by DeeinAustin™

I was reading the Texas Recon from the Texas Real Estate Research Center and came across a mixed-use development called Sonoma in the Village, which is in the Inner Loop in Houston. Sonoma is this week’s Friday Spotlight.

According to Colliers, Inside the 610 Loop in the affluent West University neighborhood, Lamesa Properties is developing Sonoma in the Village, a 4-acre mixed-use project on the north end of Rice Village, Houston’s premier shopping and entertainment district adjacent to Rice University and the Texas Medical Center. (Picture provided by RiceVillageOnline.com)

ABOUT SONOMA IN THE VILLAGE

The Rice Village Wiki states that Rice Village has been one of Houston’s oldest and most-loved shopping
destinations since the 1930s. It is an unplanned, high density
hodge-podge of old and new retail stores. Rice Village was once an ad hoc cluster of retail stores, but has grown to become one of Houston’s more interesting and
variable shopping destinations with over 300 shops in a 16-block
area.

(more…)

Popularity: 6% [?]

By DeeinAustin™

I received an email alert October 31st from Tate Austin Hahn PR firm. They’re going to announce another phase of multi-family apartments at Mueller Austin today.

I serve on the City Advisory Commission for the Mueller Austin Redevelopment in East Central Austin. The 711-acre mixed-use development incorporates the principles of New Urbanism, which we blogged about earlier this week.

Simmons Vedder & Co. will build the second multi-family community at Mueller just north of the recently-announced Mosaic project that is currently under construction. Since affordability is a key issue in Austin, the unnamed new community will have 10% of the rental units reserved for families making 60% or less Austin’s median family income.

LET’S NAME THE NEW APARTMENT COMPLEX

(more…)

Popularity: 4% [?]

By Carey Eskridge

Sperry Van Ness just released its "Top 10 Markets to Watch" Report for the office sector. Austin made the list. The report considers factors such as population growth, office space inventory, vacancy, and rental trends to determine the areas with the greatest potential for income growth.

About six years ago, as the tech bubble was bursting and the Frost Bank tower was under construction, I had to wonder what was going to become of downtown. It seemed like it could go either way - the streets would be empty or the newest addition to the skyline would usher in a new era. As it turns out, downtown is exploding, and if this report is correct it won’t be slowing down anytime soon.

WHY AUSTIN MADE THE GRADE

According to the report, Austin has some great factors to fuel further commercial interest.

• Austin had the highest relative population growth of all the
  office markets. With so much competition,
  the absorption kept the vacancy rate in a steady
  decline. 
• The vacancy rate is at 13.4 percent. As far as I can
  tell, most of construction around town, however dramatic, is mixed-use
  residential and retail development.
• The report predicts that office construction won’t
  keep up with the demand through 2008, so the vacancy rate is expected
  to decrease by almost one percentage point in the coming year

(more…)

Popularity: 4% [?]

Dallas, Texas is a pretty attractive real estate market. Like Austin and Houston, it has steady job and population growth although residential home prices have decreased about 1.4% since last year.

When I was on Austin Business District’s radio hour, I noted that residential investors, home buyers and real estate agents should pay close attention to the commercial real estate markets. Commercial firms have the financial resources to know where to expand.

Houston will always be a commercial real estate haven, as will Dallas. Although Austin has seen a drop in the residential foreclosure rate, Dallas has increased. Still, now seems to be a good time to buy and upgrade small "B" and "C" grade apartment complexes.  New construction projects are booming around the city, so smaller investors may have a good opportunity to enhance older buildings to reach a more affordable renter market.

Read more at about the Real Potential in Dallas/Fort Worth. Rockwall county among fastest growing in U.S.

Popularity: 4% [?]

There’s a lot of investors and commercial construction experts looking for senior housing projects in Texas. The Baby Boomer Generation has started to retire. Many look to Texas for affordable living space in a warm climate.

Dallas, Houston, and San Antonio are some of the most popular Texas cities for second homes or retirement besides the coast. i read today that a Dallas-based company refinanced a 649-unit portfolio for three upscale senior housing projects.

