 | | Byron Smith was sitting at a Tex-Mex restaurant in Houston when it struck him. Looking out of the window, he could see a church, a school and a strip club: This city doesn’t have zoning laws. That’s why, after previously deeming his vision for a chain of what he calls "commercial condos" an unviable concept in Los Angeles or New York City, he decided to launch his second XSpace development in the city. After opening the first XSpace in Austin last year, its second location, in northwest Houston, is slated to open in Q1 2024. XSpace is a place for “anyone who’s cool, interesting, successful,” to buy a space to use as an office, a garage, a man cave or whatever they want, save for a home, Smith said. It's also a relatively rare asset class at the intersection of storage and coworking — so rare that Smith was at a loss for what to call it. Commercial condo might not fully cover it, he said, describing it as similar to coworking space, but with drive-up access to all units and a 4K SF community lounge, almost like a “quasi town center." Read the full story here. |
