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June 6, 2023

‘When Local Control Turns Into Local Out Of Control’: The Battle Over Who Should Fix Texas’ Housing Woes

Tickets To Houston Annual Architecture & Design Summit Are On Sale Now

Housing advocates weren't confident that sweeping reform would be accomplished during Texas’ 88th legislative session, and for the most part, they were correct. As the biennial proceedings came to a close May 29, only a handful of the more than 200 bills aimed at housing relief were on their way to the governor’s desk.

Developers, property rights groups, academics, affordability advocates and private citizens spent months testifying before lawmakers about the threat posed by a shortage of housing supply. Elected officials on the right and left put aside differences to rally for a common cause: more housing in Texas for more Texans who need it.

It appears that much of their breath was wasted — at least until lawmakers meet again in two years. The fight to maintain local control coupled with opposition from powerful neighborhood groups and their elected officials was enough to derail the progress many hoped would be made.

“I’m never confident about anything passing just because our legislative process in particular is like Schoolhouse Rock! meets Friday the 13th,” Dallas Builders Association Executive Director Phil Crone said. “It’s just designed to kill every bill possible.” 

Read the full story here.

 
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Industrial Development In Houston Now Requires ‘Turning Over A Lot More Rocks’

Industrial Development In Houston Now Requires ‘Turning Over A Lot More Rocks’  

Even the industrial market, the shining star of Houston’s asset classes, is requiring creativity and diligence to push deals past the finish line these days.

Business is still strong, said Robert Clay , Clay Development & Construction president and co-founder and the keynote speaker at Bisnow’s Houston Industrial and Port Update, held at The Westin Houston Memorial City on Thursday.  Clay’s business is developing 1.5M to 2M SF of spec distribution space every 18…

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Westchase District Brings In ‘Fresh Eyes’ For Familiar Mission: Making It More Than A 9-To-5 Hangout

Westchase District Brings In ‘Fresh Eyes’ For Familiar Mission: Making It More Than A 9-To-5 Hangout  

Houston’s Westchase District is a common place for people to be between 9 a.m. and 5 p.m. That is why it has been on a mission for half a decade to encourage people to come earlier and stay later — maybe even by living there — and its new leader plans to continue the success it has found so far.

Charly Weldon last week became the second president and CEO of the Westchase District, the organization tasked with promoting economic growth in a 4-square-mile area of west Houston.

Weldon took over the role from  Jim Murphy , who led the district since its creation in 1995. He remains on the board in a consulting role and plans to never be more than a phone call away, Weldon told Bisnow. Weldon enters the role leading an established…

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This Week's Houston Deal Sheet

This Week's Houston Deal Sheet  

Diamond Offshore, a contract drilling services company, signed a 62K SF lease for its headquarters at One Eldridge in the Energy Corridor. The company will occupy the ninth, 11th and 12th floor of the 12-story office building at 777 North Eldridge Parkway.

Diamond Offshore will relocate from 15415 Katy Freeway in Q4 2023, bringing about 160 employees. Diamond Offshore was represented on the lease transaction by Lonna Jenks of JLL and Eric Anderson of Transwestern. Granite was represented by Jon Dutton and Andrew Elliott of Granite.   One Eldridge is a Class-A, 245K…

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Houston Apartment Rents Continue To Grow While Other Texas Metros Falter

Houston Apartment Rents Continue To Grow While Other Texas Metros Falter  

Out of the four largest Texas metropolitan areas, Houston is the only one to see positive growth of average apartment rent over the past year, according to a new report.

Houston’s  multifamily  rental rate grew a modest 1.3% over the last 12 months, a Market Line Report from  MRI Software ’s ApartmentData shows. But the Dallas-Fort Worth area’s rental rate decreased by 0.9%, San Antonio’s decreased by 1.2% and Austin’s decreased by 3.9%, the report indicates. Houston’s…

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Artemis Closes $2.2B Fund, Plans To Invest In Distressed Real Estate Across The Country

Artemis Closes $2.2B Fund, Plans To Invest In Distressed Real Estate Across The Country  

Artemis Real Estate Partners has secured its largest-ever investment haul at a time when fundraising is down across the real estate industry, and it is preparing to take advantage of the distress that many owners are facing. 

The Washington, D.C.-based investment firm just closed its latest real estate vehicle, Artemis Fund IV, with $2.2B in commitments, more than double its previous largest fund and far exceeding its $1.5B target, the firm's top executives told Bisnow

"This was the first time that our fund size was large enough we’ve attracted sovereign wealth interest from the Middle East and Asia, so that was new for us," Artemis co-CEO Deborah Harmon said in an interview Friday. "But the repeat of existing investors is reflective of the track record,…

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