DALLAS — Granite Properties has topped out 23Springs, a 626,215-square-foot office project in Uptown Dallas. In addition to the 26-story office building, the development includes two separate restaurant buildings totaling roughly 16,000 square feet and a half-acre park. Granite Properties is developing 23Springs in partnership with North Carolina-based REIT Highwoods Properties (NYSE: HIW). Dallas-based GFF served as the project architect, and DPR Construction is the general contractor. Amenities will include a coffee and wine bar, indoor lounge with a golf simulator, fitness center, conference facilities and an outdoor lounge. Full completion is slated for spring 2025. The property is 60 percent preleased to tenants such as Deloitte, Sidley Austin LLP and Bank OZK, which also provided construction financing for 23Springs.
Texas
SELMA, TEXAS — Atlanta-based developer Ackerman & Co. has delivered Corporate Drive Industrial Complex, a 511,000-square-foot industrial property in Selma, located northeast of San Antonio. Building 1 at the property totals 274,000 square feet, and Building 2 totals 237,000 square feet. Building features include 32- to 36-foot clear heights, 60 dock doors, two drive-in bays and 647 parking spaces (expandable to 735). Ackerman developed the project in partnership with Baltisse US Inc. Partners Real Estate has been tapped as the leasing agent. Construction began in summer 2023.
AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Bishop Momo, a 274-unit apartment community in Austin’s St. Elmo District. Bishop Momo houses studio, one- and two-bedroom apartments as well as 6,000 square feet of street-level retail space. Amenities include a pool, fitness center, multiple lounges, coffee bar, dog run, conference room, package lockers and grilling stations. Belshaw Mulholland Architects designed Bishop Momo, and OHT Partners served as the general contractor. Rents start at approximately $1,450 per month for a studio apartment.
BURLESON, TEXAS — GBT Realty Corp., a developer based in the Nashville area, is underway on construction of a 50,632-square-foot shopping center in Burleson, located south of Fort Worth. Designed by Kansas-based BRR Architecture Inc., Burleson Commons will be located on a six-acre site the intersection of Southwest Wilshire Boulevard and Commons Drive. A 23,256-square-foot Sprouts Farmers Market will anchor the center, and discount retailer Five Below has also committed to a 9,000-square-foot space at Burleson Commons. Completion is scheduled for June 2025, with Sprouts set to open shortly thereafter.
DALLAS — TGI Fridays Inc., which owns and operates 39 U.S. restaurants, has voluntarily filed for Chapter 11 bankruptcy protection in the Northern District of Texas. The Dallas-based operator cited long-running declines in sales dating back to the pandemic as the main impetus behind the filing. All independently owned and operated franchise locations, both foreign and domestic, are not impacted by the filing. An entity doing business as TGI Fridays Franchisor LLC, which owns the TGI Fridays brand and other intellectual property, was also unaffected. TGI Fridays Inc. has secured a commitment for debtor-in-possession financing from its lenders to support operations at its 39 restaurants while proceeding through the Chapter 11 process. Globally, the chain’s footprint spans 461 locations across 41 countries.
LAS VEGAS — Dallas-Fort Worth (DFW) has secured the top spot in the latest rankings of markets to watch in terms of overall real estate prospects in the Emerging Trends in Real Estate 2025 report, which is jointly produced every year by the Urban Land Institute (ULI) and accounting firm PwC. Austin ranked No. 15 on the list, marking the first time since 2010 that the state capital has fallen outside of the Top 10. Houston took the bronze medal at No.3, and San Antonio ranked 13th among the top markets to watch in 2025 (Miami was No. 2). The report cited impressive, sustained job and population growth in DFW that have not compromised affordability as the key factors behind the metroplex’s top ranking. Although the median single-family home price in DFW has increased by 38 percent since early 2020, the figure of $382,000 still puts the metroplex on par with national averages, according to the report. The report’s authors also expressed apprehension about unusual weather events in the area impacting real estate values and activity, but those concerns were overridden by exceptional demographics and economic diversity. Houston similarly saw its ranking rise due to jobs and people. The Houston …
ROUND ROCK, TEXAS — Seattle-based developer and operator Sabey Data Centers has completed a 430,000-square-foot facility in the northern Austin suburb of Round Rock. Known as SDC Austin, the two-building development is situated on a 40-acre site and has the capacity to produce up to 84 megawatts of power. The facility is designed to support liquid cooling and high-density computing environments with capabilities of up to 200 kilowatts per cabinet, and one such user, the Texas Advanced Computing Center, has already committed to the campus. The project was first announced in spring 2022.
NEW BRAUNFELS, TEXAS — AOG Living, the Houston-based developer and operator formerly known as Allied Orion Group, has begun leasing The Sophie, a 282-unit multifamily project in the northeastern San Antonio suburb of New Braunfels. The Sophie features one-, two- and three-bedroom units. The amenity package comprises a pool, fitness center, business center/cyber lounge, clubhouse with a gaming area, outdoor grilling stations, dog park, courtyard biergarten, sky lounge and package lockers. Rents start at $1,365 per month for a one-bedroom apartment.
HOUSTON — Dallas-based Holt Lunsford Commercial Investments (HLCI) will develop a 254,000-square-foot industrial project in northwest Houston. The site at 11010 Jones Road spans 23 acres. The development will comprise a 204,800-square-foot front-load building and a 50,000-square-foot rear-load building, as well as designated trailer parking space and five acres for outdoor storage. Construction is scheduled to begin in early 2025. A tentative completion date has not yet been announced.
GEORGETOWN, TEXAS — Marcus & Millichap has brokered the sale of Georgetown Mini Storage, a 144-unit self-storage facility located on the northern outskirts of Austin. The facility was built in 1983 and spans 26,400 net rentable square feet of non-climate-controlled space. Jon Danklefs and Douglas Diffie of Marcus & Millichap represented the undisclosed seller in the transaction. Danklefs also procured the buyer, New York-based Merit Hill Capital.