AllianceTexas generates $7B plus in 2019

AllianceTexas, the 26,000-acre master-planned, mixed-use community in north Fort Worth, continues to be one of the region’s most substantial economic engines with approximately $83.74 billion generated in regional economic impact and nearly $2.53 billion in total taxes paid to local public entities. According to the annual Insight Research Corporation report, more than $7.31 billion of the development’s economic impact was generated in 2019 alone, AllianceTexas said in a news relapse. advertisement
AllianceTexas is home to 525 companies, which have built more than 50 million square feet, transforming the North Texas economy and connecting the area to global industry. Widely considered one of the most successful public-private partnership endeavors in the nation, total investment at AllianceTexas surpassed $10.5 billion in 2019, with $9.7 billion coming from the private sector. Public investment totaling more than $782 million has been invested in the project to date, representing a 12-to-1 private-to-public-dollar investment multiple, the news release said. Click to read more at www.fortworthbusiness.com.

Austin council members divided over hire of outside attorney in property protest rights lawsuit

The first court date in the lawsuit between City Council and a group of citizens fighting for the right to protest property rezonings that result from the city’s ongoing land development code rewrite is less than a month away, and City Council has hired an outside attorney to defend them in court. Some City Council members, however, objected to the city spending up to $121,000 to hire Austin-based firm Scott Douglas & McConnico to argue that property owners have no formal protest rights during comprehensive revisions of the land development code. City Council Members Leslie Pool, Kathie Tovo and Alison Alter voted against the city using taxpayer money to fight against what Pool said are taxpayer interests—the right to formally protest their property’s rezoning. Council Member Ann Kitchen abstained from the vote. Together, the council members were the four nays in the 7-4 vote to approve the first reading of land development code rewrite in December. “My reason for voting against this is I don’t believe we should waste taxpayer dollars on outside attorneys to deny people the right to a valid protest,” Pool said to a handful of claps from the City Council Chambers audience Jan. 23. Click to read more at www.communityimpact.com.

Houston apartments change hands as Wisconsin buys portfolio of workforce housing

A Wisconsin company purchased several Houston workforce housing properties as part of a portfolio transaction, CBRE announced this morning. The 10 properties acquired by commercial real estate investor MLG Capital were built in the 1970s and ’80s and charge relatively affordable rents due to their age. The sale included two apartment complexes in west Houston, at 2475 Gray Falls Drive and 1015 Country Place Drive, and two in northwest Houston, at 12811 Greenwood Forest Drive and 905 Cypress Station Drive. Workforce housing, or housing with relatively low rents, has been a hot commodity as demand outpaces supply. Most multifamily construction has focused on luxury apartments, noticed the commercial real estate firm Marcus & Millichap. “With workforce housing at its lowest level in 20 years, prospective renters will face difficulty finding an available unit to occupy,” the company wrote in its multifamily investment forecast released this week. As a result, Marcus & Millichap is expecting workforce apartment rents to increase 4.3 percent over 2020, compared with 3.3 percent for luxury apartments. Click to read more at www.chron.com.

Berkadia outlook: Multifamily stays strong in 2020

The mortgage banking and investment sales pros with Berkadia expect the multifamily sector to remain a strong one throughout 2020. But what could bring at least a minor hiccup to the sector? Interest rates and the presidential election. That’s according to Berkadia’s 2020 Outlook Powerhouse Poll, a collection of insights from more than 150 Berkadia investment sales brokers and mortgage bankers across 60 offices. According to the poll, investment sales brokers and mortgage bankers expect interest rates and the presidential election to have the greatest impact on multifamily investing and financing this year. A total of 86 percent of bankers cited interest rates in the study, while 44 percent pointed to the election. Rounding out the top three expected major trends, 44 percent of bankers cited GSE reform. For trends impacting multifamily investing, 77 percent of investment sales brokers cited interest rates, 63 percent the presidential election and 40 percent debt underwriting. The survey found, too, that 91 percent of mortgage bankers expect GSEs to see the most activity in 2020. Click to read more at www.rejournals.com.

Austin outranks major West Coast city in new projection of office job growth

It’s Bat City versus the City by the Bay in a new projection for the growth of office jobs in 2020. Commercial real estate services company CBRE predicts Austin will see a 2.6 percent rise in office jobs this year compared with last year. That puts Austin in first place for anticipated office-job growth in 2020 among U.S. markets with at least 37.5 million square feet of office space. Office jobs include those in the tech, professional services, and legal sectors. Austin edges out San Francisco for the top spot in CBRE’s forecast, published January 9. The company predicts a 2.5 percent increase in San Francisco office jobs this year versus last year. Personal finance website WalletHub recently ranked San Francisco and Austin third and fourth, respectively, on its list of the U.S. best cities to find a job. “It’s not surprising that the forecast for Austin is extremely bright, and we expect that technology companies and professional firms will still drive the demand for more [offices],” Troy Holme, executive vice president in the Austin office of CBRE, says in a January 22 release. Click to read more at www.austinculturemap.com.

Dallas Cowboys owner Jerry Jones quietly spun up a new commercial real estate company months ago

Cowboys owner Jerry Jones is getting acquainted with the national real estate market, having quietly founded a commercial real estate brokerage company in June, according to real estate news website Bisnow. Jones’ new company predictably includes the ubiquitous “blue star” in its name – Blue Star Commercial Real Estate LLC. He has hired several former Swearingen Realty Group executives to lead the privately held brokerage firm, Bisnow reported. Former Swearingen Senior VP Rob Wolfle was brought on as president of Blue Star Commercial Real Estate, according to his LinkedIn profile. Wolfle was with Dallas-based Swearingen for nearly 16 years before joining Jones’ new firm. The Dallas Morning News has reached out to Wolfle for comment about the new role and company. The firm is focused on representing investors in capital markets deals “across the nation,” according to Bisnow, which cites conversations with Blue Star Commercial Real Estate Executive VP Tom Brosseau. Click to read more at www.dallasnews.com.