Wednesday, March 22, 2017
DALLAS—Consistent and wage job growth, and consumer confidence remains near decade highs, fostering a strong retail consumption environment that will support retail center performance found in these mixed-use projects.
DALLAS—The Victory Park and The Crescent bar, restaurant and gallery scene are poised for change with several new tenants joining the mix in both projects. Three of Dallas’ top food and beverage operators all will open concepts at the Victory Park mixed-used district later this year and two new restaurants and the contemporary art gallery will join The Crescent.
This & That Concepts will open a 4,232-square-foot restaurant and bar, plus a 2,600-square-foot second-floor covered patio overlooking Victory Plaza and Victory Park Lane, at the northwest corner of Victory Park Lane across from the W Dallas–Victory Hotel. The restaurant team is behind local favorites, High Fives, So & So’s and The Standard Pour.
8020 Hospitality and Brooke Humphries will open a 24,022-square-foot restaurant and entertainment concept occupying the entire ground floor of the west Victory Plaza building, in the space formerly occupied by Nove and N9NE. Led by Elias Pope, 8020 Hospitality’s other DFW-area concepts include HG Sply Co. and Standard Service.
Brooke Humphries also will open a 2,466-square-foot bar and tavern with a 1,179-square-foot covered patio inside the parking garage on Victory Avenue, across from the Arpeggio apartments. Humphries is the mind behind several local successes, including Barcadia, Beauty Bar, Mudsmith, It’ll Do Club and Pints & Quarts.
The new concepts are part of a district redevelopment led by owner Estein USA and retail partner Trademark Property Co., focused on evolving Victory Park into a more walkable urban neighborhood with a three-block, two-sided retail district on Victory Park Lane. As part of the transformation efforts, Victory is undergoing full remerchandising to include an eight-screen 750-seat Cinépolis Luxury Cinemas–Victory Park and retailers. Most recently, the unfinished parking garage across from the W Dallas-Victory Hotel was completed, adding 22,000 square feet of ground floor retail space. In addition, construction is underway on the mixed-use building at Victory Park Lane and High Market Street, which will include the movie theater, 20,000 square feet of new ground floor retail and 285 apartments, all of which are slated to open late this year.
“Since getting involved with Victory Park, our vision was to change what needed changing, finish what was unfinished, and merchandise and brand the district in an authentic manner, consistent with great walkable streets and districts. These concepts and operators will certainly do that,” said Terry Montesi, CEO, Trademark Property Co. “In a few short months, visitors to Victory Park won’t recognize how it looks or the experience they have when they come to Victory.”
At The Crescent, Sixty Vines, a popular Plano restaurant that is part of Dallas-based Front Burner Restaurants, is opening its second dining spot this fall, and East Hampton Sandwich Co. will open in early summer. Also, veteran gallery owners Karen and Michael Bivins debuted the Bivins Gallery a month ago. The addition of two new restaurants and the contemporary art gallery–along with the successful openings of Shake Shack, Ascension Coffee and Moxie’s Grill & Bar–builds upon a strategy to make the 31-year-old mixed-use complex a more popular gathering space in the vibrant Uptown neighborhood.
“Since the recent $33 million renovation at The Crescent, uses of the exterior spaces have increased tremendously,” said John Zogg, managing director of Crescent Real Estate Equities LLC. “With the addition of Ascension Coffee, famed New York-based Shake Shack and the American debut of Moxie’s Grill & Bar, plus the newly redefined presence of Stanley Korshak, bringing in more new restaurants and introducing an art gallery representing museum-quality artists creates a perfect balance with the other dynamic changes and new vibrancy at The Crescent today.”
Lisa Brown/Globe St.
Candace Carlisle/Dallas Business Journal.
Candace Carlisle/Dallas Business Journal.
Monday, March 20, 2017
Candace Carlisle/Dallas Business Journal.
One of the office complexes with prominent corporate tenants is Royal Ridge.
