Exclusive: New mixed-use development to rise in the Heights

A new mixed-use development is set to rise on a prime North Shepherd land tract in late 2018.

Capital Retail Properties will develop a 30,000-square-foot mixed-use development at 1533 N. Shepherd Dr. The project, dubbed Market at Houston Heights, will deliver speculative space for tenants in fall 2018, a Capital Retail Properties spokesperson told the Houston Business Journal.

Austin-based Michael Hsu Office of Architecture oversaw the project’s design, which will offer dining and retail, per the spokesperson. Identity Architects is the architect of record. Capital Retail Properties is working in partnership with Randy Wile of Wile Interests Inc. to fund the project. A general contractor hasn’t been hired yet and a firm groundbreaking date hasn’t been set.

Click to read more at Houston Business Journal. 

Houston hotels see boost in third quarter following Hurricane Harvey

The dramatic recovery that Houston’s hotel market made in the third quarter, largely due to Houstonians and rescue workers booking more hotels in the aftermath of Hurricane Harvey, nearly balanced out the market’s slow performance in 2016.

In the third quarter of 2016, Houston’s hotel market saw the nation’s strongest declines in occupancy, revenue per available room (or RevPAR) and average daily rate (or ADR). The city’s occupancy fell a whopping 10.3 percent to 60.2 percent, according to data from STR, a hotel data firm. But in the third quarter of 2017, the city’s hotel market saw a 19.6 increase in occupancy, according to a report from Source Strategies, a Texas-focused hotel consultancy.

Click to read more at Houston Business Journal. 

The old suburban office park is getting a big reboot

The aging office park is getting a face-lift.

Once a proud symbol of suburban working life now suffering from high vacancy rates in many parts of the country, corporate office parks are being reimagined as sports domes, upscale town houses, retail shops and green gathering spaces, among other possibilities.

“It’s an obsolete model for an office,” said Robert Youngentob of the Maryland-based developer EYA, which has begun constructing upscale town houses in sections of an office park in suburban Bethesda, Maryland, including some that are selling for about $1 million.

Click to read more at Houston Business Journal. 

This 57-acre retail project will be a ‘little more special’ than most

More than five years’ worth of strategic land sales and leases in Aliana, a 2,000-acre master-planned community in southwest Houston, preceded NewQuest’s purchase of 57.2 acres in the community for a high-end retail development.

JLL’s Simmi Jaggi and Elizabeth Clampitt were brought on by Aliana Development Co. around six years ago to transform the community into a self-sufficient hub with plenty of retail to cater to Aliana’s rooftops. From the start, Jaggi and Clampitt said their strategy involved bringing storefronts from Target Corp. (NYSE: TGT) and H-E-B to Aliana. From there, other major retailers and developers would follow.

Click to read more at Houston Business Journal. 

Greystar gearing up to deliver on two high-profile Dallas developments

Two long-awaited developments in some of Dallas’ hottest neighborhoods are expected to finally get underway next year by Charleston-based Greystar after years of gathering input from the community.

Construction isn’t quite ready to begin on the next phase of the Elan City Lights community near Live Oak and Texas streets or the proposed Forestwood community at Inwood Road and Forest Lane, but Greystar is gearing up to begin construction on the two Dallas projects in 2018.

Click to read more at Dallas Business Journal.

See North Texas’ most luxurious ranches and estates put up for sale this year

While North Texas is becoming tightly-packed with high-rises and towers, some residents are keeping enough space for expansive ranches and luxurious estates.

For a few (or several) million dollars, homebuyers had the chance this year to get their hands on ranches boasting top-notch amenities and plenty of acreage, or opulent mansions on smaller plots. Whether it’s rural living or urban dwelling, the region’s top-selling properties came packed with plenty of lavish features.

We take you inside some of the most popular (and most expensive) homes to hit the market this year.

Click to read more at Dallas Business Journal.