Reshaping South Texas Commercial Real Estate

ANN EATON, Opportunity Zones Manager for the City of San Antonio Economic Development Department:
• First authorized in 2017, San Antonio has OZs located in 9 parts of town: Brooks City-Base, Downtown, East Side, Far South, Far Southeast,
Near South, Near Westside, Northeast Corridor, Port San Antonio, and Lackland Air Force Base.
• We’ve created a new mapping tool and website related to economic development opportunities in specially designated areas to market the
assets and needs in our OZ clusters.
• The Westside Strategic Plan will be available in September. Working in partnership with Wendell Davis & Associates, this plan will identify
business and commercial corridors in need of investment and community redevelopment. Click to read more at www.rednews.com.

Austin Developer Endeavor Raises $300 Million For Real Estate Investments

Endeavor Real Estate Group, one of the most active developers in Central Texas, is on a money-raising roll. The Austin-based commercial real estate firm has raised nearly $160 million, according to filings with the U.S. Securities and Exchange Commission, and has commitments from investors that would increase that total to more than $300 million. The funding would go toward future real estate investments. A June 25 filing with the SEC shows Endeavor raised $141.7 from 91 investors. A second securities filing showed that Endeavor raised $17.6 million in equity from 26 investors. Bryce Miller, an Endeavor co-founder, and managing principal said the filings do not reflect all of Endeavor commitments, which are more than $300 million. “The fund investors are private individuals for the most part, and a majority of them have invested in Endeavor projects in the past,” Miller said. “This real estate fund is not unique to Endeavor and is a commonly used vehicle for raising investment equity.′ Click to read more at www.statesman.com.

Hotel Building Boom Underway in Round Rock, Pflugerville, Hutto

From the behemoth Kalahari Resorts & Conventions—expected to offer 975 hotel rooms at completion in November 2020—to the boutique 39-room Ruby Hotel that opened in February, the hospitality industry is alive and well in Round Rock. “We definitely are seeing a building boom, or increased interest, in hotel development in Round Rock,” said Bradley Dushkin, Round Rock’s assistant director of planning and development. For projects in the works, the size and price point of the new hotels are varied, Dushkin said. A Tru by Hilton, which opened in February, offers a “no-frills” option for business travelers, he said. Large to medium-sized hotels, including the Embassy Suites and the Four Points by Sheridan, will offer needed conference room space when they open. Kalarahi, the hotel arguably making the biggest splash, is a resort-style getaway complete with the nation’s largest indoor waterpark. Click to read more at www:communityimpact.com.

South Congress Avenue Sees Development, National Retail Move In

Shortly after Home Slice Pizza opened on South Congress Avenue in November 2005, the power went out. The gas pizza ovens did not rely on electricity, so co-owners Terri Hannifin and Jen Strickland decided to stay open. They found enough flashlights to make sure the kitchen was safe and asked an employee to bring in a guitar. A customer who lived in the neighborhood ran home and brought back a bag of candles. Over the past 14 years, the development of the power grid is just one of many changes along the corridor, business owners said. Many local businesses—including antique store Uncommon Objects, which opened in 1991 and relocated in 2017—have been priced out due to sharply rising property values. Click to read more at www.communityimpact.com.

As Tax Protests Begin, Travis Central Appraisal District Catches Heat

In a year when rising property taxes have consumed political attention throughout the state, the Travis Central Appraisal Dis­trict’s handling of local taxpayers’ assessments is consumed with controversy. Already facing possible litigation over its highly criticized purchase of multiple listing service (MLS) data about home sales, TCAD has decided it will not offer face-to-face informal hearings to any property owners this year. This is a major change from its past handling of appraisal protests, but TCAD hasn’t communicated this clearly to the public, or to the consultants who represent property owners, even as formal protest hearings began this week. Each spring, TCAD mails Travis County property owners the assessments that determine how much county residents will pay in property taxes to more than 100 jurisdictions (the county itself, Austin and 20 other cities, school districts, Austin Community College, Central Health, and numerous utility and emergency service districts). Click to read more at www.austinchronicle.com.

ART & HEART: San Antonio Property Offers Unique Development Potential

River frontage. Incredible access. Dynamic area. Unlimited opportunity. It’s rare to find those attributes in a single property, but 530 Steves Ave. in San Antonio boasts all of them. “It is a ready-to-go development site that will
accommodate any number of uses, depending on what the developer wants to do,” says Steves Rosser, senior vice president at DH Realty Partners, the largest locally owned commercial real estate firm in the city. But, wait. Steves Rosser is representing a property on Steves Ave.? “It’s not my road, no, I don’t own it,” Rosser laughs. “I do have family ties that date well back in San Antonio’s history and that street is named for them. The Steves homestead can be found in the King William neighborhood. It was built by my great-great-grandparents and is now a living history museum.” Click to read more at www.rednews.com.