IRVING, TX—The Dallas-Fort Worth metroplex is the nation’s fourth largest metro area, with a current job growth rate of 3.6%, which is the highest among the country’s 12 biggest metro areas. Within the metro, Las Colinas is home to 120,000 workers.
The area’s growing skilled labor pool and DFW proximity are attracting expansion-driven companies to the submarket. Large employers include Exxon Mobil, Oracle, Microsoft, General Motors, Fluor, Citigroup, Goldman Sachs and Kimberly-Clark.
One of the office complexes with prominent corporate tenants is Royal Ridge, owned and managed by Accesso Partners LLC. The four-building class-A portfolio totaling 505,948 square feet is situated on 45.6 acres at the intersection of North Belt Line Avenue and West Royal Ridge. The property is located just north of John W. Carpenter Freeway and President George Bush Turnpike, five miles from the Dallas-Fort Worth International Airport and the Las Colinas Urban Center.
“The fact is Dallas-Fort Worth continues to gain prominence and stature as a global city,” Abbey Rowsey, Accesso’s Dallas asset manager, tells GlobeSt.com. “Couple that with the quality of this asset, the A-plus Las Colinas location, its proximity to the airport and Royal Ridge will continue to attract top-tier tenants.”
Accesso has appointed investment brokerage Eastdil Secured LLC to market the portfolio. Building floor plates range from 40,000 to 70,000 square feet and have an average of six per 1,000-square-foot parking ratio.
- LISA BROWN /Globe St.
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Steve Brown/Dallas Morning News
Friday, March 17, 2017
For the second year in a row, the Texas housing market hit an all time high for both prices and the number of properties purchased. Real estate agents sold 323,607 homes last year, up 4.4% from 2015. Median prices rose 7.6%. DFW home prices were up 9% and home sales of over 98,000 rose 5%, with more houses sold than in any other Texas metro area. The North Texas supply of available homes is 1.8 months, compared to the state’s 3.3 months.
According to a national study, DFW homeowners are spending an average of 15% of annual income for mortgage payments, less than the historical local average of 20%. Residents are spending about 30% for rent. Nationwide, homeowners spend almost 16% of monthly income to buy a home, the highest percentage in a decade
A new survey from Cushman/Wakefield shows the North Texas industrial market had 5.3 million sq.ft. net absorption in the 4th quarter, leading the nation. Tenants absorbed 23.7 million sq.ft. in North Texas last year, a 43% increase. Construction completions totaled 22.4 million sq.ft. at year end, 46% ahead of the prior year. Around 17 million sq.ft. of new industrial space is underway.
North Texas homebuilders started almost 30,000 new homes last year, more than any other market. A Chinese investor plans to increase that number through a $655 million investment with Serene County Homes to fund construction of 2,300 homes in Tarrant County’s Sendera Ranch community. The Puyin Blockchain Group of Shenzhen, China, wants to be “the leading developer of affordable housing in America”. The homes are planned to start at around $200,000.
DALLAS—The CBD is comprised of approximately 30 million square feet of multi-tenant office space, and contains more class-A space than almost any other regional submarket at more than 20 million square feet.
DALLAS—Like many downtowns across the country, Dallas lost momentum in the 1960s as new freeways and affordable suburban middle-class homes sucked the growth out of the central business district. Many businesses followed as office buildings rose on the suburban prairies. Before the 60s were over, the city council tried to stop the outward tide by adopting the recommendations of urban planner Vincent Ponte, who designed a system of downtown tunnels and underground retail shops linking the major buildings.
Through the years, the tunnel system grew to more than 2 miles, according to ULI. It provided a convenient lunchtime amenity for downtown office workers but was blamed for choking off life and commerce on the street above. The result? A lonely feeling within the central core, which by 6:00 p.m., was devoid of bustling people or even a single pedestrian. Then-mayor Laura Miller said it was the worst urban planning decision that Dallas has ever made.
