TYLER, TEXAS — General contractor Hoar Construction has broken ground on a 50,000-square-foot expansion project at the Braithwaite College of Nursing & Health Sciences at The University of Texas at Tyler. Designed by Fitzpatrick Architects, the project will essentially double the size of the existing building by adding new classrooms, office spaces, student meeting areas and labs. Completion is slated for summer 2024.
As vacant sites become rare and cost-prohibitive, commercial real estate developers need to be creative when it comes to bringing a new project out of the ground. Unconventional development sites offer cost savings and location advantages, and in-depth due diligence and creativity on the part of developers can make for sites that can allow an elegant union of lower costs and strategy. With limited room for delay, how can developers think critically about available sites and leverage existing conditions to their advantage? Katherine Roberts, senior project manager at Bohler’s Warrenton, VA office, and Gregory Roth, principal at Bohler’s Tampa office, offer their expert advice on threading this needle. Bohler specializes in land development, especially making development work when conventional sites aren’t an option. Prioritizing Development Needs When Assessing Red Flags Certain project factors can be red flags if time or cost are obstacles to a developer, including These points of concern are usually knots that can be untangled if a developer has the time, money and appetite to move forward in spite of these interruptions, but each factor does bear watching. “Developers should understand where their limits are and where they’re willing to negotiate. Ideally, anything you’re developing should be …
FRISCO, TEXAS — Locally based developer Stillwater Capital will develop a 352-unit multifamily project at The Link, a 240-acre mixed-use development in Frisco. The Link, which has a total price tag of about $1 billion, connects to the PGA of America’s new, 600-acre headquarters campus via a pedestrian promenade and a network of public green spaces. The new multifamily community will offer townhome- and cottage-style residences and amenities such as a pool, fitness center, golf simulator, putting green and a courtyard with a fire pit. Construction is slated to begin this spring and to be complete in summer 2025.
BAYTOWN, TEXAS — A partnership between two locally based firms, Pontikes Development and McNair Interests, has broken ground on a pair of rail-served industrial facilities totaling 630,128 square feet in the eastern Houston suburb of Baytown. Building 3 at Port 10 Logistics Center will span 450,873 square feet and is expected to be complete in the third quarter. Building 5 will total 179,255 square feet and is scheduled for a fourth-quarter delivery. JLL is leasing both projects. A fourth building totaling 452,266 square feet has also been proposed at Port 10 Logistics Park.
SAN ANTONIO — DiversyFund, a fintech and investment platform focused on multifamily assets, has completed the renovation of Mission Villas, a 174-unit multifamily property in San Antonio. According to Apartments.com, the complex was built in 1965 and offers studio and one-bedroom units, as well as amenities such as a pool, playground and outdoor grilling and dining areas. Renovations included upgrades to the kitchens and bathrooms of all units and improvements to building exteriors.
STAFFORD, TEXAS — Locally based brokerage firm Partners Real Estate has arranged the sale of a 40,000-square-foot medical office building located at 4915 S. Main St. in Stafford, a southwestern suburb of Houston. According to LoopNet Inc., the property was built on 3.4 acres in 1980. Chris Caudill and Devin Hawkins of Partners represented the seller in the transaction. John Baddour of High Street Net Lease Group represented the buyer.
PLANO, TEXAS — Horizon Oxygen & Medical Equipment has signed a 7,855-square-foot industrial lease in Plano. According to LoopNet Inc., the building at 600 Development Drive was built in 2001 and totals 23,334 square feet. Jared Laake of Bradford Commercial Real Estate Services represented the landlord, Dallas-based Kennington Commercial, in the lease negotiations. Schaefer Amos of Lee & Associates represented the tenant.
AUSTIN, TEXAS — Hoar Construction has broken ground on Icon, a 30-story student housing tower in the West Campus neighborhood by the University of Texas at Austin. The MDL Group is the developer for the project, which is slated for completion in summer 2025. Icon will house 555 beds across 216 units ranging from one- to five-bedroom layouts. Amenities will include a rooftop pool, fitness center, game and lounge rooms, podcast studio and student workspaces. The project will also feature four levels of below-ground parking. Once completed, Icon will be one of the tallest buildings in the surrounding area, according to the general contractor. The project marks the first partnership between Hoar and MDL Group, a New York-based developer, owner and operator of student housing communities. The project team also includes Rhode Partners as architect, DCI Engineers as structural engineer and Blum Engineering as the MEP (mechanical, electrical and plumbing) engineer. The student housing sector is outperforming other real estate verticals during challenging economic conditions, according to the latest national student housing report from Yardi Matrix. Rents increased 7 percent year-over-year in March to an average of $829 per bedroom, a record high. UT Austin has the highest bed count …
AUSTIN, TEXAS — KeyBank Community Development Lending & Investment has provided $82 million in acquisition and rehabilitation financing for Woodway Square Apartments, a 240-unit affordable housing complex in Austin. The 12-building, garden-style complex offers one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, playground and a community room. The borrower is Minnesota-based owner-operator Dominium. The financing includes an $18 million bridge loan to facilitate the purchase, $40 million in construction-to-permanent financing and $24 million in Low-Income Housing Tax Credit (LIHTC) equity.
FORT WORTH, TEXAS — MTU Maintenance Dallas Inc., a provider of aviation repair services and a division of German manufacturer MTU Aero Engines, will open a 430,000-square-foot industrial facility in Fort Worth. The company will relocate from nearby Grapevine to a climate-controlled facility at Perot Field Fort Worth Alliance Airport during the second quarter. Paul Reitz of Reitz Realty Group represented MTU Maintenance in the deal. Hillwood owns the facility, which is approximately 10 times bigger than MTU Maintenance’s current space.