A Dallas investment firm is stockpiling land in Grayson County ahead of the planned expansion of the Dallas North Tollway. Texas Republic Management scooped up another 375-acre tract from Midas Global Investments for an undisclosed amount. That parcel was part of the 1,215-acre Double Platinum Ranch outside of Gunter. All told, the firm has bought more than 1,000 acres in Grayson and northeast Denton counties, an area that is booming, thanks to billions in investments from semiconductor chip plants. Read more here. Best Of Bisnow Texas rolled out new rules for crypto data centers in light of the power crunch the state faces from a huge demand increase and fresh memories of Winter Storm Uri outages. Bitcoin mining operators connected to the ERCOT grid must now register with the Public Utility Commission of Texas and provide annual updates on their operations, among other requirements.
Houston’s port is spending big to keep up with population growth. The Port of Houston Authority announced it would spend 35% more on landside infrastructure investments over the next five years compared to the previous five, or a total of $1.7B. In addition to serving more people, the port is seeing a boost in traffic from last-minute purchases before the incoming presidential administration potentially enacts tariffs in January.
A new Waller County development is supporting the Houston region’s westward growth. Maple Development Group’s Azalea in Pattison master-planned village will add 847 lots west of Katy, or about 40 miles west of Houston. Maple broke ground on the development in the third quarter and will offer lots by early next year.
Construction costs are stabilizing, but that’s far from Houston developers’ only issue. Tight credit markets, strained supply chains and difficulty with Houston’s energy provider all present problems, though developers believe pressures could ease somewhat next year. More development could be on the way even for the sluggish office market, panelists at a Bisnow event said.
Dallas-Fort Worth has developed into a hospitality hot spot, thanks to the Metroplex’s close ties with professional sports, industry insiders said. But the area’s identity as a travel destination is on the rise, with the help of a growing number of resorts and experiential hotels tied to the region’s cultural institutions, unique neighborhoods and rich history.
Best Of The Rest Cooling Supply May Boost Multifamily Rents (CoStar): While Houston’s annual multifamily rent growth was just 0.6% as of the fourth quarter, a serious slowdown in construction next year could boost that number. New supply may drop from around 22,000 units this year to 9,000 units next year, the fewest since 2018.
Canadian Chocolatier To Open $20.5M Metroplex Factory (DMN): Chewters Chocolates is slated to begin construction on a 225K SF facility in Rockwall early next year. The British Columbia-based company is known for its low-sugar brand Chocxo.
Austin Hits New Heights — Of Office Vacancy (MySA): The Texas capital and former boomtown has fallen on harder times and is now tied with San Francisco for the highest office vacancy rate nationally. Austin vacancy stands at 27.7%, and three new towers in its skyline sat dark as of last month.
Rooftops Follow Retail (HBJ): Fidelis Residential Partners and Cresset Real Estate Partners are developing a nine-building apartment complex in Willis, a city in Montgomery County, north of Houston. The community will be part of Fidelis’ H-E-B-anchored shopping center, the Market at Willis.
Pizza Hut With New Panache Comes To Plano (WFAA): The pizza chain is debuting a new store design offering self-serve kiosks, contactless pickup cabinets and a drive-thru with “ready-now” items. The Plano-based company chose to replace a hometown store that had been in operation for 25 years as the first location for its new streamlined model.
Quote Of The Week “We're seeing upwards of 90 weeks on certain gensets.” — Tellespen CEO Tadd Tellepsen on the long wait for generator sets for construction projects, a sign supply chain snarls are still delaying projects. Brewing In The Texas Job Market A new weekly feature, offering up a choice job opportunity from SelectLeaders, Bisnow’s CRE-focused job board. We are offering free job postings in the Lone Star State through the end of the year. Email samantha.anderson@bisnow.com to unlock your free post and get access to higher-quality hires. Head of Asset Management — Lead strategic decision-making and oversee asset management for a national multifamily portfolio of 30,000 units with CWS Capital Partners. Based in Austin or Dallas, this executive role manages high-performing teams, optimizes portfolio performance and mitigates risks across operations, capital projects, insurance and investor relations. Shape the future of the portfolio with a focus on financial strategy, market insight and team mentorship. *** 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.
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