstate, slated for March 2019, is part of a plan to “flip” how traffic flows at that intersection. 

East-west traffic on FM 464 will be closed for six months. TxDOT is seeking to reduce the number of overpasses spanning I-45 to improve traffic flow and help in hurricane evacuations.

The project will be done in two phases. 

Phase one will involve the demolition of the overpass, construction of the northbound main-lane I-overpass, and reconstruction of the intersection and frontage roads.

The second phase will include reopening the intersection to east-west traffic and reconstruction of access roads on the southbound main-lane overpass.

The entire $232 million process is expected to take six months with east-west traffic expected to reopen in the fall. 
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Pending U.S. home sales dip in December

​WASHINGTON (National Association of Realtors) – ​​Pending home sales declined across the country in December, according to the National Association of Realtors (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 2.2 percent to 99, down from 101.2 in November.

Year-over-year contract signings fell 9.8 percent, marking the 12th straight month of annual decreases. 

"The stock market correction hurt consumer confidence, record high home prices cut into affordability, and mortgage rates were higher in October and November for consumers signing contracts in December," said NAR Chief Economist Lawrence Yun.

Pending home sales in the S​outh—the region which contains Texas—fell 5 percent to an index of 109.7 in December. That's 13.5 percent lower than a year ago.
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What's the game plan? 🏈 Well, we look at the best (and worst) cities for football fans. Plus, how does the Texas economy compare to the U.S. one? We're passing you all this and more in this week's Red Zone podcast.

ExxonMobil breaks ground on Beaumont expansion project

BEAUMONT (Houston Chronicle) – ExxonMobil began construction in January on an expansion to its refinery after reaching a final investment decision.

The expansion, expected to start up in 2022, will increase the refinery's capacity by 65 percent, or 250,000 barrels per day.

When complete, the refinery will be among the nation’s largest.

The Irving-based company expects to create 1,850 jobs during construction of the expansion and add 40-60 permanent jobs once complete.

The expansion is part of more than $20 billion ExxonMobil has invested in growing its manufacturing presence on the Gulf Coast.

It ​plans to triple its production in the Permian Basin by 2025 and spend more than $2 billion on transportation upgrades.
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There's a new housing project InTown

ADDISON (Dallas Morning News) – InTown Homes is constructing 170 townhouses in its new Addison Grove project on Belt Line Rd. near Midway Rd.

The two- and three-bedroom townhomes will be priced from the mid-$300,000s and will be constructed in the style of brick row houses. They will range from 1,300 to 3,400 sf.

The community is part of a more than 17-acre project that was previously occupied by a vacant discount store.

The townhouses and three small parks join an apartment and retail building on the way at the property.

Houston-based InTown Homes currently has eight communities in the Dallas area, including locations in Plano, Oak Cliff, and in the medical district near Maple Ave​.
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A 1 and a bunch of 0's: 1M-sf data center sold

PLANO (Dallas Morning News) – NTT Data has sold its one million-sf North Texas data center campus to a California-based GI Partners.

The office and tech complex is at 2300 W. Plano Pkwy. near Bush Turnpike.

NTT Data will lease back the property on a long-term basis.

NTT Data acquired the sprawling complex in 2016​ when it bought the former Perot Systems IT services operation from Austin-based Dell in an over $3 billion deal.

Medistar to deliver 48-story Innovation Tower 

HOUSTON (REBusiness Online) – Medistar Corp. will develop Innovation Tower, a 48-story mixed-use project within the Texas Medical Center.

Phase I will deliver 476,500 sf of medical and life science office space, a 1,700-space parking garage, and retail and restaurant space. 

Phase II will include either 410 luxury residential units or additional medical and life science office space. 

Construction is expected to begin toward the end of the third quarter. Transwestern will handle leasing of the project.
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Triumph of the sales

​​​​​FORT WORTH (Fort Worth Business Press) – Triumph Group Inc. is selling Triumph Fabrications to Arlington Capital Partners. 

The 145,000-sf Fort Worth facility is at 7445 E. Lancaster Ave. and last reported an employee count of about 150. ​

Other operations included in the agreement are in Hot Springs, Ark.; Phoenix; San Diego; and Shelbyville, Ind.

Triumph also has manufacturing facilities in Arlington and Grand Prairie.

Crescent Communities building a Novel in River Oaks

HOUSTON (Houston Business Journal) – Crescent Communities is building Novel River Oaks, a 330-unit luxury apartment complex.

It will feature 14,000 sf of ground-floor retail and restaurant space.​

The project is on 3.4 acres at 2511 Willowick Rd., which is the site of the former Georgian senior community.  

Delivery is expected for the second half of 2020.
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Floridays forays into DFW multifamily

GARLAND (Commercial Observer) – Floridays Development has landed a $35.6 million loan from Orix to develop the Northside at the Woodlands apartment complex.

The 300-unit high-end project will sit on 15 acres at 4221 Arapaho Rd.

Floorplans will range from 580-sf one-bedroom units to three-bedroom apartments​ as large as 1,250 sf. 

The Carlton Group brokered the loan deal.

Industrial breakout continues in north Fort Worth

FORT WORTH (Dallas Morning News) – Dallas-based​ Stream Realty Partners will start construction next month on an industrial park on SH 114 in northern​ Tarrant County.

The 66-acre Northwest Commerce Park will include over one million sf across three buildings. It will be west of I-35W and north of the Alliance Airport.
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