Texas, DFW Top Rankings for New Corporate Projects

DFW: Texas has easily defended its top ranking in new corporate facilities and Dallas-Fort Worth is near the top spot among the metro areas. For the 11th consecutive year, Site Selection magazine's Conway Projects Database has awarded the Lone Star State its Governors Cup for total projects. Site Selection tracks individual state proiects that meet a minimum investment of $1 million, the creation of 20 or more new jobs or at least 20,000 square feet of new construction. Texas had 1,028 such projects in 2022, easily outdistancing second-place Illinois, which had 487. Site Selection also notes that Texas' economy tops Canada, South Korea and Australia and Texas has welcomed 271 corporate headquarter relocations since 2015. As for North Texas, the region's 426 projects ranked second behind Chicago's 448. Numerous projects were cited by the magazine, including the $5
billion GlobalWafers plant near Sherman.

DFW: And speaking of Sherman, Centurion American has just purchased 680 acres about eight miles south of the city for a new community to be called Cottonwood. The land is part of a larger planned community in Dorchester that totals more than 1.400 acres. Centurion American plans to acquire the remaining acreage as it continues to develop the mixed-use community that eventually will include 4,000 single-family sites, 1,400 rental units and more than 250,000 square feet of office and retail space. The Cottonwood development is located on FM 902 in proximity to the semiconductor plants being built by GlobalWafers and Texas Instruments and which will employ upwards of 5,000 people. In the past 30 years, Centurion American
has developed more than 100.000 single-family lots throughout the DFW area.

DFW: Ray Washburne is adding to his downtown collection. Through Charter Holdings, Washburne now owns the Founders Square building near the Dallas convention center. The seven-story, 275,000-square-foot building on Griffin Street was built in 1915, has served as office space for nearly 40 years and is 75% leased. Washburne bought the building from Fidelity Commercial, based in Taiwan. He plans to renovate and update the building. Charter Holdings also owns the building and property that once served as the home for The Dallas Morning News. He had planned a mixed-use development for the eight-acre property but is holding off until plans for a new convention center are unveiled. Charter Holdings also owns Highland Park Village, Waters
Creek in Allen and a restaurant group that includes Mi Cocina

DFW: An Alabama investor is betting big on Cowtown. LIV Development is planning a new multifamily development south of downtown Fort Worth in the Shaw Clarke neighborhood. The development calls for 357 units in a new $65 million community to be called Livano Victory Forest. LIV Development plans to break ground on the project later this area on the site on Hemphill Street between Texas Christian University and Interstate 35W. The community would be ready sometime in 2025. LIV Development also has Livano at Bluewood, a 272-unit, $34 million project in Celina. Although some industry analysts believe that apartment construction will slow down this year, North Texas continues to lead other states in apartment construction,
with upwards of 65,000 units in development at the beginning of 2023, up 70% from the same period in 2019.

LA LA LAND: Actor Michael B. Jordan has a new movie out and he wants out of the LA- area home he bought just last year. The "Creed III' series star has listed his eight-bedroom, 12.000-sguare-foot home in the exclusive Roval Estates neighborhood in Encino for $12.9 million. He actually paid $12.51 million for the property last year and spent a half-million dollars on renovations, mostly to the security and climate control systems. The mansion includes a home theater, of course, and a concession stand, a wine room and elevator and a primary suite with two oversized closets. A two-story guesthouse, a pool and an outdoor kitchen along with a cabana and fireplace also sit on the half-acre property. Although he may be lucky to break even on the sale of his estate, Jordan, who recently received a star on the Hollywood Walk of Fame, could receive a big payout for his role as Adonis in
Creed III because of the profit-sharing deal he negotiated. Creed Ill opens in theaters on March 3.

Two More High-Rise Projects Slated to Start in Uptown Dallas

DFW: A private equity firm will start construction later this fall on a $68 million, 17-story office building in Uptown Dallas. Stonelake Capital Partners, which has offices in Texas and Georgia, will be the latest to get into the rapid office development north of Downtown Dallas. The building at 2626 McKinney will encompass 180,000 square feet. It will be near the Whole Foods Market. The high-rise will have an amenity lounge with coffee and cocktail bars, and a landscaped terrace offering spectacular views of the city. It will also have a communal kitchen, a conference center and a fitness center, a parking garage. The glass tower is the latest of numerous office construction high-rise projects in the pipeline in Uptown Dallas.

