|RECON for May 16, 2023||RECON for May 16, 2023||2023-05-16T05:00:00Z||2023-05-16T14:00:00Z|
GROUND BREAKING FOR AN $800 MILLION community on North Padre Island last week is for the first-ever master-planned coastal community within Corpus Christi's city limits. Read more in this issue. (Rendering courtesy of Whitecap NPI.)
Production increases, momentum builds in Texas’ manufactured housing industry
|COLLEGE STATION (Texas Real Estate Research Center) – The outlook in Texas’ manufactured-housing industry strengthened for the third consecutive month, according to the latest Texas Manufactured Housing Survey (TMHS) The April reading marked the largest improvement since last summer.|
New orders continued to accelerate, and the TMHS production index moved positive after stalling during the second half of 2022.
“Housing manufacturers have been preparing to ramp up production for several months, and that came to fruition in April,” said Wes Miller, senior research associate at the Texas Real Estate Research Center at Texas A&M University (TRERC). “As expected, companies expanded payrolls and lengthened workweeks to reach higher run rates.”
“Through both retailer and community channels, manufacturers have seen increased placements of their homes in and around Harris County, out west in the Midland-Odessa area, and down south in Cameron County,” said Rob Ripperda, vice president of operations for the Texas Manufactured Housing Association. “Placements are on pace to elevate further based on first-quarter shipment data, and that should pull Texas’ aggregate inventory back to normal levels. If sales stay strong, manufacturers should continue to see those orders come in and those backlogs get longer.”
TMHS respondents expressed that exact sentiment, with the sales-expectations index hovering around record highs, leading to backlogs.
“The optimism from housing manufacturers may be a result of stronger-than-expected performance by the Texas economy,” said TRERC Research Economist Dr. Harold Hunt. “Although a recession is not yet off the table, Texas’ job-growth expectations are ahead of where they were six months ago. Mortgage rates have come down from their highs as well, possibly giving buyers more confidence about the future.”
Interest rates may stabilize further as the Federal Reserve contemplates an end to the current rate-hike cycle.
First master-planned community coming to Angleton
ANGLETON (Houston Business Journal) – Ashton Gray Development is developing an 880-acre master-planned community off SH 288.
The plans include 2,450 homes at buildout, a site for an elementary and junior high school in Angleton ISD, and about 45 acres of commercial development fronting SH 288.
Houses will range from about 1,400 to 3,000 sf.
Phase 1 of the project will begin in the fourth quarter of this year and include about 1,200 lots on the first 500 acres.
The community will have more than 200 acres of amenity space, including a nature preserve, detention ponds with an eight-mile trail system, a recreation center with a gym, a resort-style pool and lap pool, and playground.
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Hotel Saint Augustine breaks ground in Houston's museum district
HOUSTON (Houston Business Journal) – Bunkhouse is breaking ground on Hotel Saint Augustine, a 71-key, two-story hotel on Loretto Dr. and adjacent to the Menil Collection campus.
The project will include adding event space, a restaurant, and a bar.
Completion is slated for fourth quarter 2024.
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Whitecap rolling onto North Padre Island beaches
CORPUS CHRISTI (PR Boutique) – Ashar Development LLC and Diamond Beach Holdings LLC have broken ground on Whitecap NPI, the first-ever master-planned coastal community within the city limits.
The $800 million community at 14353 Commodores Dr. on North Padre Island will span 240 acres and have a mix of single-family homes, villas, condos, and cross-generational housing.
A public town center and mixed-use area will have dining, entertainment, and retail. The development will also include a resort-style hotel, dry stack marina and yacht club, cafés, shops, galleries, markets, and the Whitecap Nature Preserve.
PLACE Designers Inc. is the residential architect, Turner Ramirez Architects is the amenity and commercial architect, and Cadence is the landscape architect. LJA Engineering LLC is the structural engineers. DeLeo & Fletcher Design is handling interior design, and Strategyst LLC is in charge of marketing and sales.
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LyondellBasell moves headquarters with 318,504-sf office lease
HOUSTON (REBUSINESS) – LyondellBasell has signed a 318,504-sf office lease for its new U.S. headquarters at Williams Tower.
CBRE represented LyondellBasell in the lease negotiations, as well as the landlord, Invesco Real Estate.
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Shoppers World coming to Cypress' Steeplechase Center
CYPRESS (Houston Business Journal) – Shoppers World will open a 100,000-sf location in the Steeplechase Center on FM 1960 between US 290 and SH 249.
Built in 1982 and renovated in 1990, the shopping center has 195,000 sf of retail space.
The remaining property was also recently acquired by Highland Capital for $18 million.
JLL represented the seller, Jones 1960 Crossroads LLC.
UTPB's Mesa Building to be renovated
ODESSA (Adolfson & Peterson Construction) – The oldest and largest building at The University of Texas Permian Basin is being renovated.
The 317,000-sf Mesa Building, which serves as the school's academic and administrative anchor, will have up to 80,000 sf demolished, salvaged, and reconfigured.
Work will include replacing ceilings, light fixtures, HVAC supply registers/return air grills, flooring, paint, and wall coverings throughout the building.
Electrical distribution and emergency power systems, building controls/automation, mechanical/plumbing systems, low voltage systems, and one new elevator are also part of the project.
The building will remain open and operational during building renovation.
Adolfson & Peterson Construction will oversee the renovation. Architects for the project include JSA Architects and PBK Architects.
Construction is slated to start this fall and wrap up in fall 2024.