A Houston-based energy developer is pitching a 50,000-acre hydrogen-powered data center campus near the Mexican border. Energy Abundance Development Corp. unveiled its plans for Data City, Texas, late last week. The campus would eventually be powered entirely by hydrogen and green energy sources and support 5 gigawatts of capacity for artificial intelligence computing, according to the proposal. The power for the data center would initially come from on-site natural gas turbines combined with wind, solar and battery storage. This would keep the data center campus off-grid, meaning it would not take away from the state’s already stressed power supply. Read more here. Best Of Bisnow Therme Group plans to spend $800M to develop a wellness-focused resort in Dallas that will feature water slides, mineral pools and 20 different kinds of saunas. The 24-acre development in the Cedars area could be open by 2030, making it Therme’s first operational resort in the U.S., although another location has been announced in D.C. It will also feature a hotel to be built by New York-headquartered The Georgetown Co.
If you want industrial land in Houston, you might have to compete against seven other buyers. The land grab for industrial development is giving some flashbacks of the good old days earlier this decade, although land prices haven’t come down and tariffs are hanging a big question mark over everything.
A new forward-funding bond program has turned a once yearslong wait for infrastructure reimbursement into mere months for Texas master-planned communities. Launch Development Finance Advisors has financed nearly $700M in upfront infrastructure improvements for developers in less than two years.
Two big-name Houston brokers switched firms in the past week, one bringing his team with him. Chip Colvill and his office agency leasing team joined Partners Real Estate just five years after Cushman & Wakefield acquired Colvill’s own brokerage. Healthcare broker Chris Wadley also moved to Newmark after about seven years at JLL.
Ugly reminders of the storm are still popping up more than eight months after Hurricane Beryl. While multifamily distress is nothing new in the Houston market, one complex lost 56% of its value and 25% of its occupancy after being damaged by Beryl and the derecho last year. The owner of Palm Beach Estates faces potential foreclosure after defaulting on a $54M loan. Best Of The Rest ‘Bullish On Greenspoint’ (HBJ): Perhaps the most disadvantaged office market in Houston has a new vocal believer in 713CRE. The Houston-based real estate company led by Ronnie Miranda raised the occupancy of a 230K SF Greenspoint office building by 11% in less than two quarters and sees continued opportunity in the submarket.
Dallas Gets 'Groovy,' Collegiate-Themed Hotel (CultureMap Dallas): The boutique Graduate Dallas hotel will offer a school theme at its new location at the former Hotel Lumen across from Southern Methodist University. In May, the hotel plans to debut its new restaurant, Los Charros, from Dallas chef Julian Barsotti.
Accused CRE Fraudster Found (NPR): The co-founder of a real estate investment group accused of defrauding investors and abandoning hundreds of renters in Cincinnati is in a federal detention center in Houston, 91.7 WVXU reported. Stas Grinberg, co-founder of Vision & Beyond Capital Investments, faces wire and bank fraud charges.
Don’t Badger The Beaver (C-Store Dive): Lake Jackson-based Buc-ee’s has filed suit against a Missouri dog park and coffee shop, alleging its Bar-cee’s cartoon dog logo is too close for comfort. The chain has been zealous about safeguarding its trademark, previously suing a Mexican store that went by Buk-iis and another Missouri business, liquor store chain Duckee’s.
Multifamily Complex Could Replace AT&T Corporate Dormitories (DBJ): Irving City Council will consider a zoning change next month to allow AMLI Residential Properties to demolish 12 dormitory buildings on the 13-acre site to develop a 406-unit high-end residential community. The site next to the AT&T Advanced Education Center hasn't been used by the company since 2023. Quote Of The Week “It feels a little bit like ’21, ’22 within Houston.” — Newmark Executive Managing Director David Claros on strong industrial fundamentals similar to the pandemic-driven boom that brought record construction and leasing activity to the city. Our Cups Runneth Over Quotes, factoids and minutiae that landed on the cutting room floor over the past month but were too good not to share. Houston cracked down hard on drainage requirements after Hurricane Harvey, but those restrictions are set to loosen within the next month, Z & Co. LLC President Ziad Kaakouch said at Bisnow’s Future of Houston Industrial event last week. “Within the next couple weeks, those rules are going to be rolled out,” Kaakouch said. “We as civil engineers have to be in front of it so that we can tell our developers ‘Hey guys, wait a week. Things will change.’”
“The state bird at this point might as well be the crane because there's plenty of them out here.” — RREAF Holdings Vice President of Hospitality Investments Greg Perry on how Dallas reminds him of Dubai at Bisnow’s DFW State of the Market event March 6.
The value of the land housing Garland’s longest-tenured data center increased nearly 55% to almost $17M from 2016 to 2024. But with the build-out of the data center, the total taxable value of NTT Data's property rose about 1,100% to more than $133M during that same period. Brewing In The Texas Job Market This week’s career opportunity from SelectLeaders, Bisnow’s CRE focused job board. Managing Director of Real Estate Development - Data Centers: Lead the expansion of Provident’s data center platform across the U.S., overseeing site selection, entitlements, infrastructure development and construction. This role requires deep industry experience, a strong network of capital partners and development professionals, and the ability to manage multiple projects simultaneously. The ideal candidate will drive strategy, negotiate acquisitions and lead a high-performing team to deliver projects efficiently. *** 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. Reach our team at texastea@bisnow.com. Want to subscribe and get the Texas Tea delivered straight to your inbox? Click here. | 