Due for completion in late 2007, the Class A portfolio includes a
senior housing community and two traditional multi-family properties.
Amenities at the properties include clubhouses, fitness centers,
40-seat movie theatres, business centers, game rooms, pools and
libraries.

Among the properties are the 237-unit Conservatory at Alden Bridge,
located in the Houston suburb of The Woodlands; the 190-unit
Conservatory at Champion Forest, in the Houston suburb of Spring; and
the 222-unit Conservatory at Plano in the Dallas suburb of Plano.

Link: $93M Financing Upgrades 3 Texas Seniors Projects.

Read about the Baby Boomer Generation’s impact on real estate. See the previous story…Retirees flock to Texas.

Popularity: 4% [?]

The Texas Gulf Coast has been growing despite setbacks the past few years. Bolivar Island is seeing growth that is spilling over from those interested in Galveston Island.

Galveston has a been a hot destination for baby boomers and real estate investors for the past few years since it’s one of the most affordable beach getaways in the nation.’

According to the investor who purchased the acreage know as Cade Ranch, "I think Bolivar will continue to be attractive to Beaumont, Port
Arthur and towns east of Houston".

Picture provided by KFDM news. Read more: Dallas Real Estate Company Buys Near 3,000 Acres Near High Island

Popularity: 2% [?]

Downtown Austin development is booming and we’ve been diligently following many of the projects. As mentioned last week, the team is updating the blog and providing more visual content.

Enjoy our Slideshare presentation on current and upcoming development projects in Downtown Austin for 2007. Download the associated pdfs.

Read more about what’s happening in Downtown Austin at City of Austin - Downtown Redevelopment.

Popularity: 2% [?]

I received an email from the Austin Real Estate Networking club, so wanted to post here.

Angelique Naylor is representing the landlord on a renovated office complex on South Congress Avenue in Austin. Investors may still be welcome to purchase or it could be a good location for a small office space.

According to the description, "Both interior
and exterior renovation to completely change the look of the building
coming soon. Building sign to compliment new building style coming soon
- this will be complete with tenant name slots. Triple net leases and
gross leases plus utilites available depending on size of office suite
selected."

Link: Soco Suites for Lease.

Popularity: 2% [?]

According to the Austin Business Journal, 1,110 homes and apartments and 800,000 sq. ft. of commercial is planned for Leader, Texas.

Leander Crossing will feature more than 500,000 square feet of retail space, 300,000 square feet of office space and about 1,100 single-family and multifamily units.

Ryan Betz, president of Betz Co., says he’s working with potential tenants for the retail portion, and won’t release names yet. A source familiar with the project says Dillard’s may be a possible tenant, and that the project could resemble Austin’s The Domain project because of its mixture of large retail, housing and office space.

Betz declines to disclose the projected cost of Leander Crossing, but says the residential portion and some smaller retail will break ground in 2008, and construction on larger commercial sites will follow in 2009.

Read previous articles that may interest you…

1. Study shows retail needed in Leander.
2. Leader to get metro rail in 2008.
3. The Domain debuts.

Popularity: 3% [?]

• 21-acre Town Lake Park and the Long Center for the Performing Arts, between Riverside Drive and Barton Springs Road.
• The Seaholm Project, a private-public initiative to redevelop the
  old Seaholm Power Plant on the north shore of Town Lake - construction
  should begin in early 2008
• Block 21, just north of City Hall, will house new Austin City
  Limits studios, a W Hotel, the Austin Children’s Museum Dell Discovery
  Center, condos and a plaza.
• The Waller Creek Project, beginning with a tunnel under Waller
  Creek to divert floodwaters to Town Lake, should begin construction in
  September.  Long-term plans include natural trails dotted with sidewalk
  cafes, ultimately connecting Town Lake to the UT campus.
• A new commuter rail connecting Leander with downtown is slated to open late 2008.

Popularity: 2% [?]