On Thursday, October 3, the City of Cedar Hill broke ground on a Hotel and Convention Center project that will bring 136 hotel rooms, convention center space, adding enhanced commercial and entertainment amenities to the City. The project will be constructed on the eastern side of Hillside Village shopping center and will include an approximate 136-room Aloft hotel and adjacent convention facility to include an 8,000 square foot
ballroom, 4,000 square feet of flexible meeting space, and various support spaces. The project is being designed to interact closely with existing retail
activity and provide a foundation for an enhanced entertainment presence in the area. The anticipated total value of the facility is approximately $25
million and is projected to open for business in the summer of 2021. “This is a project that has long been anticipated, and we’re excited to add a
hotel/convention center to the high-end retail and entertainment offerings at Hillside Village in Cedar Hill,” says Mayor Stephen Mason. Click to read more at www.rednews.com.
The North Central Texas land market has seen no significant influence modifying its prior three years of sales and absorption activity, with the exception of increasing values and scarcity of inventory in most developable submarkets. In reviewing last year’s North Texas Land Absorption report, only a few minor observations have changed. For many years, our Investments/Land Group, a division of Younger Partners, has produced a report designed to assist investors in deciding the viability of acquiring for investment undeveloped land for medium and long-term positive returns. Since our 2018 report was distributed, DFW has experienced continued active growth in virtually every commercial and residential product type. Transaction volume held steady for both user and investment product. Absorption of developed, undeveloped (land without access to infrastructure permitting immediate use), and underutilized land progressed at a comparable rate to 2018. Click to read more at www.dmagazine.com.
North Texas was at the top of the shopping list for commercial property buyers in 2019.
With days left before the end of the year, investors are scrambling to get deals closed and figure out where the Dallas-Fort Worth real estate market is headed in 2020. So far this year, the D-FW area has seen close to $20 billion in commercial property sales, and more transactions are set to finish in the final weeks of 2019. “If you look at the top sales year-to-date in major markets, Manhattan is number one total commercial real estate sales, Los Angeles is number two, San Francisco is number three and Dallas is number four,” said Ted Jones, chief economist with Stewart Title. “Dallas is a phenomenal market.” The biggest North Texas commercial property buy so far in 2019 was the $584 million sale of energy firm Pioneer Natural Resources’ new headquarters in Irving. The office campus was acquired by a partnership of domestic and international investors. And with a sales price of about $700 per square foot, downtown Dallas’ new 1900 Pearl office tower set a new office price record for D-FW. The Arts District high-rise was bought by the State Teachers Retirement System of Ohio for $180 million. Click to read more at www.dallasnews.com.
Developers have taken the wraps off a major new high-rise project planned on the northern edge of downtown Dallas. Called the Field St. District, the massive mixed-use development is planned for a two-block, 6-acre property on Woodall Rodgers Freeway. One of the largest vacant properties downtown, the huge building site was purchased this summer by Kaizen Development Partners and Woods Capital. Since then, the new owners have been working on preliminary building plans for the property, which is zoned for up to 5 million square feet. The initial construction plans call for a combination of office space, retail space and apartment units. Kaizen and Woods Capital formed a partnership with Dundon Capital Partners for the more than $1 billion project. Dallas architect HKS designed the buildings. Kaizen Development CEO Derrick N. Evers said he hopes that site work for the construction can start by late next year. The Field St. District is in a corner of downtown that is already seeing significant construction. Click to read more at www.dallasnews.com.
The National Association of Realtors listed Dallas-Fort Worth as one of the nation’s top real estate market expected to outperform in the next three to five years. In a newly released report, the trade association identified the top ten metro areas showing signs of continued strong growth. DFW distinguishes itself as the only Texas market on the list. “Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion,” said NAR’s chief economist Lawrence Yun. “Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply.”In the last few years, DFW welcomed more than 1.09 million people, included in the total population of more than 7.5 million. The highest number – 15,332 – of recent movers came from the Houston metro area, according to the report. DFW had the highest concentration of in-migration compared to the other nine metros in the report. NAR crunched figures from the Bureau of Employment Statistics and American Community Survey of the 100 largest U.S. metro areas, and compared it housing factors such as affordability, job growth, population age structure, home price appreciation, among other variables to formulate the report. Click to read more at www.fortworthbusiness.com.
It’s no secret the Dallas region is benefitting from California companies looking to move out of state. But Charles Schwab Corp.’s shift to North Texas is a big one, showcasing the ongoing changes in the region. The retail brokerage said Monday in a news release it’s acquiring rival TD Ameritrade Holding Corp. (Nasdaq: AMTD) in a deal valued at about $26 billion, a massive tie-up for the financial services industry. As part of that, it will shift its corporate headquarters from San Francisco to its new campus in Westlake. The agreement is subject to customary closing conditions, it said. A headquarters relocation from Schwab (NYSE: SCHW) even without the merger would bring heft to North Texas. Click to read more at www.wfaa.com.