RECON for January 21, 2020RECON for January 21, 2020Bryan PopePope

RECON Real Estate Center
The downtown skyline and surrounding metropolitan area of Houston, Texas; the fourth largest city in the United States shot from an altitude of about 1000 feet.
According to a WalletHub study, Texas is the fourth-best state for driving. For the details on this story and more, keep reading today's RECON. (Photo from Center files.)
January 21, 2020

364K-sf medical office tower slated for Museum District 

HOUSTON (Houston Business Journal) – Katy-based Testa Rossa Properties LLC will soon begin construction on Museo Plaza, a mixed-use project in the Museum District. 

Phase one will feature a ten-story, 364,000-sf medical office tower at 5115 Fannin St. 

The $77 million tower will have five parking garage levels above the ground-floor lobby, which will include 16,000 rentable sf.

Floor plates will be nearly 35,000 sf to help accommodate the space requirements of medical service providers.

The building’s anchor tenant, The Mann Eye Institute, will occupy 37,000 sf on the top floor. 

Construction will begin in February and wrap up in first quarter 2022.

It was designed by PJMD Architects. Mission Constructors Inc. and CBRE are leasing the property. J.A. Billipp Co. and Skyhawk Partners are handling development managements. 
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Former Dallas Cowboys facility becoming housing project

IRVING (Community Impact Newspaper) – The former Dallas Cowboys practice grounds in Valley Ranch is becoming a new housing project called Legends Crossing.

The 36-acre ​project will add 251 units to Valley Ranch's current housing stock: 63 small-footprint bungalows, 86 townhomes, and 102 villas.

The community will include a trail system, community center, lawn care services, and Cowboys-themed road names and memorabilia.

Prices will start at $350,000 and top out between $550,000 and $600,000. Centurion American is the developer.

With utility construction underway, the first building permits will be issued in April.

Construction will take three to four years. ​
Sketchy drawing of commercial buildingsThe Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

Texas fourth-best state for driving

WASHINGTON (WalletHub) – ​​​Texas is the fourth-best state to drive in, says a WalletHub study.

The Lone Star State ranks second in access to vehicles and maintenance​, 13th in safety, 20th in cost of ownership and maintenance, and 41st in traffic and infrastructure. 

Texas was fifth in both lowest average gas prices and fewest days without precipitation. 

The top three driving states are Iowa, Tennessee, and North Carolina.​

Last year, Texas ranked fifth on WalletHub's list of the top states for summer road trips. 
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

28-story luxury condos rise in downtown Austin

AUSTIN (Austin American-Statesman) – New York-based Reger Holdings is developing The Linden, a 28-story residential tower at 313 W. 17th St.

The tower will have 117 one- to three-bedroom luxury condominiums and a limited selection of two-story penthouses.

Eight levels of parking will be above 5,000 sf of ground-level retail and restaurant space.

Amenities will include a fitness center, pool, hot tub, club house, and grilling areas.

Rhode: Partners is the architect and interior designer.

Construction will begin in March and wrap up in 22 to 24 months. 
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Major mixed-use project underway at North Hills Mall

NORTH RICHLAND HILLS (Dallas Morning News) – Centurion American Development group has ​purchased more than 50 acres on the former North Hills Mall site for a major mixed-use development.

Called City Point, the development on Grapevine Hwy. will include 364 single-family lots, eight acres of multifamily development, 60,000 sf of commercial space, a hotel, amenity center, trail system, and green space.

The city has already built a new city hall and a public safety and municipal court complex on the property. 

Centurion American is currently in the design phase and will begin development in first quarter 2020.
Communication Matters video seriesThe Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.

Eight-acre RV, boat storage coming near Killeen

NOLANVILLE (Killeen Daily Herald) – Cliff Brown is building Cen-Tex RV and Boat Storage, a 696,960-sf storage facility at 1993 E. Central Expy.

The property will offer 335 total spaces, many of which will be 14 ft wide and 40, 45, and 50 ft long. Two-hundred covered spaces will be 1​2 ft wide and 37.5 ft long.

MRI Builders of Thorndale is the ​contractor. ​​​
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