Howard Hughes Corp. unveils next phase of Cypress master-planned community

July

Thousands of homes and a new amenity center with a lazy river are planned for the next phase of a massive master-planned community northwest of Houston.

The Howard Hughes Corp. (NYSE: HHC) and its wholly owned subsidiary The Woodlands Development Co. on July 24 announced the second of four planned villages in Bridgeland, a 11,400-acre community southeast of U.S. Highway 290 and the Grand Parkway in Cypress.

Parkland Village, which spans 1,200 acres, will feature 3,100 homes ranging in price from the mid-$200,000s to more than $1 million. As its name suggests, the theme of Parkland Village is “living in a park,” so it will boast green spaces along the neighborhoods and roadways throughout the village, officials said. Click through the slideshow to see renderings of Bridgeland’s Parkland Village.

Parkland Village, inspired by the Prairie School of Architecture and the Emerald Necklace in Boston, will have about 350 acres of parks, lakes, trails as well as natural and green spaces with meadows, trees, wildflowers and natural grasses mirroring the Katy Prairie. The neighborhoods within the village will be named after Texas State Parks, and the streets will represent historical state landmarks, flora and fauna within those state parks.

“Our overall vision for Parkland Village is a community where sustainability and community connect with one another,” said Heath Melton, vice president of master-planned communities, residential development with The Howard Hughes Corp. “We wanted to make sure we’re harmonious with nature.”

In Parkland Village, 14 homebuilders will construct single-family homes on a variety of home sites: 40-, 45-, 50-, 55-, 60-, 65-, 70-, 80- and 100-foot lots. The homebuilders include: Beazer Homes, Chesmar Homes, Coventry Homes, Darling Homes, Highland Homes, Lennar, M/I Homes, Newmark Homes, Perry Homes, Ravenna Homes, Taylor Morrison Home Corp., Trendmaker Homes, Village Builders and Westin Homes.

The Howard Hughes Corp. is planning to build a model home park within Parkland Village that will feature a nature-inspired neighborhood park with a playground and an events lawn. The first model homes in Parkland Village are currently under construction, and homebuilders have already sold six homes in the newest village, officials said. The model homes are expected to have a soft opening this fall and a grand opening in spring 2018.

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Houston Worst; Dallas First in National Rankings of Office Space Absorption

July

 

HOUSTON and DALLAS – Houston has worst office absorption in the nation while Dallas has the best, according to a midyear report by Cushman & Wakefield.

Houston had 1,565,381 million SF of negative net absorption in the first half of 2017, meaning a lot more office space became vacant as Houston energy companies continued to shrink.

Meanwhile, Dallas/Fort Worth had 3 million SF of positive absorption in the first six months of the year. J.C. Penney, Brinker International and Goldman Sachs occupied huge blocks of space this year.

The Cushman & Wakefield research covered 87 markets around the nation.

Showing steady improvement for several consecutive years, the Dallas market had an overall vacancy rate of 16 percent in the second quarter of 2017, Cushman & Wakefield reported. Six years ago, in the second quarter of 2011, the overall vacancy rate was 22 percent.

“We continue to see companies opting to either relocate or concentrate their growth efforts in North Texas often in lieu of expansion in other markets. Companies continue to take advantage of the business attributes of the region, including our strong labor base and business-oriented policies,” said Craig Wilson, executive managing director of Cushman & Wakefield.

Dallas leasing activity for the first six months of 2017 totals about 6.3 million SF.

“In most circumstances, there is strong leasing activity in newly constructed buildings, particularly in the most active markets such as Uptown and the West Plano/Frisco markets,” Wilson said.

The Houston market struggles against an oversupply of office space. More than 11 million SF of sublease space is on the market, a slight improvement over last year, but much worse than normal. The vacancy rate is above 20 percent.

July 17, 2017 Realty News Report Copyright 2017