Across the United States, a number of cities are attempting to restore and rediscover their urban rivers. One of the most ambitious efforts is occurring in Houston, where Buffalo Bayou Park is undergoing a $58 million redevelopment to be completed this year.
Executives are keeping their large, new campus largely under wraps. Nevertheless, it is transforming the area’s real estate.
Federal changes could promote TOD that functions better—and is easier to build.
Real estate investment trusts pulled back in April, with a –4.95 percent total return for the month. Interest rates edged up during the month and signs of economic weakness also affected REITs and the broader markets with first-quarter GDP growth slowing to just 0.2 percent. Plus, interest rate survey results from Trepp.
Patricia Goldstein, a ULI Foundation Governor and the vice-chairman and head of commercial real estate for Emigrant Bank, passed away on April 29 after sustaining injuries in a cycling accident in Highland Beach, Florida. She was 69.
Hines is known for developing iconic buildings in Houston—notably One Shell Plaza, Pennzoil Place, and the Houston Galleria—and around the world. But when the company first proposed developing a new office building on a blighted block in downtown Houston, many in the Houston real estate community scratched their heads.
The successful development of the Arena District in Columbus, Ohio, set into motion a nationwide flurry of development of urban sports-oriented entertainment districts, as municipal officials across the country reimagined their city centers as places where people live, work, and play.
Last year, veteran Texas homebuilder Jim Lemming decided to construct houses to meet the prevailing tastes and lifestyles of Houston’s growing southwest suburbs. That meant building houses with prayer rooms, Islamic-style arches, domed roofs, and extra master bedroom suites to accommodate multigenerational households.
Strong demand from technology, advertising, media, and information tenants, combined with limited new office supply, has allowed for healthy rent growth. The office sector’s 2.89 percent dividend yield is below average for equity REITs, but in the current low-interest-rate environment, it is attractive compared with other investment options. Plus, interest rate survey results from Trepp.
No city in the United States is probably less likely to be the poster child for healthy living through physical activity than Houston. Yet things are changing, and these changes are making Houston a great laboratory that will help us figure out whether it is possible to change real estate development patterns in the Sun Belt in a way that increases physical activity and therefore improves public health.