A Houston office tower project that has been speculated about for almost two years is finally ready for launch, according to signs that went up near the intersection of Westheimer Road and Mid Lane. Bisnow exclusively reported that 100 Park Place, a 17-story office building from Stonelake Capital Partners, is set to break ground in the first quarter of 2025, around the time it was originally slated to be completed. If all goes as planned with the development, the building will deliver into a market in which new construction has been largely stymied thanks to a combination of weak demand, oversupply and less than ideal debt markets. Read more here. Best Of Bisnow The Texas hemp industry is buzzing, but proposed legislation could harsh the vibes and threaten its extensive commercial real estate. More than 8,000 retailers have been licensed to sell hemp products since the 2018 Farm Bill opened the door to legalizing hemp products containing THC nationwide. States like Texas are considering putting an end to it, which could crater the budding industry.
Richardson is moving full steam ahead in pursuit of transit-oriented developments even as nearly half of DART's member cities question whether the current funding level is delivering enough return on investment. DART officials countered that the rail line adds value to developments, and the upcoming 26-mile Silver Line commuter rail expansion could drive even more visitors and revenue to these cities.
Dallas-based Ashford Hospitality isn’t playing around. The REIT intends to use layoffs, executive pay cuts and new revenue streams to drive shareholder value and right the financial ship as the company confronts a large amount of maturing debt. The announcement of the Dallas-based REIT’s “GRO AHT” initiative follows a plan to sell off a dozen properties and a 90-day forbearance agreement it worked out this year.
Houston’s Rawand Rasheed wants to save the earth. When Rasheed saw that the CRE industry’s air conditioning accounted for a substantial portion of global carbon emissions, he decided to solve that problem. The energy-saving technology he invented, now in its pilot phase, earned him a Forbes 30 Under 30 recognition.
Tilman Fertitta is likely to get President-elect Donald Trump’s nomination for ambassador to Italy, according to news reports. The Houston property and business mogul, who owns Landry’s Inc., the Houston Rockets, the Post Oak Hotel and the River Oaks District, is a longtime GOP donor and friend of Trump.
Best Of The Rest Where The Leather Meets The Road (WFAA): Tandy Leather Factory Inc. is looking for a new home after announcing a deal to sell its Fort Worth headquarters and distribution center to Colonna Brothers Inc. for $26.5M. The New Jersey food distributor won't take over the corporate buildings until September, so Tandy Leather Factory can find a new home in the Fort Worth area.
Buy Two, Get One Free? (TRD): That's more or less the situation for the buyer of a three-building office complex in Houston's Energy Corridor, considering the value of the portfolio dropped from $83M in 2012 to $26M this year. The unidentified buyer plans to purchase the loan that Accesso Partners failed to pay off at its maturity date in 2022, leaving it with a $46.6M balance.
Austin Has Little To Show For Its Yearslong Land Buying Spree (KUT): It started during the height of the pandemic and snowballed from there: Over the past five years, the city of Austin bought up 60 acres of mostly undeveloped land, part of a strategy to build more affordable housing. Yet little has happened since, and the bulk of the land remains vacant.
DFW-Area Home Prices Are Out Of Control (Axios): Prospective homeowners in the Metroplex now need to make $116K annually to afford a house at the region's median price, according to a Harvard University study. While the housing price-to-income ratio has decreased since 2022, the median age of first-time homebuyers hit 38, the oldest on record.
Furst Ranch Set To Reshape West Flower Mound Between Now And 2045 (Community Impact): The mixed-use development will include 5,000 multifamily units, 3,000 single-family homes and more than 400 acres of parks and open space. Developers have been acquiring land since 1991 for the project slated to span 2,300 acres in Flower Mound, Argyle and Bartonville.
Number Of The Day $8B-plus
— Annual sales of hemp products in Texas as the growing industry holds its breath on whether the state legislature will ban sales of items containing tetrahydrocannabinol, or THC, in its upcoming session beginning in January. THC is the principal intoxicant in marijuana, which is illegal in Texas and many other states where such hemp products are fully legal.
Get Your Hot Tea In Person Start the new year off right, network and learn about the latest trends at these upcoming events: Jan. 16: Houston 2025 Market Kickoff Feb. 5: Houston Life Sciences Conference Feb. 6: DFW 2025 Market Forecast Feb. 12: Austin Industrial Summit Feb. 13: Houston Master-Planned Communities Summit Feb. 18: DFW Master-Planned Communities Summit Brewing In The Texas Job Market Our 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. Show off your role to a targeted network of qualified professionals by emailing samantha.anderson@bisnow.com. Assistant Property Manager - Support the day-to-day operations of Hines commercial properties, ensuring tenant satisfaction and industry-leading operational excellence. Build professional relationships with tenants and contractors, manage property budgets, oversee vendor services, and coordinate on-site accounting and financial planning. *** How's the Tea? As we brew up the next 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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