RECON for January 12, 2021RECON for January 12, 20212021-01-12T06:00:00Z2021-01-12T06:00:00Z
Texas A&M University in snow
Snow blankets the Century Tree and Academic Building on the Texas A&M University campus in College Station after a snowstorm on Jan. 10, 2021. (Photo by Center Photographer JP Beato III.)
January 12, 2021

Treasury launches $25B Emergency Rental Assistance Program

WASHINGTON (U.S. Department of the Treasury) – The U.S. Department of the Treasury has launched the $25 billion Emergency Rental Assistance Program​ (ERAP) established by the Consolidated Appropriations Act, 2021. 

The ERAP assists households that are unable to pay rent and utilities due to the COVID-19 pandemic. 

The funds are provide​d directly to states, U.S. territories, local governments with more than 200,000 residents, the Department of Hawaiian Home Lands, and Indian tribes (defined to include certain Alaska native corporations) or the tribally designated housing entity of an Indian tribe.

Eligible grantees must use the funds to provide assistance to eligible households through existing or newly created rental assistance programs. 

An "eligible household" is defined as a renter household that has a household income at or below 80 percent of the area median and in which at least one or more individuals living in the household:
  • qualifies for unemployment or has experienced a reduction in household income, incurred significant costs, or experienced a financial hardship due to COVID-19; and
  • can demonstrate a risk of experiencing homelessness or housing instability.​
States, U.S. territories, local governments, and Indian Tribes are now able to enroll in the ERAP through a web portal by providing payment information and accepting award terms. Treasury will begin promptly disbursing funding to eligible grantees as soon as a grantee’s enrollment is complete. 
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Chicago investor picks up 500K-sf logistics asset

HOUSTON (REBusiness Online) – Chicago-based Dayton Street Partners has purchased a 500,000-sf logistics property on 90 acres at 5800 Mesa Dr. 

The asset has a 333-door truck terminal and 33-bay maintenance facility. 

Dayton Street will un​dertake a multimillion-dollar renovation of the terminal and develop 25 acres for secured trailer parking. 
Sketchy drawing of commercial buildingsThe Texas Real Estate Research 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. 

Work starts on 100 Labor mixed-income project 

​​​SAN ANTONIO (San Antonio Business Journal) – Alamo Architects has broken ground on 100 Labor, a 213-unit mixed-income apartment and townhome development at 100 Labor St. 

Amenities will incl​ude two swimming pools, three commercial spaces, and an outdoor plaza. 

Construction will be complete in July 2022. 

Franklin Construction is the general contractor. 
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. 

Apartment community opens in Spring

SPRING (REBusiness Online) – ​Fein has opened Canopy at Springwoods Village, a 332-unit apartment community within the $10 billion Springwoods Village mixed-use development. 

The ​​property has one- to t​hree-bedroom floor plans ranging from 552 to 1,705 sf. Monthly rents start at $1,000 for a one-bedroom unit. 

Amenities include a clubhouse with billiards and ping-pong tables, fitness center with yoga and spin studios, golf simulator, library, conference room, and pool with sun shelves and cabanas. 

Residents also have access to a 1.5-acre lake with surrounding walking trails. 

Steinberg Dickey Collaborative designed the community, which was built by Westchase Construction. 
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123-room Element by Westin underway in Richardson 

​​​​RICHARDSON (REBusiness Online) – 3D Development Partners will build a 123-room Element by Westin hotel at 2205 N. Glenville Ave. 

Amenities will include a fitness center, pool, and bike rental program. MW Builders is the general contractor. 

The hotel, which will be developed and managed by Midas Hospitality, opens in summer 2021.
Communication Matters video seriesThe Texas Real Estate Research 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.

Schertz-Cibolo ISD picks up 30 acres 

​​​SCHERTZ (Connect Media) – The Schertz-Cibolo-Universal City Independent School District has acquired a 29.87-acre site on Green Valley Rd. 

NAI Partners represented the seller in the transaction. 

Energy Corridor office building trades hands

​​HOUSTON (REBusiness Online) ​​– ​Los Angeles-based Younan Properties Inc. has acquired Two Westlake Park, a 455,000-sf office building in the Energy Corridor. 

Built in 1982, the facility is on 5.4 acres within Westlake Park, a 58-acre, 2.8 million​-sf office development. 

JLL represented the seller, PIMCO.
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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 Texas Real Estate Research 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 Texas Real Estate Research 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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