Like a phoenix rising from the ashes of the former Ambassador Hotel site, Texas-based developer OHT Partners is building a 299-unit luxury apartment community in the Cedars area of Dallas. The developer is following historic preservation guidelines set for by the city, the Historic Landmark Commission and advocacy groups, though the structure is slated to include a modern amenity level at its center that will feature an outdoor pool overlooking downtown. The first units of the project should be ready in late 2026, with the entire project slated to wrap up in 2027. Read more here. Best Of Bisnow Regulations could send the vape shop business up in flames. The increasing popularity of e-cigarettes around the time the pandemic hit helped fill numerous empty retail storefronts, and vape shop openings haven’t slowed down since. Yet state and local regulations, like the banning of any new stores in Sugar Land, are ramping up even as one presidential candidate has promised to be the industry's champion.
During the first half of 2024, Texas hotel investment surpassed 2019 levels, but the rest of the current year could see things cool down ahead of what is likely to be an explosive 2025. Industry insiders said the recent rate cut will benefit REITs, which could help entice more investors to play follow the leader.
Following repeated waves of inflation over the last few years, the economy has waded into a low-inflation area that is likely to last, UBS Global Wealth Management Chief Economist Paul Donovan told a room of Texas multifamily professionals last week. And commercial real estate should benefit, with rates likely to follow inflation on the downward slope.
While the multifamily market held its collective breath for a rate drop, Camden Property Trust was breathing easily. The unsecured borrower isn’t as influenced by macroeconomic environments as its multifamily market counterparts, putting it in a great position to capitalize on the market reset, Chief Financial Officer Alex Jessett said in an interview with Bisnow.
The Domain in Austin is the inspiration for the developers of the 70-acre former Halliburton campus in the Westchase District of Houston, which Johnson Development Services says will become a mixed-use “urban village.” Plans include a hotel, retail, restaurants, residential units, office, parks and trails.
Best Of The Rest Dallas Council OKs Much-Debated Land Use Plan (WFAA): The newly approved Forward Dallas land use plan gives the city clear directives of which buildings are allowed in what areas. And while it does allow future zoning changes that could increase density in neighborhoods — a move that generated plenty of controversy — officials said those potential changes would still need to go through the existing zoning process.
Houston Shows Industrial Dominance (HBJ): A StorageCafe report shows that Houston ranks either first or near the top among peer cities for the number of building permits in every CRE asset class over the past 40 years. Houston ranks first for industrial and retail construction and third for multifamily construction.
Stockyards Hotel To Get $20M Facelift (Fort Worth Report): Work on a $20M remodel of the Stockyards Hotel building in Fort Worth is expected to begin in January and wrap up in mid-2026. As one of the centerpieces of the Stockyards, the hotel will feature completely remodeled rooms and a new front canopy.
World’s First 3D-Printed Hotel Goes Up In The Texas Desert (Reuters): A 3D printer the size of a crane is building a 43-unit hotel layer by layer on a 60-acre site outside of Marfa, a west Texas arts hub. The El Cosmico hotel project will include 18 homes and is being constructed by ICON, which is also developing a neighborhood of 3D-printed homes near Austin.
They Forgot To Keep Austin Weird (The Hill): A new book argues that Austin has lost its cachet and become the victim of its own success. Unchecked development and a real estate boom that undermined the city’s social underpinnings have eroded the qualities that once made it special, according to journalist Alex Hannaford’s Lost In Austin.
Quote Of The Day “Even if they're tightening their belt on something else ... they are going to take a vacation.” — JLL Americas Hotels & Hospitality President Dan Peek on why Texas hotels could have a good 2025 despite a pullback in consumer spending. *** So how's the Tea? As we brew up next week's edition, send us your feedback, including what kind of content you'd find valuable in this newsletter. And don't forget, we love news tips. Want to subscribe and get the Texas Tea delivered straight to your inbox? Click here. | 
