RECON for February 4, 2020RECON for February 4, 2020Bryan PopePope

RECON Real Estate Center
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What's happening in Texas real estate? Hanover planning master-planned community on 966 Midlothian acres, Austin office market outlook positive in 2020, and Amarillo hospital becoming senior-living complex. Keep reading today's RECON for the details. (Photo from the Austin American-Statesman.)
February 4, 2020

966 Midlothian acres slated for master-planned community

​​​​​​MIDLOTHIAN (JLL) – Hanover Property Co. has purchased 966 acres at the northeast corner of SH 287 and Walnut Grove Rd. for a $950 million master-planned community. 

The development will include 2,000 single-family homes, 160 townhomes, 26 acres of commercial space, and 42 acres of industrial development around a 50-acre lake. 

Homes will be priced from the $300,000s and will be available​​​ by early 2022. 

JLL marketed the land on behalf of the seller, ECOM Real Estate, and represented the buyer. The project team also includes MESA and LJA Engineering. 
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What happened around the Center in January? Our Tierra Grande magazine got a new look, and Center staff members made headlines across the state. Read the January 2020 issue of Total RECall to stay up to date, and sign up to join the VIP list. 

Positive outlook for Austin office market in 2020

AUSTIN (Austin American-Statesman) – The metro's office market closed out 2019 with job growth above the national average and one of the lowest unemployment rates in the country, according to Cushman & Wakefield.

This has driven demand and increased average rents to a record high.

In 4Q2019, marketwide asking rents for top-tier office space increased 7.4 percent year over year to $44.14 per sf. This is down from a record high of $44.18 per sf in 3Q2019.

Last year's "red-hot economy" pushed overall asking rents to a record high of $39.21 per sf.

Occupancy increased from 90.6 percent to 92.3 percent.

According to CBRE, 3.1 million sf of office stock was added across the metro in 2019. Currently, 7.2 million sf is in the construction pipeline with a preleased rate of 47 percent.
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HCFCD plans detention basin at Raveneaux Country Club 

​​​HOUSTON (Houston Business Journal) – The Harris County Flood Control District (HCFCD) has purchased Raveneaux Country Club to build a regional stormwater detention basin.

The HCFCD paid nearly $11.5 million for the 27.6 acres in the Champion Forest/Vintage Park neighborhood. ​

Dallas investor Kera Development LP and Cypress/Raveneaux LLC entities were the sellers.

Funding for the acquisition came from the $2.5 billion bond measure approved in 2018 for flood-mitigation projects.
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. 

Lakeside Meadows paddles forward with 419-acre rezoning 

PFLUGERVILLE (Austin Business Journal) – The city council has approved the rezoning of 419 acres for Lakeside Meadows, a mixed-use project on the east side of SH 130.

The project will have a corporate office campus, warehouses, and 941 residential units. There will be 441 single-family and 500 multifamily units.

Construction begins​ in July.

Kerby Ventures is the developer. 
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. 

New York company's Dream coming true

SAN ANTONIO (San Antonio Express-News) – New York-based Dream Hotel Group is planning Dream San Antonio, a 217-room hotel at 107 E. Martin St. 

The 25-story boutique hotel will be the centerpiece of a large mixed-use development that will have office space and private residences.

Amenities will include a rooftop pool deck, bar and lounge, meeting space, two restaurants, and fitness facilities.

Construction begins next year and will wrap up in 2023.

CUBE3 Architects is the designer.
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Champion Site Prep drills down on new facility 

GEORGETOWN (Connect Media) – Champion Site Prep Inc., a site development and excavation company, is developing a new facility on 18 acres at I-35 and CR 143.

The facility will bring 200 jobs and over $17 million of new capital investment.

The city council recently approved an economic development incentive agreement for a $500,000 infrastructure reimbursement grant from the Georgetown Economic Development Corp. ​

The company currently operates in a temporary facility in Jarrell.​
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.

St. Anthony’s Hospital transforms into senior-living complex

AMARILLO (News Channel 10) – Part of the 119-year-old St. Anthony's hospital is being transformed to an affordable senior-living center.

The 565,000-sf building is at the southeast corner of Polk and Amarillo Blvds.

The hospital board has applied for a housing tax credit program. The Texas Department of Housing and Community Affairs will determine if St. Anthony's earns the housing tax credit in July. 

Pearl turns medical tower into 273-room Westin hotel

HOUSTON (Realty News Report) – Pearl Hospitality has redeveloped the 18-story Medical Towers at 1709 Dryden Rd. into a 273-room hotel. 

Designed by Baskervill architects, the Westin Houston Medical Center hotel is across the street from Houston Methodist and Texas Children’s Hospital.

​The redevelopment team included BRR Architects, MBCM Incorporated, Collaborative Engineering Group, Henderson Rogers, and Texas HRE Construction. 
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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