The Spirit of the Modern West Is Central to Fort Worth’s National Historic Stockyards District’s $500 Million Redevelopment

Once the largest livestock market in the country during the Cattle Drive Era, over the last 30 years Fort Worth’s National Historic Stockyards District has evolved into a tourist destination founded upon Western authenticity. Today, the storied neighborhood is undergoing a multi-million-dollar redevelopment that is bringing the neighborhood into a new era.

The Stockyards Heritage Development Company, a partnership between The Hickman Properties and Majestic Realty Company, announced plans to redevelop the neighborhood in 2014 with new retail, dining, hotel and residential offerings designed to preserve the district’s rich history with an elevated aesthetic.

The redevelopment kicked off in 2018 in Mule Alley, which originally housed the horse and mule barns in the neighborhood’s heyday. Developed by Fort Worth-based M2G Ventures, the first $500 million dollar phase encompasses carefully-curated hotels, dining and retail space that embody a modern Western identity. The revitalized space preserves the architecture of the historic barns, with haylofts and catwalks intact. Click to read more at www.rednews.com.

Texas Retail Enjoying Resurgent Demand in Recovery

The “Texas Miracle” that defined the economic prosperity of the Lone Star State has cut a wide swath across all asset types. Beyond the pandemic, no asset type has realized more seismic changes in recent years than retail. From disruption in technology to consumer preferences, the space devoted to purchasing goods and services continues to evolve. While Texans share a common bond, the retailers and real estate community in every region of the State have had a unique experience navigating the choppy waters left by the pandemic.

Austin

Austin’s retail market remains on firm footing. Vacancies fell to about 3.5%, well below the national average of 4.5%, and are among the top-10 lowest in the country. The market has seen some of the strongest demand over the past year, with about 2 million square feet absorbed despite disruptions from COVID-19 variants. Substantial population and economic growth have kept the market strong over the past few years.

Swift action by Congress to get money in the hands of individuals and PPP loans into the hands of businesses helped keep the market afloat during the early days of the pandemic. However, the market hasn’t been kept strong just due to government stimulus. Significant expansions in the tech sector, wage growth, and household formation have buoyed retail prospects. Consumers have resumed normal spending patterns, driving leasing activity to within a short distance of pre-pandemic norms. Click to read more at www.rednews.com.

Texas Man Sentenced for Hotel Investment Fraud Scheme

An Austin, Texas man was sentenced to 70 months in prison and ordered to pay $5,052,366.92 in restitution for his role in a fraud scheme.

According to court documents, from 2012 until June 2018, Jason Michael Schubert, 47, devised a scheme to bilk hotel investors out of millions of dollars. Schubert identified potential investors by conducting seminars on how to make money from investing in hotel properties, known as “Rich in Five” seminars, charging the participants substantial fees to attend. Schubert then solicited money from the participants for investing in preexisting hotel properties that he would manage and operate while claiming that investors would profit with little effort on their part.

However, many of the hotels were older and in substantial disrepair. Although Schubert had no hotel management experience, he represented that investor funds would be used to renovate the hotels. Instead, he misappropriated the money by paying himself significant “management fees.” Schubert’s fraudulent activities depleted investor funds, causing the hotel properties to go into foreclosure with a loss of over $5 million to investors. Click to read more at www.insurancejournal.com.

The COVID Game-changer: Healthy Offices Now a Must-have, not a Nice-to-have, for Building Owners, Employers

How healthy are offices across the United States? And are employees more likely to return to the office – at least on a part-time basis – if their employers take the steps necessary to boost indoor air quality, improve natural light and surround their work areas with green spaces?

These are questions tackled by Joanna Frank, founding president and chief executive of the Center for Active Design in New York City. The center is the operator of Fitwel, a certification system originally developed by the U.S. Center for Disease Control and Prevention that measures how healthy offices are.

The health of indoor working spaces is a hot topic today, thanks in part to the COVID-19 pandemic and the desire of employers to bring their workers back to the office after so many have worked remotely for more than two years.

Consider these facts from the Center for Active Design:

Indoor air pollutants are generally two to five times greater than outdoor levels of air pollution.

Poor light quality and uninspiring views in offices cause employees to miss more time from work with illnesses.

Employees greatly benefit from natural, green surroundings, which are often a small investment for companies and building owners to make.
Frank said that employers and building owners should invest in ways to improve the health of indoor office spaces, especially if they want to bring their workers back to their conference rooms, cubicles and desks.

