Roundabouts: Why we don’t see them yet in Houston and Texas?

(The case for more traffic roundabouts)

From Priceonomics: “The roughly 3,700 circular traffic intersections in the U.S. are feared, avoided, and even loathed…Australia has more than 10,000. France features 32,000. The U.K. boasts 25,000, the most in the world as a proportion of total road space.

In every single metric, roundabouts outperformed intersections in terms of efficiency. Average delays were cut by 65%; no more than one-third of vehicles were not in motion at any given time, and the circle never went over 22% of its full capacity.”

From Discover: “The roundabout is the single most important device ever created to help control traffic safely and smoothly.”

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O’Connor Land Forecast Luncheon: Simmi Jaggi – Jones Lang LaSalle

BY RAY HANKAMER
rhankamer@gmail.com

Takeaway: Demand for retail and industrial sites remains strong, and multi-family is having some activity, but no demand exists for office sites. There is a healthy demand for
residential both in infill and in the far suburbs. There are some transactions for land for medical development, but now that the large 20 acre satellite hospitals are mostly in place
around the far suburbs, future development should be on smaller sites.

 

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CCIM LUNCHEON: Bob Ethington-Director of Research and Economic Development, Uptown Houston Association

BY RAY HANKAMER
rhankamer@gmail.com

Takeaway: Uptown Houston, otherwise loosely known as “The Galleria Area”, is equal to Houston’s Central Business District (CBD) in total developed square footage, including retail, office, hotel, and residential [!]. It is equal to the downtowns of Denver, Portland, Cleveland, or Baltimore. Mobility to and within the Uptown area has not yet caught up with the rapid growth. The project currently underway is set to correct these deficiencies. Uptown Houston’s designated area has been expanded to include Memorial Park, which is almost twice the size of Central Park in New York City. Exciting new enhancements are well underway in our park.

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Deal or No Deal? – Letters of Intent: Lessons from the Enterprise Case

BY REID WILSON

A $469,375,000 Million Dollar trial court verdict based on a “letter of intent,” later reverse  on appeal resonates in the real estate industry, where letters of intent are commonplace.

How it started: Enterprise Products, a Houston based pipeline developer/operator approached Energy Transfer, a Dallas based competitor, to investigate a shared development transaction to transport oil from the important industry storage center in Cushing, Oklahoma to Houston, thereby eliminating a major logistics bottleneck. They signed the following documents for the proposed “Double E Pipeline”:

  • Initially, a Confidentiality Agreement to permit sharing of information, with the intention to work toward a letter of intent for the proposed transaction.

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Apartment Forecast: Presentation by Ed Nwokedi

BY MICHAEL PAVIA

Ed Nwokedi, Senior Director of the Cushman & Wakefield’s Multifamily Advisory group, was the speaker at a luncheon on July 19 at the H.E.S.S. Club in Houston. The luncheon was sponsored by O’Conner & Associates. The topic of Ed’s presentation was Houston’s Apartment Forecast. Ed covered 1. Houston Market Fundamentals, 2. Value Add applied to existing properties, and 3. Current Value Add Targets with Examples.

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Land trends with Land Advisors: A look at Texas’ three largest markets

BY BRANDI SMITH

The world of commercial real estate is a broad one, covering a variety of different jobs and specialties. In so many instances, we see CRE professionals take on two or more titles, chasing expertise in many different areas.

Landry Burdine, a designated broker with Land Advisors’ North Texas office, says he made the decision early on to focus his skills in one field: land brokerage.

“One of the best pieces of advice I’ve ever received came from Dallas retail developer, Mike Hopkins. He told me, ‘Be the best at something,’” Burdine explains. “I think one of the mistakes young brokers make is that they try to do a little bit of everything. They’ll try to lease office buildings and retail centers and sell pad sites. What you find is that when you do that, you don’t really learn the nuances of your market as well as you do when you focus on one thing and do it well.”

When Burdine got started as a land broker about 20 years ago, he says he made that decision because he saw opportunity. Land, he admits, can be a challenge.

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