In recent years, the downtown tunnel system has become disjointed and de-emphasized as some landlords closed off tunnel connections, breathing an extra measure of life into downtown streets and sidewalks, GlobeSt.com learns. And today, the residential redevelopment boom has erased that unpopulated feeling. The newly revitalized downtown Dallas area is the epicenter of the city. The downtown commercial office market is generally defined by two primary submarkets, the CBD and Uptown/Turtle Creek.
The downtown CBD submarket is comprised of approximately 30 million square feet of multi-tenant office space, and contains more class-A space than almost any other regional submarket at more than 20 million square feet. Class-A product represents 75% of the total inventory. The Uptown/Turtle Creek submarket consists of approximately 11 million square feet of multi-tenant office space, with 87% classified as class-A product, GlobeSt.com learns.
Lisa Brown/Globe St.
Thursday, March 16, 2017
Deep in the heart of Texas, SXSW is big and bright. Last year the two-week festival generated $325M for Austin’s economy. More than just tax revenue and tourism, SXSW — running this year from March 6-19 — showcases the Texas capital, drawing companies from all over the world to open offices in its rolling hills.
Though SXSW started as a music festival, over its 30-year history it has morphed into much more. It now features tech, film and comedy alongside the music. The transition has doubled the annual attendance in just over five years to about 140,000 annually. Visitors are liking what they see. During the peak of the dot-com boom, Silicon Valley was a net importer of Texans. Between 1997 and 2000, about 1,500 more households moved from Texas to the region than vice versa.
The trend changed. 2009 saw the single largest year-over-year attendance boost at SXSW Interactive, the tech component of the festival. Between 2009 and 2012, Silicon Valley lost roughly 1,430 households to Texas. While there are numerous factors that influence a household's or company's decision to relocate, firms rarely move somewhere their executives have never visited. It is more than coincidence that the shift from California to Texas coincides with the rise in prominence of SXSW Interactive, which featured keynotes from Wikipedia’s Jimmy Wales, Craiglist’s Craig Newmark and Facebook's Mark Zuckerberg during that time.
Austin is attracting major household names like Facebook, Samsung, Amazon and Apple, each of which moved 500 employees to the area in 2016. Austin has also become a major player in the startup space. Austin ranked No. 1 in the CNBC Metro 20: America's Best Places to Start a Business ranking in 2016. The proliferation of technology companies has led to the region's nickname, "the Silicon Hills," and spurred development that greatly expanded the city.
While one of the world’s pre-eminent marketing events for tech companies, SXSW does quite a bit of marketing for Austin itself. The State of Texas recognizes the opportunity SXSW presents for the area and the state. Last Saturday, Gov. Greg Abbott hosted a technology reception to court potential business. "You happen to be at ground zero for the future of innovation and especially where it intersects with technology," Abbott said. "If you have a vision, if you have a dream, if you have a work ethic to achieve that dream, there is no better place for you to be than in the Lone Star State right now."
Low housing costs and plentiful local talent are major factors influencing relocation. The tech scene also has strong local support from the Austin Chamber of Commerce and other groups. Global real estate firm Savills recently used five metrics to determine Austin is the top overall tech city.
There is also the obvious boost to tourism and hospitality, a staple for the area. In 2016, SXSW directly booked 14,415 individual hotel reservations totaling over 59,000 room nights for SXSW registrants. Direct bookings by SXSW alone generated $1.8M in hotel occupancy tax revenues for the City of Austin. “SXSW continues to position Austin in the national spotlight and as a result, the Kimpton Hotel Van Zandt reaches an expanded customer base for the greater part of March,” said general manager Joe Pagone. “By embracing the creativity surrounding the conference, we are able to hit the affluent, tech-savvy target audience for our hospitality brand.”
The festival has had its issues. This year, a lack of Uber is giving visitors a headache as other ride-sharing alternatives crashed. The state’s controversial SB6 "bathroom bill" and SXSW’s own controversial immigration language in its contracts have raised concerns.
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