To do this, though, owners and employers need to understand what makes a building or office space healthy. Frank said that there are three keys.

No one-size-fits-all solution

First, building owners must address of the needs of the occupants of a building.

“This lets you know that this is not a one-size-fits-all solution,” Frank said. “You have to respond to the needs of the users of a space.”

Secondly, it’s important for employers and owners to enact strategies that have already been proven to produce cleaner air, happier employees and a more productive workplace. Employers should search out the evidence to prove that the investments in healthy spaces they are making will provide results.

And maybe most importantly, employers and building owners must measure the impact of their healthy workspace initiatives. They must also share these results with their tenants and employees.

This means that building owners must be able to show their tenants that healthy initiatives are helping them attract and retain employees and that these workers are more productive now that healthy initiatives are in place. And employers must show their workers that their indoor air quality ratings are high, more outdoor light is bathing their offices’ interiors and that employees are calling in sick less often.

The key here? Companies are not likely to pay more to lease office space just because it is healthier. And building owners are not likely to invest in green space, air-purification spaces and indoor gathering spaces just to be nice. Owners and tenants need to see that these healthier additions will pay off, whether this means giving owners additional tools to attract more tenants and charge higher rents or giving tenants the amenities they need to convince employees to return to the office or attract and retain the best talent.

“The more research-based strategies you have promoting health, the higher the degree of tenant satisfaction,” Frank said. “The more things you do to promote health, the more likely you are to retain workers. You must be able to demonstrate those business outcomes if you are a building owner. Real estate needs that proof. Real estate demands that you can show that return on investment.”

Fortunately, Frank said, this isn’t difficult to prove. As she says, there has always been a direct correlation between the health of a business’ workers and their productivity.

What has changed since COVID, though, is demand: Workers are now demanding healthier office environments.

“People are now demanding that their companies be able to demonstrate how they are promoting and protecting their health,” Frank said. “Before COVID, we weren’t seeing individuals asking for a healthier work environment. That has now changed. That is a game-changer. We knew how to create healthy office spaces before COVID. We had a massive body of evidence showing how to do this. The difference now is that the workers are demanding this, which is persuading companies to explore their options.”

And employees want proof that companies are taking steps to promote their health, Frank said. It’s no longer enough for companies to say that they are taking steps to boost indoor air quality, for instance. Today, they must show their workers actual statistics and test results proving that their claims are true.

“It has changed from health being a nice-to-have before COVID to being a must-have today,” Frank said. “It used to be that building owners would think about healthy building measures after they took care of everything else. But now, owners can lose their Class-A tenants to other buildings that are demonstrating how they are promoting health and wellness.”

Creating the healthy workplace

What are some of the steps, then, that building owners can take to boost the health of their tenants?

Frank said that companies and their workers today are focused heavily on indoor air quality. It’s important, then, for building owners to improve the air-purification systems and air flow in their buildings. They need to bring more outside air into their workspaces.

This will boost not just the physical health, but also the mental health of building occupants, Frank said.

High-quality natural light is important, too, for the physical and mental health of occupants, Frank said. And offices need outdoor light to flood their spaces, not artificial. Frank said that studies have shown that natural light is directly related to employee productivity.

Another key is that building occupants have access to nature and green spaces. This could be a small rooftop garden or even the addition of indoor plants.

“You can do this in any building,” Frank said. “It doesn’t have to be new construction. You can bring nature into a space very effectively by using green walls, plantings, whatever you have. Bringing nature into the office is very important for employees’ mental health and feelings of well-being.”

What also matters is building trust, Frank said. This means that building owners and employers must show workers real numbers showing how effective their healthy measures are. And they must share these numbers even if they show that a particular measure isn’t having as much of an impact as they had hoped.

And if the numbers show bad news? Employers and building owners must share their plans for replacing or improving whatever measures aren’t working, Frank said.

Consider indoor air quality. Building owners and employers can’t just say that they are using a certain level of filtration. They must explain why they are using it, Frank said, and what their air-quality goals are.

“People have become very educated about indoor air quality,” Frank said. “You need to provide details. You need to tell tenants about how much outdoor air you are bringing into the building. You need to be measuring indoor air quality in a consistent way. And what will you do if you are not achieving the results you want? That is a tough one for building owners. There is risk involved. You need to have policies in place explaining how you will respond if your system provides less-than-optimal air quality.”

How healthy are offices across the United States? And are employees more likely to return to the office – at least on a part-time basis – if their employers take the steps necessary to boost indoor air quality, improve natural light and surround their work areas with green spaces?

