September 21, 2021 • Issue 1,165 |
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Crescent Real Estate Breaks Ground on $250M Mixed-Use Project in Fort Worth |
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Crescent Real Estate's new mixed-use project in Fort Worth's Cultural District is expected to be complete some time in 2023. |
FORT WORTH, TEXAS — Locally based developer Crescent Real Estate has broken ground on a new mixed-use project in Fort Worth’s Cultural District that is valued at $250 million, according to The Dallas Morning News.
Current plans for the project, which was announced in February, call for 175 residential units, a 200-room boutique hotel and a 160,000-square-foot office building that will house the headquarters of tenants such as Goff Capital, Canyon Ranch and Contango Oil & Gas.
Crescent Real Estate also plans to move its headquarters into the new office building. Construction is scheduled to be complete in mid-2023.
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Valor Club USA to Open 200-Acre Campus in San Antonio |
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The development team behind Valor Club USA's new San Antonio campus hopes to be able to begin construction by next summer. |
SAN ANTONIO — Valor Club USA, an organization dedicated to helping veterans and servicemen and women transition from military to civilian life, will open a new office in San Antonio.
The group’s president, Michael McDowell, will oversee construction of a 200-acre campus that will house recreational facilities, residential units, a hotel and commercial and retail space.
In addition, the development will feature veteran support services and an entertainment district anchored by an indoor/outdoor performance and training center. Gensler designed the project. |
Joint Venture Acquires Three Hotels in The Woodlands from Howard Hughes Corp. for $252M |
THE WOODLANDS, TEXAS — A joint venture led by Los Angeles-based investment firm Lowe has acquired three hotels in The Woodlands, located about 30 miles north of Houston, from The Howard Hughes Corp. (NYSE: HHC) for $252 million.
The properties include The Woodlands Resort, a 402-room hotel that was built in 1972; Embassy Suites by Hilton, The Woodlands at Hughes Landing, a 205-room asset that was constructed in 2015; and The Westin at The Woodlands, a 302-room property that was completed in 2016.
CoralTree Hospitality, a subsidiary of Lowe, will manage the hotels. In addition, the new ownership will invest approximately $25 million in capital improvements across all three properties. |
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Have You Read the August Issue? |
HEADLINES Volume of Self-Storage Deals Explodes Between concerns over rising capital gains taxes and stable returns afforded during inflationary periods, investors really like the space right now.
Retail Owners Must Create Value for Tenants From investing in storefront aesthetics to negotiating shorter, more flexible leases, there are several ways in which landlords can accomplish this in the post-COVID world.
INSIDE THE ISSUE
How to Design Commercial Cannabis Facilities
Texas has yet to take big steps toward legalization or decriminalization, but did recently expand its medical program, begging the question of whether cannabis could become another driver of industrial absorption.
Build Today, Sell Tomorrow Here are several key ways by which healthcare developers in Texas can maximize marketability. |
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CBRE Negotiates Sale of 387,838 SF Harris Ridge Business Center in North Austin
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Harris Ridge Business Center in Austin totals 387,838 square feet across five buildings. The property was fully leased at the time of sale. |
AUSTIN, TEXAS — CBRE has negotiated the sale of Harris Ridge Business Center, a 387,838-square-foot industrial park in North Austin. Harris Ridge consists of five buildings that were constructed in phases between 2008 and 2021.
The park was fully leased at the time of sale to a roster of 11 tenants with an average suite size of 32,392 square feet. Boston-based TA Realty purchased the property from Austin-based HPI Real Estate Services for an undisclosed price.
Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal on behalf of HPI.
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Nicholas Residential, Hughes Capital Partners Buy 473-Unit Apartment Community in Dallas |
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Bellevue at the Bluffs in Dallas totals 473 units. The property was built in 2019. |
DALLAS — A fund backed by Dallas-based Nicholas Residential and Hughes Capital Partners have purchased Bellevue at The Bluffs, a 473-unit apartment community located in the Bluffview neighborhood of Dallas.
Built in 2019 and formerly known as Aura Bluffview, the property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, resident clubhouse, business center and a lounge. The seller was not disclosed.
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Livingston Street Capital Acquires 402-Unit Active Adult Portfolio in North Texas |
FORT WORTH AND DENTON, TEXAS — An affiliate of Livingston Street Capital has acquired a portfolio of two active adult communities totaling 402 units in North Texas.
The properties include a 162-unit community in Fort Worth, which the firm has rebranded as The Spring at Silverton, and a 240-unit community in Denton, which the firm has rebranded as Sunstone Village.
These assets bring Livingston’s active adult and independent living portfolio to nearly 600 units in the Dallas-Fort Worth market and more than 1,500 units nationally. |
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Texas Multifamily & Affordable Housing Business magazine |
Check out the digital edition of the July/August issue of Texas Multifamily & Affordable Housing Business magazine — click here to read the issue. |
We talk with investors and developers across Texas about the latest in conventional multifamily, as well as affordable, workforce and mixed-income housing. |
For more information about Texas Multifamily & Affordable Housing Business, contact |
Scott France at 404-832-8262 x 108
or
Jill Dickstein at 646-940-0465 |
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CONFERENCE COVERAGE |
InterFace Panel: Supply Chain Issues Continue to Challenge Multifamily Developers |
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The InterFace Multifamily Texas developer panel, from left to right: Matt Brendel of Legacy Partners; Michael Blackwell of Mill Creek Residential; moderator Alisan Rutland of Walker & Dunlop; Jason Haun of ZOM Living; and Greg Coutant of StreetLights Residential.
By Taylor Williams |
Facing extended construction timelines and elevated costs of materials due to COVID-19’s disruption of global, national and local supply chains, multifamily developers are being forced to pivot, improvise and forge new relationships with suppliers in order to manage overall risk levels within their projects.
Even before the pandemic, real estate developers and users across all asset classes understood how crucial competent supply chain management was to their budgets. But the global health crisis has reinforced that fact, especially for developers whose product type remains in high demand, such as housing providers in the rapidly growing state of Texas.
In terms of basic economics, when COVID-19 hit and ground global commerce to a halt, suppliers across a range of industries decreased their inventories in response to sluggish demand for sundry goods and services. With vaccines now widely available, travel picking back up and businesses reopening at full capacity, pent-up demand is being unleashed on these industries, including real estate development, forcing suppliers to rebuild their inventories. Yet this process is not a simple matter of flipping a switch back on. <click here to read the full story>
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Are you getting all the news you need? |
France Media publishes 12 free e-newsletters, covering commercial real estate by region or with a focus on specific property types, including retail, student housing and seniors housing. |
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