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RECON for March 10, 2020RECON for March 10, 2020Bryan PopePope
2020-03-10T05:00:00Z2020-03-10T05:00:00Z

RECON Real Estate Center
Rendering of crown centre
What's happening in Texas real estate? Work starts on 1.8 million-sf San Antonio mixed-use project, Houston office vacancy up, metro Dallas project en route, and Plano named second happiest city nationally. Keep scrolling for the details. (Rendering from 505 Design.)
March 10, 2020

Smile, Plano! North Texas city second happiest nationally

​​WASHINGTON (WalletHub) – Plano has ranked second on WalletHub's list of America's happiest cities in 2020. 

The Collin County city ranked fifth in lowest separation and divorce rate, sixth in emotional and physical well-being, ninth in income and employment, and 16th in community and environment.

Austin ranked 22nd overall, the only other Texas city in the top 25. The Texas capital ranked fifth in highest income growth, sixth in income and employment, 12th in emotional and physical well-being, and 118th in community and environment. 

Laredo had the lowest suicide rate nationally.

Fremont, Calif., took the top spot in the overall rankings. The rest of the top five were San Jose, Calf.; Irvine, Calf.; and Madison, Wis.

Last year, Plano was first on WalletHub's list. 
The Real Estate Center will be closed for the rest of the week starting Wednesday, March 11. Happy Spring Break!

Sundt breaks ground on 1.8M-sf La Cantera Town Center

SAN ANTONIO (San Antonio Business Journal) – Sundt Construction Inc. has broken ground on the first phase of the La Cantera Town Center, a 1.8 million-sf, mixed-use development adjacent to the Shops at La Cantera. 

Phase one will include an outdoor amphitheater, trail system, and two parks.

Future phases will feature office space, boutique hotels, and residences.

The residences will include a 100-unit senior-living community. Cambridge Development and USAA Real Estate are the developers.

La Cantera Town Center was first announced in 2008.​
Hillcrest bridge
Relocating hundreds of families to new neighborhoods can be a massive undertaking. However, much can be learned from the aftermath of such a project. Read "Crossing the Bridge" for insights from a recent Corpus Christi neighborhood relocation project.

Developers gearing up for $1.5B Lewisville project

​LEWISVILLE (Dallas Business Journal) – Locally based Bright Realty is developing Crown Centre, a 140-acre mixed-use development that has been more than five years in the making. ​​

At full build out, the $1.5 billion project will have: 
  • 3 million sf of office space, 
  • a 500-room hotel with covered parking, 
  • 2,000 apartments​, 
  • 140,000 sf of retail space, 
  • green space with trails and lakes, and 
  • outdoor event space.
Lincoln Property Co. is handling leasing of the office portion.
Texas Quarterly Commercial Report: 4th Quarter 2019

Houston office vacancy rate up year over year

HOUSTON (NAI Partners) – Overall office vacancy is at 21.8 percent and availability is at 26.4 percent, both up between 70 to 80 basis ​​​points from this time last year.

According to NAI Partners, the local office market recorded two million sf of leasing activity—including both new leases and renewals—year to date in February 2020. Net absorption is at negative 206,000 sf, down from 762,000 sf year over year. 

Additionally, 180,000 sf has been delivered so far this year, composed entirely of the four-story office building in The Woodlands that Alight Solutions will occupy at 8770 New Trails Dr. 

The average asking full-service rent is at $29.36 per sf, up $0.23 from this time last year. 

Currently, there is over 3.5 million sf of office space underway. 
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Since 1997, RECON has been providing the Real Estate Center's constituents with the top real estate news stories directly to their inboxes twice weekly. How have we been doing? We want to know what you think. Please take our two-minute survey to share your thoughts.

TREC seeking feedback on recently proposed rules

​AUSTIN (Texas Real Estate Commission) – The Texas Real Estate Commission (TREC) is seeking input on recently proposed rules.

At its Feb. 10 meeting, TREC adopted three rules, including one based on a recommendation received from its inspector committee. ​Seven rule amendments were proposed, including an amendment to TREC Rule §535.92, related to continuing education requirements. 

License holders and the public are encouraged to review and comment on any proposed changes to the rules by emailing general.counsel@trec.texas.gov​ through March 31. These proposed rules will be up for adoption in May.​
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. 

179-acre mixed-use project coming between Buda, Austin

BUDA (Austin Business Journal)– Milestone Community Builders is developing Persimmon, a mixed-use project on 179 acres northeast of FM 967, east of the Coves of Cimarron subdivision.

The project calls for:
  • a 12-acre greenbelt,
  • 33-acre park,
  • 3.5-acre amenity park,
  • 1,025 single-family homes,
  • 250 multifamily units, and  
  • retail space.
The tract lays in Austin and Buda's extraterritorial jurisdictions. 
Houses made out of 100 dollar bills
Texas' housing market has been more affordable than the nation's as a whole for years, but the gap between the two has narrowed as the state's affordability growth has begun to slow. Regardless, Texas is still on top. Read more exclusively on the Real Estate Center's website. 

Cawley, Rosewood to develop 1M-sf Plano office project

PLANO (REBusiness Online) – Cawley Partners and Rosewood Property Co. will develop a one million-sf office project at 412 Texas Dr. in Heritage Creekside.

Phase I will have a six-story, 250,000-sf building with a fitness center, conference center, and rooftop deck.

The four-building project will include a central courtyard and an amenity hub.​

Construction will begin by first quarter 2021.

Heritage Creekside is a 156-acre mixed-use development. ​
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Did you know you can get notified every time one of our new economic reports is released? Check out our email notification feature to get the latest economic data sent directly to your email inbox for free. 

20-story residential and hotel tower coming to SA's skyline 

SAN ANTONIO (San Antonio Business Journal) – DC Partners is building the Arts Residences and the Thompson Hotel, a 20-story, 337,000-sf high-rise tower at 123 Lexington Ave. 

The first 11 floors will be home to the 162-room Thompson Hotel.

The upper floors will include one- to three-bedroom condos. The top two floors will have three- and four-bedroom penthouses.

Construction of the hotel and the first 59 residential units will be complete this summer. 
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Copyright © 2020, All rights reserved.
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.
https://www.recenter.tamu.edu/news/recon/?Item=356

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