In the Houston real estate market, sometimes your end goal can be overshadowed by the process of how to achieve it. Development is a challenge, even in a city with no zoning laws, as Oxberry Group learned when it eyed a 1.5-acre property at the corner of San Felipe and Chimney Rock in Southwest Houston. The intersection appeared to be the ideal site for a luxury retail development, but there was a reason no developer had touched it yet. “That land has been in a deed-restrictive association for more than 80 years,” principal Sean Jamea told those in attendance at REDNews’ Houston & Southeast Texas Development / Redevelopment Summit. Seeing that obstacle, Oxberry led a nine-month marketing effort to educate homeowners in that association, Briarcroft, about the project and Houston’s everchanging real estate market. In the process, Jamea said he got to learn about the area as well. “One homeowner shared that when she was young, her house was on San Felipe and she used to ride her horse up and down San Felipe and Chimney Rock,” he laughed. Click to read more at www.rednews.com.
Home sales at the nation’s 50 top-selling MPCs exceeded expectations in the first half of 2019, with a pace that indicates the potential for a 10% increase at year’s end compared with 2018. On average, communities on this year’s list experienced approximately 3% growth in sales over the same time period last year. Texas, Florida, and California account for 66% of total sales among the 50 top-selling communities, with the share of total top-selling MPC sales in other states decreasing from 38% to 34% since mid-year 2018. These results appear to validate the sentiments echoed in RCLCO’s Mid-Year 2019 Sentiment Survey that it is not quite time to stress a downturn. Professionals across the industry were polled about their perspective on the current state of various product types, and most did not yet believe a peak had been reached in the for-sale residential space. Indeed, the sales figures provided by the top-selling master-planned communities in the country would appear to agree with these professionals, as this cycle continues to provide further room to grow. Click to read more at www.houstonchronicle.com.
The 37-acre biomedical research campus planned for the Texas Medical Center has been redesigned, a move officials said would better cultivate a “live, work and play” atmosphere combining collaborative research facilities with shops, restaurants, residences and offices peppered with parks and plazas. The new design, from Boston-based Elkus Manfredi Architects, builds on an earlier plan to develop a sprawling research building resembling a double helix — a nod to the scientific description of a strand of DNA — capped with an elevated park with gardens and trails. “In the previous scheme, the DNA strand was really the building. Now the DNA strand is really the spaces between the buildings,” said David Manfredi, chief executive of Elkus Manfredi. “Instead of mapping the building on a DNA strand, we’re using that icon or that image or emblem as a way to define outdoor spaces.” Click to read more at www.chron.com.
Houston’s economy showed signs of growth in recent months as oil and gas-related employment grew and bank lending significantly outpaced growth in Texas and the United States. Trends in the Houston economy remained positive in the three months ending in February, according to the latest Houston business-cycle index by the Federal Reserve Bank of Dallas, which analyzes economic indicators, such as job growth and oil and fuel prices. Click to read more at www.houstonchronicle.com.
Barringer Bar & Lounge has announced that it will close its doors to make way for a new tenant at 108 Main St.
The bar will serve its last meal on Dec. 22 and won’t relocate, according to a press release. Owners Chieko and Robby Cook will pursue other positions within Houston’s restaurant scene, a spokesperson said. Barringer had relocated to the 4,800-square-foot, two-story space in 2015, after first opening in 2014 above Clutch City Squire at 410 Main St.
Click to read more at Houston Business Journal.
Many commercial landlords and tenants woke to a soggy mess after Hurricane Harvey deluged Houston. That physical mess quickly became a business mess, which in many cases has now turned into a legal mess. Many landlords and tenants are simply working together to aggressively repair buildings and get tenants back in business.
However, there are circumstances that may force some parties to confront the legal aspects of their property lease, such as failure to adequately insure, poor or incompetent response or an existing failed lease relationship.
Click to read more at Houston Business Journal.