Fort Bliss Welcomes Private Retailers

EL PASO (elpasoinc.com) – Work will begin in July on a $100 million retail center at Fort Bliss, marking the first time a mall has operated on a military installation.

Freedom Crossing at Fort Bliss will include more than 500,000 sf of retail space.

The center will be anchored by two Army and Air Force Exchange Service (AAFES) stores — a 217,420-sf Post Exchange (PX) and a 111,180-sf commissary.

The remaining 35 percent of the retail space will be occupied by private retailers such as Starbucks, Baskin-Robbins, UPS and GNC.

ServiceStar Development is partnering with AAFES to develop the project.

Construction Opportunities Come A-Knockin'

EL PASO (El Paso Times) – Area contractors can look forward to a building boom in the near future, and not just from within Fort Bliss.

Attendees at last week’s construction symposium sponsored by the Greater El Paso Chamber of Commerce learned that more than $1.5 billion worth of local construction projects will go out for bid this year and next year.

Although much of the work will be at Fort Bliss, more than $82 million worth of projects will be available at the El Paso and Clint school districts.

The Ysleta school district will have millions of dollars worth of projects in the works for next year, as will the University of Texas at El Paso.

The International Boundary and Water Commission has $220 million worth of levee rehabilitation work in the pipeline beginning this year.

Manor Expy. Lands Flyover Funding

AUSTIN (Austin Business Journal) – The Central Texas Regional Mobility Authority has secured a $31.6 million loan to fund a portion of the US 290 East project, also known as the Manor Expy.

The funds will be used to purchase right of way and relocate utilities along a 1.4-mile stretch between US 183 and Springdale Rd.

A new flyover interchange at US 183 will also be constructed as part of the project.

Total cost is estimated to be $245 million with completion set for 2013.

Grand Prairie Goes Solo

GRAND PRAIRIE (Dallas Business Journal) – Solo Cup Co. has entered into one of the largest deals in North Texas this year, signing a ten-year lease for a 603,354-sf distribution center.

Solo's move to Grand Prairie is expected to add 45 jobs to the area, some of which will transfer from the company's South Dallas facility.

The new facility at 1803 W. Pioneer Pkwy. will replace one of two existing distribution centers in Dallas while adding an additional 150,000 sf of warehouse space.

Together, the remaining two facilities will serve as Solo's southwest regional hub distribution center.

Walmart, Penitas Pair Up

PENITAS (San Antonio Business Journal) – Walmart has opened its newest supercenter in a Rio Grande Valley town with a population of 3,500.

The company brought 300 jobs to the town of Penitas.

An estimated $300,000 to $400,000 in sales tax revenue is expected to be generated by the Penitas Supercenter, with one-half percent supporting the Penitas Crime Control and Prevention District.

Army Reserve Plans New Sinton Center

SINTON (Corpus Christi Caller-Times) – Survey work is nearly complete at the site of the future U.S. Army Reserve Center.

Plans call for $10 million in facilities on 14 acres along the US 77 bypass.

The new site will include a training building, vehicle maintenance shop, unheated storage building and parking.

These facilities will replace the Army Reserve's old armory on US 77-Business. That property will revert to the property's original owner, the Sinton Independent School District.

Marriott Goes Nuts

NEW BRAUNFELS (Oldham Goodwin Group LLC) – The 125-room Courtyard by Marriott New Braunfels River Village opens its doors tomorrow.

The hotel, which will include about 4,000 sf of meeting and conference space, is on I-35 and the Guadalupe River on a tract that was previously home to a 100-year-old pecan orchard.

The hotel was developed by the Oldham Goodwin Group LLC and TEKMAK Development.

Three Years for Round2

COPPELL (CoStar Group) – Round2 Inc. has signed a three-year lease on 115,989 sf of warehouse space at 445 S. Royal Lane.

The computer-recycling company leased the space within the 297,902-sf Freeport North III industrial building near the Dallas–Fort Worth International Airport.

Landlord Duke Realty was represented in-house, while Newmark Knight Frank represented Round2.

Ernst & Young Makes Move

DALLAS (Dallas Business Journal) – Two years after signing a lease for 150,000 sf, Ernst & Young has moved about 1,000 employees into Victory Park.

The 20-story One Victory Park at 2323 Victory Ave. will serve as the company's North Texas headquarters.

Ernst & Young has moved out of its former office at 2100 Ross Ave.

New Plans Help New Homeowners Use Tax Credit

WASHINGTON (Nation's Building News) – The Texas Department of Housing and Community Affairs has introduced two loan programs designed to help first-time homebuyers apply the new $8,000 tax credit toward down payments and closing costs.

The 90-Day Down Payment Assistance Program and the Mortgage Advantage Program will allow consumers to receive a short-term loan before filing for and receiving the federal tax credit. Consumers can apply these loans toward down payments and closing costs.

Both programs provide assistance of up to 5 percent on the first lien mortgage, but the 90-day program maxes out at $7,000 while the Mortgage Advantage Program’s limit is $6,000.

Repayment times also vary for the two programs, at 90 days and 120 days, respectively.

More information about these programs is available at the Texas Department of Housing and Community Affairs' website.

Read more about the $8,000 tax credit in next month's issue of Tierra Grande magazine.

Updated Market Reports Available Online

COLLEGE STATION (Real Estate Center) – The 2009 Market Reports for all 25 Texas Metropolitan Statistical Areas (MSAs) are now available on the Real Estate Center's website.

No RECON Friday

COLLEGE STATION (Real Estate Center) – In observance of the Fourth of July holiday weekend, the Real Estate Center will be closed this Friday. RECON will not be published that day but will resume its normal schedule Tuesday, July 7th.

Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source.

© 2008. Real Estate Center at Texas A&M University. All rights reserved.