Hoping to compete with convention city rock stars like Las Vegas and Orlando, Houston is upping its convention center game. Houston First Corp. has selected locally based global real estate powerhouse Hines to lead a transformation offering a 500K SF addition to the south side of the existing 1.8M SF structure, a new skybridge to the Toyota Center arena, and new restaurant and retail offerings. What Houston First calls a “generational opportunity” to reimagine the 37-year-old George R. Brown Convention Center will be funded with hotel occupancy taxes, up to $2B of which are earmarked for upgrades. Read more here. The Best Of Bisnow Conn’s closures set to leave a mark across Texas. The Lone Star State was relatively unscathed by a series of retail bankruptcies this year, but the shuttering of more than 550 stores operated by Conn’s Inc. — as well as millions of square feet of industrial space — will hit the state harder than others. The closures could be an opening for those seeking opportunities in the tight asset classes, but there is a risk smaller tenants will flee centers where the furniture, electronics and appliances retailer was a major anchor.
A paused Historic Southside project is back on again. The long-awaited redevelopment of Fort Worth’s Evans and Rosedale community was derailed last year when the city canceled its contract with partner Hoque Global over financial issues and delays. Now a Wisconsin-based master developer has been named, and it’s full speed ahead for the project, which has struggled with momentum since the Global Financial Crisis.
Mr. Turner goes to Washington? Houston’s former mayor is most likely headed to the U.S. House of Representatives next year, occupying the seat once held by Sheila Jackson Lee, who died in July. Sylvester Turner won an unusual election held by precinct chairs last week, touting a platform that includes mitigating the impact of climate change, infrastructure, affordable housing and funneling federal dollars to the central Houston district.
Dallas power players are teaming up, hoping to make mixed-use magic. Two Metroplex-based real estate firms are joining forces to develop and invest in community-centered mixed-use projects nationwide. Lincoln Property Co. last week announced a strategic investment in national retail real estate owner and operator Centennial to acquire, reposition and redevelop retail and mixed-use assets.
The Best Of The Rest DFW On Verge Of Besting NYC In New Apartment Construction (Culture Map Dallas): The Big Apple might reign supreme when it comes to producing new multifamily, but only by three units. A new analysis of 369 metros shows that Dallas-Fort Worth is on track to produce 32,932 units this year, more than 5,000 of them in Dallas proper.
Texas Cities Offering Major Perks To Sign Tenants (My San Antonio): Speaking of lots of apartments, more than 40% of landlords in several Texas cities are offering big concessions to sign leases amid softening rent growth and oversupply. Austin leads all metros, with more than 50% of new tenants enjoying free weeks, gratis parking and other enticements to rent units. More than 47% of DFW listings offer similar perks, followed by San Antonio at 46.5%.
Partnership Scoops Up Nearly 200 Texas Parking Lots (Dallas Innovates): Amid what seems to be a movement toward parking lot consolidation, Denver-based The Broe Group and New York’s Hudson Valley Parking Trust have acquired Dallas-based Platinum Parking, picking up 300 parking facilities across the U.S. The purchase includes 106 lots in DFW and 72 in Houston, Sugar Land, Austin, San Antonio and Laredo. It follows the same partnership’s purchase of New York-based Icon Parking just last month.
But Will It Like What It Hears? (Community Impact): After a tropical storm wiped out power to Houston homes and businesses for days, CenterPoint Energy is kicking off a two-month listening tour to get customer feedback and offer information on actions it plans to take to improve storm response. One agenda item sure to get the conversation going: a proposed 2% rate hike over the next 15 years to recoup storm costs.
Thousands Of New Homes On The Way In Dallas Burbs (DMN): It was a busy week for massive new master-planned communities in the ever-expanding DFW metro. First, Hines and two partners announced they’d purchased the first 90 acres for Furst Ranch near Flower Mound, which will include 1,000-plus homes in its first phase. A day later, Centurion American Development Group closed on 600 acres in Van Alstyne, where it plans a 2,200-home mixed-use community.
Quote Of The Week “Experience does matter. I’m not the youngest in the race, but let me just say this: When people’s needs are not met, they want somebody to service their needs.” — Former Houston Mayor Sylvester Turner on his ability to bring home federal dollars as he runs for the late Sheila Jackson Lee’s seat in the 18th Congressional District, which covers most of central Houston.
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