By the end of 2020, Downtown Dallas will no longer have a single major vacant building. Kourtny Garrett, Downtown Dallas Inc. In the late 1990s, when attention of the public and private sectors turned back to Downtown with a loud call for revitalization, predicated on the fact that the city as a whole would not prosper without a strong core, our vacant building count was 42. Hundreds of boarded up storefronts and dozens of quickly deteriorating historic structures lined the streets, losing bits of our history with each failing brick. Fast forward through two decades of redevelopment—catalyzed by public-private partnerships, the introduction of urban dwellers, the return of business, and evolution of a ‘livable’ Downtown with parks, restaurants, arts, and amenities—and our last albatross has turned. The First National Bank Tower will be lit and lively again by the end of next year. Click to read more at www.dmagazine.com.
hen Texas State Sen. Paul Bettencourt took his seat at the panel focused on tax laws, he did so having finally achieved a long-sought success: property tax reform. “We were chasing New Jersey to be the highest tax rate in the nation. We decided to pull out and let Illinois and New Jersey stay Nos. 1 and 2,” said Bettencourt. “We’re actually going to start reducing our tax rate next year.” To understand how necessary the solution was, one must first understand the impact of the problem. To highlight it, Bettencourt cited the Harris County Appraisal District. “For almost all the major business properties, there’s actually a model of your property, specifically if you’re on income and you’re multi-tenant,” he explained. “They’ll actually estimate your income and your expenses. They’ll do a reconciliation of their models, and then they do quality control before they send out the value notices. “ Click to read more at www.rednews.com.
WASHINGTON, Aug. 16, 2019,/PRNewswire/ — Commercial real estate industry leaders continue to see balanced and stable economic market conditions, according to The Real Estate Roundtable’s 2019 Q3 Sentiment Index released today. “As our Q3 Index shows, industry executives are entering the second half of the year with confidence in stable market fundamentals, supported by a solid economy with low employment,” said Real Estate Roundtable President and CEO Jeffrey DeBoer. “Although there are political uncertainty and the economic recovery is historical in length, commercial real estate market dynamics remain sound, with balanced supply and demand in most markets, and debt and equity readily available, particularly for high-grade investments,” DeBoer added. The Roundtable’s Q3 2019 Sentiment Index’s registered a score of 50 — a one-point decrease from the previous quarter. [The Overall Index is scored on a scale of 1 to 100 by averaging Current and Future Indices; any score over 50 is viewed as positive.] Click to read more at www.finance.yahoo.com.
a tenant representative, I am often charged with representing local, regional, and national retail brands in search of their next locations. Finding the right site extends beyond the physical space and an “open” sign in the window. In fact, it extends beyond the streets that lead to the storefront – it involves the co-tenants and nearby shops and services. Commercial real estate professionals need to ascertain the context of the targeted trade area for effective site selection. One of the most effective tools for developing context is sales data from neighboring merchants and operators. Sales volumes are an essential, critical metric in defining trade areas and determining a site’s potential context, value, and opportunity – even more so than land sales and lease comps. This information, when combined with local market knowledge, technology, and operator input, can provide a multi-dimensional site profile. Click to read more at www.ccim.com.
This week, agents from the Federal Bureau of Investigation descended unannounced on the home and business of Nate Paul, a young Texas real estate investor who became known for buying up prominent real estate assets in the state capital of Austin. The FBI confirmed the raids to Forbes but declined to specify the nature of its search at Paul’s sprawling 9,175-square-foot Austin home or the downtown Austin offices of his World Class Holdings. Local media reported FBI agents were spotted leaving World Class’ offices with documents. Paul, 32, and World-Class Holdings, were the subject of a complimentary Forbes article in 2017, which described how Paul had snapped up commercial real estate in Austin, including valuable downtown locations and 3M’s 158-acre campus, and built a large self-storage company with 60 or so sites across the nation. Click to read more at www.forbes.com.
For the Signorelli Company, its most recent success involves “chasing the corridor,” keeping up with the Grand Parkway as it expands access to new areas of Southeast Texas. “It’s changed traffic patterns, the way people move, the way they shop, where they’re going. It’s making farmland convenient, and that has opened up a lot of opportunity for us,” president and CEO Dan Signorelli told the crowd gathered at The Briar Club for REDNews’ Houston & Southeast Texas Development / Redevelopment
Summit in late June. The most significant opportunity upon which Signorelli has seized may be the 1,400-acre Valley Ranch. His company bought the first parcel at the intersection of US-59 and SH-99 back in 1999. It took another seven years before he’d assembled the full property needed for the master-planned community in Porter. Click to read more at www.rednews.com.