Tuesday, December 13, 2011

Uptown, Dallas - New $225 Million Development Planned

DALLAS (Dallas Morning News) – Pelli Clarke Pelli will design a mixed-use project in Uptown for Crescent Real Estate Holdings LLC.
The $225 million development will include an office tower, 60,000 sf of retail and restaurant space, and 50 luxury residential units. It will be at Cedar Springs Rd. and Olive St.
The firm's owner, Cesar Pelli has designed some of the world’s modern landmarks, including Petronas Towers in Malaysia.

North Texas Real Estate By The Numbers

FORT WORTH (Fort Worth Star-Telegram) – According to the latest figures from McGraw-Hill Construction, commercial building contracts in the Metroplex totaled $166.9 million in October, down 38 percent from a year ago. Meanwhile, residential contracts totaled $544.5 million, up 28 percent.
Year to date, commercial contracts through October totaled $3 billion, down 2 percent compared with a year ago. Residential contracts totaled $4.4 billion for the first ten months, up 10 percent.
Statewide numbers for the year show commercial contracts down 13 percent at $11.5 billion and residential contracts remaining flat at $14.6 billion.

The area includes Collin, Dallas, Delta, Denton, Ellis, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant and Wise Counties.

APARTMENTS 2012 TOP INVESTMENT

HOUSTON (realtynewsreport.com) – Where will investors be putting their money next year? Multifamily properties, according to a recent 2012 outlook survey conducted by Jones Lang LaSalle.

Survey respondents said rising rental rates and declining home ownership rates suggest strong apartment investment activity in the coming year.

And take note, Dallas: When asked where in the United States they would be most likely to invest next year, respondents ranked Big D among the top five cities, beating out New York City and Washington, D.C.
On the flip side, they said Houston was one of the five cities in which they'd most likely sell properties.
The survey was completed by more than 150 private investors, real estate brokers, developers, REIT and institutional investors.