The massive winter storm that barreled through the mid-section of the United States and across the South in mid-February, hitting Texas particularly hard, will generate billions in insured losses, according to commentary by Moody’s Investors Services. The storm, which has been dubbed Winter Storm Uri, brought “snow, ice and some of the coldest temperatures in decades, particularly in Texas and across the Southern U.S.” over the Valentine’s Day weekend, extending into President’s Day on Feb. 15 and throughout the following week. Millions were left without power, and in many cases water, from the storm which has also been attributed to dozens of deaths. “We expect insured losses for US P&C insurers to total in the billions of dollars, with claims from homeowners, commercial property, and auto lines of business,” Moody’s said in its report. The Insurance Council of Texas (ICT) has said the storm “may be the costliest winter weather event in the state’s history.” Hundreds of thousands of claims are expected as a result of the storm, according to ICT spokesperson Camille Garcia. The Independent Insurance Agents of Texas said in a statement on its website that it “is expected to be the largest insurance claim event in Texas history.” Click to read more at www.insurancejournal.com.

When it comes to high-speed rail in the U.S., the California High-Speed Rail Authority gets a lot of attention in the press.

This is due in part to the fact that the CHSRA is a government-funded project, while the other big high-speed rail project in the U.S. – the Texas Central – is privately funded. We thought it would be worthwhile to cover some of the major milestones the Texas Central reached in 2020.

Major Milestones Reached in 2020

Legal:-May 7: The 13th Court of Appeals of Texas issued a unanimous ruling confirming Texas Central’s status as a Railroad under Texas Law

Regulatory:-May 21: US Army Corps of Engineers issued its preliminary designation affirming the FRA selected route as the Least Environmentally Damaging Proposed Alternative (LEDPA), agreeing with FRA on the chosen alignment- May 29: FRA released the Final Environmental Impact Statement (FEIS)- July 17: Surface Transportation Board (STB) confirmed jurisdiction over the Texas Central project-September 11: FRA issued its Rule of Particular Applicability (RPA) and Record of Decision (ROD) establishing Federal safety standards under which Texas Central Railroad will operate the high-speed train and giving environmental clearance for the selected alignment from Dallas to Houston

Land:-Texas Central has control of over 600 parcels of land needed for the project-Texas Central has control of the three station sites in Dallas, Houston and the Brazos Valley

Jobs and Impact:-Texas Central is ready to build and will proceed to construction as soon as possible to contribute to the Nation’s COVID-19 recovery-This project will create more than 17,000 direct jobs during the six years of construction and over 20,000 supply chain jobs-This project will have over $10 billion dollars in immediate economic impact across the U.S. via contracts for steel mills and other manufacturers, minority and women owned businesses, veterans, rural businesses-The project will inject an estimated $36 billion in economic benefits over its first 25 years in the form of direct spending during construction, employee payroll and spending related to the maintenance and operation of the system. Click to read more at www.rland.com.

On the gravesite of a Foot Locker, the Aeronauts are descending. In January, Epic Games, maker of the Fortnite video game franchise, announced that it is acquiring a 980,000-square-foot mall in Cary, North Carolina, which it will refashion as its new headquarters by 2024. Goodbye to the racks of khakis. Hello to the coders dressed in, well, khakis. Epic, founded and run by its billionaire CEO Tim Sweeney is a fast-moving game maker that’s soaring on the coattails of Fortnite’s global domination and the success of its Unreal Engine, a platform for creating cutting-edge visuals. In 2018 it was valued at $15 billion, which leapt to $17.3 billion last summer. The company has more than 50 offices across the globe. Epic shelled out $95 million for the Cary Towne Center, which once housed a Bath & Body Works, Hot Topic and Talbots, and sits just eight minutes from its current HQ, which is four times smaller. Click to read more at www.forbes.com.

Cushman & Wakefield announced a strategic collaboration with Brailsford & Dunlavey (B&D). The arrangement will enhance the firms’ collective ability to provide end-to-end real estate services and expertise to colleges and universities, PK-14 schools, municipalities and professional sports and entertainment organizations across the U.S. “As educational institutions and other public sector entities face new challenges—including those brought on by the pandemic—it’s crucial that we partner with firms like Cushman & Wakefield that bring a world-wide perspective on best practices, to inform the guidance we provide to our clients in how both their facilities and operations can best serve their communities,” said Chris Dunlavey, president of B&D. “Our 27-year track record and reputation in these sectors, combined with Cushman & Wakefield’s broad platform of resources geographically and within various service lines, will enable us to provide enhanced service to our clients.” B&D’s experts will collaborate closely with Cushman & Wakefield’s education, public sector and sports & entertainment advisory groups, and the firm’s subsidiary C&W Services, to form joint project teams that will offer fully integrated services. These include development advisory, strategic planning, market analysis, site selection, property/facility management, valuation, energy & sustainability services, acquisition/disposition, leasing, financing solutions, project management and operational efficiency. “Both B&D and Cushman & Wakefield bring complementary strengths to the relationship that will benefit the firms’ existing and prospective clients. We round out B&D’s advisory experience and its impeccable research and decision-making platform with our ability to execute transactions locally and deliver services such as finance structuring, which are in high demand in the current environment,” said Peter Brohoski, executive director of Cushman & Wakefield’s Washington, D.C. market and head of the public sector advisory services group. “On the facilities services side, C&W Services aims to be a strategic partner to higher education clients by supporting student health and wellness, fostering service innovation and driving operational efficiencies,” said Brian Reyes, senior vice president of higher education for C&W Services. “This arrangement is a win-win for us and B&D because we’re able to bring the skillsets of both firms to maximize the value of each relationship.” B&D is a development advisory firm headquartered in Washington, D.C., with offices in Austin, Chicago and elsewhere.