DFW: And not to be left out, an Austin hotel developer will soon start construction on a dual-branded Marriott high- rise hotel project in Uptown. Merritt Development Group plans to begin construction this spring on a combined 264-room, 25,000-square-foot hotel project that will include Marriott's upscale AC and Moxy brands. AC is a favorite among older travelers while Moxy tends to attract younger guests. The 19-floor, $100 million project will go in at 2910 N. Hall Street near McKinney Avenue. AC will have 121 rooms and Moxy will have 143 rooms. They will share amenities but each will have its own lobby. Construction is expected to take about two years.

DFW: The suburban area north of Dallas continued to see the most homebuilding activity in 2022. That's according to a new report from Residential Strategies, a Dallas-based housing analysis company. It says that builders started 3,266 new homes last year in the U.S. Highway 380 corridor, the most of any North Texas submarket. That area includes Aubrey and Oak Point and the area beat out Kaufman County, which topped the list for 2021. Kaufman County had 2,871 home starts in 2022. Other top homebuilding areas last year included North and East McKinney, Princeton, the U.S. 287 corridor in Fort Worth, Fate, Royce City, Southwest Fort Worth, Parker County and West Denton, Northlake and Argyle. In the fourth quarter of 2022, builders started nearly 8,000 new homes in North Texas, down nearly 40% below the fourth quarter of 2021. The survey found that the costliest
homes were in Prosper, with a median price tag close to $700,000.

DFW: The second phase of the Crown Centre development in Lewisville is expected to start later this spring. Bright Realty will begin construction in April on a four-story, 147,000-square-foot building at State Highway 121 and Carrollton Parkway. The $30 million project is expected to be completed by mid-2024. Phase I in the 120-acre development was a 109,000-square-foot building that was completed in 2020. Crown Centre could eventually include 2,000 multifamily homes, 3 million square feet of office space and several hundred hotel rooms. The master plan includes nearly three dozen buildings connected by natural
trails and wooden boardwalks with green spaces, lakes and a waterfall as backdrops.

FLORIDA: Big Papi wants a Big Payout. Former MLB slugger David Ortiz is parting with his wife and his Florida estate. Seven years ago, the ex-Boston Red Sox first baseman and designated hitter bought an acre of land in Pinecrest, a suburb in Miami-Dade County. He had a 10,000-square-foot mansion built on the property, but now Ortiz and his wife Tiffany are splitting and the house is going, too. The mansion includes five bedrooms, floor-to-ceiling windows, a gourmet kitchen, several living and areas, a home theater and a separate sports bar, a pool, spa, a gazebo with an outdoor kitchen and various covered terraces. He's asking $12.5 million.

THE ALLMANAC | JANUARY 2023
DFW LED STATE in MILLION-DOLLAR HOME SALES

DFW: North Texas led the state in the sales of homes of $1 million or more in 2022, a new report shows. Between November 2021 and October 2022, 13,998 homes of $1 million or more were sold throughout Texas, a report from Texas A&M University’s Texas Real Estate Research Center says. That was a 17% increase from the same period the previous year. But the DFW million-dollar home real estate market recorded 4,689 such sales, a 23% increase that topped the state average. Across the state, the high-end home real estate market topped $22 billion. Those high-end sales accounted for just under 4% of all homes sold in the state but represented more than 14% of the total dollar amount of the homes sold. Across Texas, Austin came in second with 3,564 high-end homes sold during the period, followed by Houston with 3,527.

WHAT’S HAPPENING in the Park Cities, Preston Hollow, & Dallas 
RESIDENTIAL REAL ESTATE MARKET THIS WEEK, 1/20/23,
According to Allie Beth Allman & Christine McKenny 

I had a great time “TALKING CURRENT RESIDENTIAL REAL ESTATE” with The Bubble Lounge.
CLICK BELOW to TUNE-IN and LISTEN!

Thanks to Nellie Sciutto and Martha Moore Jackson for hosting! 

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Bubble Lounge

New episode is live! Please visit our Facebook page to view and to listen, visit http://podcast.bubblelounge.club/.

Today we talk to Christine McKenny of Allie Beth Allman & Associates, who will tell you everything you need to know about buying and selling a home during the pandemic.