The first St. Regis Residences in Texas will have panoramic views of Houston’s Memorial Park, River Oaks and Downtown from its 37-story condominium tower, according to designs released last week. Satya plans to break ground next year on The St. Regis Residences, Houston at 102 Asbury St., just across Buffalo Bayou from River Oaks. Residences will start on the 10th floor of the curvy, 510-foot, three-sided tower. Prices will start at $2.4M. Read more here. Best Of Bisnow Piedmont Office Realty recouped less than half its total investment when it sold the former CVS Health Tower in Irving to a well-known buyer of distressed office spaces. After spending $49.6M on the property in 2016 and sinking almost $800K into renovations, Piedmont received just $23M from Capital Commercial Investments in the newly reported sale that competed earlier this year.
Nate Paul continues fighting legal battles on multiple fronts as he attempts to avoid an imminent 10-day jail sentence while still facing 12 federal felony fraud charges. The CEO of World Class Capital with ties to Texas Attorney General Ken Paxton is making a “last gasp attempt” to avoid his unrelated sentence before his federal trial, set for February.
Despite bipartisan opposition to Houston ISD’s $4.4B bond, CRE leaders and groups are throwing support and money at the issue. The largest school bond in Texas history seeks to upgrade and expand campuses, technology and security. While most agree the upgrades are needed, the Houston Region Business Coalition and others seem to be going against the grain with their support.
Preset temperatures and personalized background music are among the latest amenities companies are experimenting with to make the office a destination for their workers. Companies that invest in ways to make workers feel compelled rather than obligated to come to the office are having the most success in drawing those used to working from home, panelists said at a Bisnow event last week.
City officials temporarily stopped work on a hotly anticipated mixed-use development in Dallas last week over a permit drawing question. Work resumed shortly after on the 161K SF project that will bring walkable retail, restaurants and office space amid 10 new buildings and an underground parking garage on the east side of Henderson Avenue.
Best Of The Rest Houston Housing Head In Hot Water? (Houston Chronicle): HHA President and CEO David A. Northern Sr. was placed on administrative leave Tuesday after the board hired an outside consultant to evaluate him. The authority is investigating whether Northern has complied with his contractual and fiduciary duties.
Tesla Gigafactory Could Get Even Bigger (ABJ): Elon Musk-led Tesla Inc. is planning a 50% expansion to its Austin Gigafactory. The electric vehicle manufacturer has submitted 10 filings to the Texas Department of Licensing and Regulation laying out 5.2M SF in new ground-up construction. The new space would add to the company’s outsized presence in central Texas, which is also home to Musk’s SpaceX and X headquarters.
Hillwood Aims To Boost Already-Booming Inland Port In North Fort Worth (DBJ): The developer of AllianceTexas is underway on a $262M smart port that will allow real-time tracking of goods and services as it connects the AllianceTexas Inland Port to the DFW regional transportation network. Hillwood and the North Central Texas Council of Governments received an $80M federal grant earlier this month to launch the smart port.
H-E-B Eyeing Expansion Into Mesquite (WFAA): The San Antonio-headquartered grocery giant purchased nearly 26 acres on the eastern edge of Mesquite last week. After opening its first Metroplex store last year, the company has expanded quickly with six more locations already in operation as well as additional stores in various states of development.
Former Trammell Crow Principal Strikes Out On Her Own (HBJ): Yewande Fapohunda, formerly of Greystar and Trammell Crow Co., discussed her motivations for starting Akoni Advisory & Investments earlier this year. The Houston-based company looks to invest in and develop multifamily projects in the United States, the Caribbean, Latin America and Africa.
Quote Of The Day “We're seeing things like [radio frequency identification] integration so that they know my exact preferences of temperature and lighting. I even worked with a client where it's about music, where they walk through a certain hallway and your favorite song would play, which is super, super cool. Not cheap, but cool.” — Perkins & Will principal Sarah Wicker on creating immersive environments for workers to lure them back to the office. *** 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. | 
