Amid the many qualities that define the state of Texas, some of the most celebrated are history, pride and family. Though you’ll often find all three
in any given Texan, their combined connection to a single piece of property is much more rare today than in decades past. That’s why the sale of the 1,500-acre Pecan Plantation in Granbury is making headlines. “It’s really a family legacy deal,” says Bernie Uechtritz, founder of Icon Global Group, which is marketing and selling the property. His is a familiar name in the real estate world, having gained considerable fame for his 2016 sale of the W.T. Waggoner Ranch, which was listed at $725 million, to billionaire Stan Kroenke. “We’ve been really busy, really blessed,” Uechtritz says, “But you know what they say: you’re only as good as your next deal, not your last.” The challenges of the Waggoner Ranch deal are similar to those of Pecan plantation. Both were acquired by a single family, worked by that family and, when it came time for sale, ideally held together by another family. Click to read more at www.rednews.com.
It’s no secret the Dallas region is benefitting from California companies looking to move out of state. But Charles Schwab Corp.’s shift to North Texas is a big one, showcasing the ongoing changes in the region. The retail brokerage said Monday in a news release it’s acquiring rival TD Ameritrade Holding Corp. (Nasdaq: AMTD) in a deal valued at about $26 billion, a massive tie-up for the financial services industry. As part of that, it will shift its corporate headquarters from San Francisco to its new campus in Westlake. The agreement is subject to customary closing conditions, it said. A headquarters relocation from Schwab (NYSE: SCHW) even without the merger would bring heft to North Texas. Click to read more at www.wfaa.com.
A jump in nonresidential building starts put Dallas-Fort Worth construction totals in October ahead of last year’s levels. Commercial and nonresidential building construction in D-FW last month rose 34% year-over-year, according to a new report by Dodge Data & Analytics. While residential starts were down 7% in October from 2018 levels, total building activity was still up 9% from the same period last year. But the increase in October starts wasn’t enough to turn around North Texas building volumes for the entire year. Through the first 10 months of 2019, D-FW construction activity is 4% lower than year-ago totals, Dodge Data reports. All of the decline — 13% — has been in the residential sector. Nationwide construction starts were down 11% in October, the third such decline in a row, Dodge Data found. Click to read more at www.dallasnews.com.
One of Dallas’ first Opportunity Zone developments will be a new self-storage center west of downtown Dallas. Central Southwest Texas Development LLC is building the project on Lone Star Drive near Interstate 30 in West Dallas. The 141,950-square-foot self-storage center will be on a 2.4-acre site that is in one of the more than a dozen federally designated Dallas Opportunity Zones that qualify for special tax breaks. New businesses and investments in the targeted census tracts get deferred capital gains and other beneficial tax treatment. Click to read more at www.dallasnews.com.
Originally home to the Sinclair Oil Company in the 1930s, a monument to American industry and progress, The Sinclair has been restaged as a modern icon and the city’s first smart hotel. The Autograph Collection hotel, 512 Main St., will open the doors to its tech-friendly hotel this Fall, just steps from Sundance Square, the city’s entertainment, dining, shopping, and residential district. Beginning in 2015, design firm Forrest Perkins, in partnership with Merriman Anderson Architects, thoughtfully restored and redesigned the property to retain the building’s signature “ZigZag Moderne” structural styling. The interiors, guest rooms, and corridors were restored to represent the property’s original art deco style with deep blue and rich brown hues. The finished hotel eloquently couples the Art Deco style of the Gilded Age with contemporary, cutting-edge technology in a refined yet rugged style. Click to read more at www.dmagazine.com.
Construction is underway on a much-anticipated retail development along North Texas’ Chisholm Trail Parkway. Named for the iconic Chisholm Trail along which it’s built, The Shops at Chisholm Trail Ranch is part of Chisholm Trail Ranch, a 625-acre, master-planned development about 12 minutes south of downtown Fort Worth. The development offers 250,000 square feet of space for entertainment, restaurants and retail users, including Marshalls, Old Navy, Five Below and Ulta. Studio Movie Grill has signed on as the entertainment anchor. The design also features eight smaller shop buildings between the outparcels and the major retail behind it. “Those eight buildings are lined with breezeways between them for patios and will have hanging lights. They’re designed to create an area where people are comfortable hanging out,” says Anne Kuta, development director for StreetLevel Investments, adding, “We start delivering spaces to the tenants in December with a grand opening for the entire shopping center in April.”
The development is more than 80 percent leased as we head to print, but there are still a few spaces available for interested restaurants and retailers. Click to read more at www.rednews.com.