These are questions tackled by Joanna Frank, founding president and chief executive of the Center for Active Design in New York City. The center is the operator of Fitwel, a certification system originally developed by the U.S. Center for Disease Control and Prevention that measures how healthy offices are.

The health of indoor working spaces is a hot topic today, thanks in part to the COVID-19 pandemic and the desire of employers to bring their workers back to the office after so many have worked remotely for more than two years.

Indoor air pollutants are generally two to five times greater than outdoor levels of air pollution.

Poor light quality and uninspiring views in offices cause employees to miss more time from work with illnesses. Click to read more at www.rednews.com.

MetroNational Unveils Plans for Memorial Town Square

MetroNational revealed plans for Memorial Town Square, a 27-acre, urban infill development comprised of a collection of unique boutiques and iconic brands, locally curated culinary collections and elevated health and wellness services. Located at Barryknoll Lane and Gessner Road, the next-level destination, is part of the holistic development strategy and overall vibrant transformation to take place across Memorial City’s 300 acres including the creation of new multi-family residential units, an office tower, creative office and co-working spaces, and the reimagining of the 1.7 million-square-foot Memorial City Mall. As part of the redevelopment of the 27 acres, the 190,000 square-feet of retail in Memorial Town Square will deliver first with construction to begin in 2023 and completion slated for 2025.

Elevating the Experience
Inspired by the aspirations of the community, Memorial Town Square is envisioned to be intimate, charming and timeless as well as improve the way people come together. With bespoke walkable streetscapes, lush landscape and a pristine town square, Memorial Town Square will reinvent the communal experience and reflect the unique heritage and spirit of Houston — a place where modern Texas-style, easy elegance and casual luxury combine into something that truly feels like part of the fabric of the 77024 neighborhood.

Collective Vision
MetroNational has assembled a world-class design and retail leasing team to include:

Gensler, design architect; Office of James Burnett (OJB), landscape architect; RSM Design, environmental graphics and wayfinding; RUE, leasing consultant and Pacific Retail Capital Partners, development consultant.

MetroNational and Gensler spent several years collaborating with the community, to gather input on desired amenities and guide the master plan’s design. Most notably, the 77024 neighbors felt a paradigm shift in how they wanted to enjoy their lives.

Central to all design efforts was the desire to resonate and align with the footprint set by the Memorial community.

Highly Curated Shopping, Dining and Lifestyle Offerings
The retail landscape is being designed to feature the most coveted names in local and international food and lifestyle retail, with plans to include 40+ aspirational and emerging brands that are both iconic and new to the marketplace. Approximately 35% of the project will be food and beverage, from chef-driven restaurants to fast casual food experiences, all with al fresco dining. To enhance the consumer experience, resort-style hospitality and operational standards will include valet and convenient parking, electric car charging stations, private outing and corporate event planning, car washing and rentals including stroller and baggage, wheelchairs, umbrellas and cell phone chargers. Additionally, MetroNational will implement the latest technology to enhance mobility.

Centered around expansive green space, Memorial Town Square will offer a combination of intimate, sophisticated gathering spaces intentionally crafted for lively and low-key get-togethers. Guests and residents of Memorial’s affluent and expansive community will be able to enjoy thoughtful art, entertainment, and experiential events within a relaxed yet vibrant communal and cultural hub.

Hewlett Packard Enterprise Opens New Headquarters in City Place in Spring

Following just over two years of construction, officials with Hewlett Packard Enterprise announced the completion of its new campus in City Place via a news release April 4.

As previously reported by Community Impact Newspaper, construction first began on the new campus in February 2020. In December 2020, HPE officials announced the new campus would also become the company’s new headquarters, which was previously located in San Jose, California.

Located at 1701 E. Mossy Oaks Road, Spring, the new campus comprises two five-story buildings that are connected by bridges at each level. The campus includes 440,000 square feet of rentable space, structured parking for 2,055 cars and a slate of amenities, among which are a fitness center and cafe as well as a large central courtyard with a multiuse basketball pavilion.

“HPE’s Houston headquarters is the embodiment of our vision for the future of work, designed to enable our hybrid Edge-to-Office work model,” the release reads. “At HPE, 80% of our team members are now designated ‘Edge,’ working primarily remotely but encouraged to come into the office for collaboration. So rather than building a headquarters where teams will spend all their time working, we designated a collection of flexible, high-tech spaces to foster teamwork and social interaction—and accommodate team members’ changing needs.” Click to read more at www.communityimpact.com.