As land prices rise, retail and multifamily go head-to-head

If a retail developer and a multifamily developer are in a bidding war for a prime tract of land, put your money on the multifamily developer.

More often than not, apartment developers can far outbid retail developers for land, sometimes bidding twice as much as a retail developer could. It’s for a simple enough reason – apartments have more revenue streams stacked atop one another than a one- or two-story retail development – but these bidding wars are leading to the development of more mixed-use projects in Houston.

Click to read more at Houston Business Journal.

Exclusive: Thanksgiving Tribute: Finding hope in Harvey & The Houston Astros

BY BRANDI SMITH

Growing up in rural Southern Oregon, there wasn’t much in the way of TV to watch as a kid. Our giant antenna, which was mounted to our house, only picked up two channels: the local CBS affiliate and PBS. As a result, my after-school TV programming was usually some combination of Sesame Street, Reading Rainbow and Mr. Rogers Neighborhood.

I gleaned important messages from each of those shows, but what might be the most influential piece of advice came from Fred Rogers when I was older. He recalled that when faced with scary situations, his mother told him, ‘Always look for the helpers.’

 

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Howard Hughes Corp. breaks ground on master-planned community north of Houston

The Howard Hughes Corp. (NYSE: HCC) broke ground on its newest Houston-area community — The Woodlands Hills — on Nov. 15. 

The 2,000-acre development is in Conroe and Willis, 13 miles north of The Woodlands, another Howard Hughes master-planned community. It is located on FM 830 west of Interstate 45, extending north to FM 1097 and south to League Line Road, according to a Nov. 15 press release.

Dallas-based Howard Hughes Corp. plans to announce homebuilders for the community later this year, and the first single-family home models are expected to be complete in the first quarter of next year. The community eventually will contain more than 4,500 residences, as well as a lot of open space and other features.

Click to read more at Houston Business Journal. 

Stream breaks ground on northwest Houston industrial project

Dallas-based Stream Realty Partners has broken ground on Northwest Logistics Center on 26 acres in northwest Houston.

The spec development is off North Eldridge Parkway, just south of Highway 290 and east of Beltway 8, according to a Nov. 15 press release. It’s expected to deliver in June.

Stream’s Matteson Hamilton, managing director of industrial, and Justin Robinson, managing partner of leasing, are leading the leasing efforts for the project.

The 411,442-square-foot cross-dock distribution center will accommodate tenants needing 75,000 square feet up to the full building footprint, per the release. 

Click to read more at Houston Business Journal. 

Medistar to develop health care tower in Texas Medical Center

Houston-based Medistar will develop a roughly 25-story health care tower in the Texas Medical Center – right across the street from the dual hotel-multifamily development the company’s currently building.

The health care-focused developer will break ground on the 550,000-square-foot health care tower in the second or third quarter of 2018, Monzer Hourani, CEO of Medistar, told the Houston Business Journal. Medistar is in talks with several health care systems, including Houston and out-of-town systems, to occupy the building. By the time the building breaks ground, Medistar will have secured a user, Hourani said.

Click to read more at Houston Business Journal.

Project to turn historic Southwestern Bell building into Hyatt Place lands financing

Financing has been secured for downtown Houston’s latest hospitality project, which will convert the former Southwestern Bell Telephone Company office building into a Hyatt Place Hotel.

Dallas-based HALL Structured Finance closed a new first lien construction loan totaling $22.8 million for the project, according to a Nov. 15 press release. Leading the redevelopment are Anthony and Nick Patel, co-owners of Beaumont-based Pride Management Inc., which will manage the future hotel.

Click to read more at Houston Business Journal.