Mike Hoque’s office on the 56th floor of the Comerica Bank tower in downtown Dallas looks out onto a patchwork of parking lots, crumbling brick buildings, and empty streets and concrete sidewalks that have long served as a kind of symbolic border between the city’s thriving north and forgotten south. About a decade ago, Hoque began buying up the no man’s land, small parcel by small parcel. It seemed like an easy bet. The fortunes of land adjacent to the downtown of a major American city would inevitably reverse. The only question was when. Hoque’s gamble nearly paid off when executives from Amazon came to town looking for a location for a second headquarters. The corporation shortlisted his property but eventually passed on Dallas. In the meantime, though, Hoque had caught another break. After the passage of President Donald Trump’s tax bill, most of the media attention focused on its steep tax cuts. But a somewhat arcane provision slipped into the legislation caught Hoque’s interest. It provided for the creation of something called “Opportunity Zones.” Click here to read more at www.dmagazine.com.
Blame it on Austin. Texas’ capital city has knocked Dallas off its perch as the country’s best real estate market. Big D was the top dog for real estate in a property industry beauty contest last year. But the best Dallas-Fort Worth gets is a sixth-place consolation prize in the just-released Emerging Trends in Real Estate 2020 forecast. In its 41st year, the closely watched annual property market report by the Urban Land Institute and PricewaterhouseCoopers asks real estate pros from across the country to rate the top market for the year ahead. After Austin’s winning performance, Raleigh-Durham, Nashville, Charlotte, and Boston placed ahead of D-FW in the forecast for 2020. Click to read more at www.dallasnews.com.
SAN ANTONIO – The aesthetics of communities across Texas could be changing after a new law went into effect this month. HB 2439 New state law prevents cities from regulating construction materials 2439, signed by Gov. Greg Abbott, limits certain regulations adopted by cities that required the specific use of materials used during construction or renovations. Cities no longer have a say, and any approved material by the national code can be allowed. Brandon Melland Leon Valley’s Planning and Zoning Director says communities were blindsided by the passage of the bill. The city sent a letter to the governor asking that he not sign the bill into law. “I think the question that needs to be asked is ‘where did this bill come from?” he said. “Because it certainly didn’t come from the citizens of Leon Valley.” Communities like Leon Valley worry that now that developers have a choice, they will choose to build with cheaper, less durable materials. He says a construction company has already informed the city they will be changing their material plans following the passage of the law. Click to read more at www.ksat.com.
Two big North Texas real estate players are joining forces. Dallas-based property firm Peloton Commercial Real Estate is being acquired by JLL, the Chicago-based international real estate services firm. More than 130 professionals in Peloton’s Dallas and Houston offices will join JLL, which already has a huge presence in the area. It’s JLL’s second recent major acquisition. It just completed a purchase of Holliday Fenoglio Fowler LP, the Dallas-based investment sales and finance firm. JLL said its purchase of Peloton will accelerate the growth of the company’s leasing and property management businesses. “This is a momentous step in our journey to become a market-leading player in Texas,” JLL’s regional director David Carroll said in a statement. “With the exceptional growth we have seen in those markets, Peloton’s position as a leading provider of leasing and property management services will greatly enhance our business capabilities and breadth of services. Click to read more at www.dallasnews.com.
San Antonio-based H-E-B last week unveiled plans to open its first store in Lubbock, Texas, next year, continuing the supermarket brand’s expansion into West Texas. Slated to open in late 2020, the more than 120,000-square-foot store will offer all the signature features and conveniences familiar to H-E-B shoppers, as well as many new and expanded product selections. “The wait for Lubbock residents is finally over. We’re extremely excited to announce that H-E-B is coming to the Hub City,” said Scott McClelland, President of H-E-B Food & Drug. “Our locations across West Texas continue to thrive, and the Lubbock store will allow us to answer the long-standing call for an H-E-B in this community.” Click to read more at www.supermarketnews.com.
Commercial real estate services and investment management firm Colliers International (NASDAQ, TSX: CIGI) Aug. 26 announced a significant expansion in Fort Worth by hiring a team of investment sales professionals. “Investors need a real estate partner with the resources to obtain the best market information and get their clients the best prices in any economic environment,” said Steve Everbach, President | Central Region at Colliers International. “Colliers already has one of the largest and most experienced teams of Investment Sales advisers in the industry, and we are excited to have expanded this service in Fort Worth.” The five-person Investment Sales Team will be led by newly hired Senior Vice President Cody Payne, a veteran in the real estate business. Other team members are Michael Tran, Ross Meisner, Justin Beck and Austin Edelmon. Before joining Colliers, Payne was vice president of investments at Marcus & Millichap, where he specialized in facilitating investment sales transactions. Click to read more at www.fortworthbusiness.com.