Category: Focus November – 20

KDC Signs on to Frisco Mega Development, The Fields

Posted on by Sarah

Dallas-based KDC has joined the development team spearheaded by Hunt Realty and Karahan Cos. on the $10 billion Fields project in Frisco, Texas. The mixed-use mega-development will include over 10,000 residences and up to 18 million square feet of commercial space. At more than 2,500 acres, Fields is the largest, contiguous land assemblage in Frisco. With significant frontage along the Dallas North Tollway, Preston Road and Highway 380, uses will include single-family and multifamily residential, office, retail, education and recreation. Other development partners include Republic Property Group, Chief Partners LP and CrossTie Capital Ltd. PGA of America is moving its headquarters to the Fields from Palm Beach County, Florida. PGA’s $500 million development will include two championship golf courses, an Omni resort and a retail village. The University of North Texas is also constructing a branch campus at the site.

Moss Awarded Contract for The Luxe at Las Colinas, Irving, Texas

Posted on by Sarah

Moss Construction has been awarded a contract for The Luxe at Las Colinas, a luxury senior living project located at HWY 161 and N. Belt Line Road in Irving, Texas. The project owner/developers are Story Senior LTD and MPH Partners LLC and Arrive Architecture Group designed the space. “We’re excited that The Luxe at Las Colinas has chosen us to complete this beautiful and thoughtfully designed project,” said Tom Philley, executive vice president of Moss’ Texas region. “It’s an honor to work on a project that will serve the senior community in Irving for many years.” The 149,076-square-foot project will consist of one- and two-bedroom apartments ranging from 644 to 1,112 square feet. All 140 units will have access to the clubhouse and their own private balcony. The four-story active adult community will provide amazing amenities including a resort-style pool, dog park, fitness center, library, medical clinic, wellness café, activity center, and media room. In the clubhouse, residents will further enjoy a dining room as well as private dining.

The project broke ground on Tuesday, October 6, and is expected to be completed in November 2021.

Transwestern Brings Park 288 in Houston to Full Occupancy

Posted on by Sarah

The Methodist Hospital, known as Houston Methodist, signed a new 18,825-square-foot lease in Park 288 at 3710 Reed Road in Houston, bringing the business park to 100 percent occupancy. Transwestern Real Estate Services (TRS) and Colliers International brokered the deal. Jude Filippone of Transwestern provided agency leasing services on behalf of the landlord. Coy Davidson of Colliers International represented the tenant. “Park 288 continues to outperform the market given its infill-location, excellent visibility to Highway 288, responsive sponsorship, and excellent access to the Houston Medical Center, Central Business District, Loop 610 and Beltway 8,” said Filippone. “Given the current challenging market conditions, we are excited to have secured a strong tenant in Houston Methodist and bring this asset to 100 percent leased.” Located at the epicenter of Houston’s south/southeast growth corridor, Park 288 is a five-building, Class A industrial park totaling 556,638 square feet. The project has a highly functional and attractive design that combines optimum tenant functionality with maximum long-term flexibility. All the buildings have glass storefront entries, abundant parking, wide truck courts, and visibility and direct access to Highway 288.

Cash Builds for Property Debt Funds as Crisis is Delayed

Posted on by Sarah

Real estate debt investors are stockpiling cash, searching for opportunities to lend to commercial-property owners hurt by the pandemic. Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle. Now there are signs of a thaw. On one side, competition is building to put that cash to work, motivating some lenders to take on higher risks. On the other, borrowers are growing desperate as loan extensions start to expire on malls, hotels and even some offices that are still struggling as COVID-19 continues to ravage the U.S. economy. “If you’re willing to do it, you’ll get a lot of deals, but you have to be willing to play in those sectors and take some risks,” said Mark Fogel, chief executive officer of Acres Capital, a New York-based commercial property lender. He said he’s getting almost twice as many calls from borrowers looking to refinance their debt or get bridge loans to stay afloat than just a few months ago. Debt fund investors are eager to see returns seven months after the coronavirus threw commercial property markets into disarray. When bank lending starts to dry up, investors looking for better yields tend to turn to private credit, which steps into the vacuum. Click to read more at www.houstonchronicle.com.

Constructing Tomorrow’s Buildings: Expect an Explosion in Modular Design

Posted on by Sarah

Next year, a new Hyatt Place Hotel will rise in Waco, Texas. Though it will have all of the typical amenities and features of a modern, new construction hotel, it’s what the guests won’t ever see that will be truly groundbreaking. The project is using the latest evolution in modular design and construction. This process has grown in maturity over the years, with recent innovations that endow tremendous time and cost advantages. The Waco Hyatt project, for instance, will be constructed almost entirely off site, in the fabrication facility that ModularDesign+ operates in Euless, Texas. A strategic partner of global architecture firm CannonDesign, ModularDesign+ hopes to change the way that owners, developers, architects and contractors think about modular construction. The 110-room, eight-story Hyatt Place Hotel Waco, designed by MWT Architects, will feature both rooftop and ground-level restaurants, a shopping center and a parking garage—all of which will be fabricated in Euless. Once completed, 140 stackable units will be shipped over the course of only three to four weeks to their final destination in Waco. That’s the largest incentive that modular offers: speed to market. The quicker that an owner or developer can begin generating revenue on a space, the better. Click to read more at www.rednews.com.

Top Developer Joins the Team for Frisco’s $10 Billion Fields Project

Posted on by Sarah

Dallas property firm KDC joins Hunt Realty, Karahan Cos. and the rest of the developers of the more than 2,000-acre mixed-use community.

The Frisco mega-development is being built with Hunt Realty, Karahan Cos., Republic Property Group, Chief Partners LP and CrossTie Capital Ltd. and could be valued more than $10 billion. Now Dallas-based developer KDC is joining the effort to create the huge KDC built Legacy West’s office campuses for Toyota, Liberty Mutual Insurance and JPMorgan Chase.