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HANSON PIPE DREAM
LONGVIEW (Longview News-Journal) – After 63 years at 405 Cherokee St., Hanson Pipe and Precast is moving to a larger home.
Dallas-based Hanson, which makes concrete pipes and companion products used in construction, will leave its 28,000-square-foot plant on five acres to set up shop in a new 60,000-square-foot facility on about 30 acres at 40 FRJ Drive. Testing at the new plant is underway, with full production expected to begin next month.
The new facility represents a more than $14 million investment, including land, building and equipment. With tall pine trees surrounding the property to act as a sound buffer, the “zero-dust facility” is also part of the company’s effort to build green sites.
Hanson Pipe and Precast is a part of Hanson Building Products North America, a division of Hanson PLC. Germany-based HeidelbergCement has proposed to buy the company, which is based in the United Kingdom, but Hanson representatives said that will not affect the local plant.
SCORE FOR VICTORY PARK
DALLAS (The Dallas Morning News, globest.com) – Accounting firm Ernst & Young LLP (E&Y) will move its North Texas headquarters into about 150,000 square feet in the Victory project, which is under construction just north of Woodall Rodgers Freeway.
After 20 years at 2100 Ross Ave., E&Y will relocate about 1,200 of its 1,500 local employees into the top four floors of the 450,000-square-foot, 20-story One Victory Park building beginning July 2009.
The 85 percent leased project’s other tenants include law firm Haynes & Boone LLP and PlainsCapital Bank. One Victory Park, with 20,000 square feet of street-level retail, is slated to open in July 2008.
CB Richard Ellis and Staubach Co. negotiated E&Y's new lease with the building's developers, Hillwood and Hines.
AIRPORT GATEWAY PLANNED
AUSTIN (Austin Business Journal) – St. Croix Capital Corp. will begin work this fall on a $50 million mixed-use project on 58 acres near Austin-Bergstrom International Airport.
Airport Gateway, which is St. Croix’s second local industrial project, will rise on the south side of SH 71 near the Met Center campus.
About 17 acres is set aside for a hotel and 30,000 square feet of speculative retail. Plans for the remaining 34 acres call for construction of a roughly 225,000-square-foot speculative industrial building and one-acre lots for accommodating buildings of up to 25,000 square feet for build-to-suits or user projects.
St. Croix CEO Ken Satterlee says Austin is one of the largest cities he's encountered with an underdeveloped airport submarket.
"This is great real estate close to a growing airport in a submarket that's going to flourish," said Satterlee.
PBS&J will oversee civil engineering and CB Richard Ellis Inc. will handle marketing. Austin-based Torreon Capital LP, which works in retail, industrial, office and multifamily, is St. Croix's equity partner for Airport Gateway.
EQUASTONE PURCHASE HAS MERIT
DALLAS (globest.com) – Equastone has purchased the three-building, more than 295,000-square-foot Merit Centre from Merit Texas LP.
The complex, which sits on more than 12 acres on the LBJ Freeway, consists of the six-story building at 5720 (more than 128,000 square feet), the four-story building at 5710 (more than 97,000 square feet), and the four-story building at 5728 (more than 70,000 square feet).
The buildings are 60 percent leased. The largest of the 51 tenants is LeTourneau University. Leases average about five years, with about 20 percent renewing annually. The San Diego–based buyer has reset the complex’s rates to $17.50–$18.50 per square foot plus electric.
Staffelbach Design Associates Inc. of Dallas is starting preliminary work on upgrades. Construction will begin within 60 days and be completed in four to five months.
Equastone purchased the property through the recently closed Equastone Value Fund II, a $172.5 million fully discretionary equity pool. Bradford Cos. will manage the properties.
MEDICAL SCHOOL EXPANSION IMMINENT
EL PASO (El Paso Times) – The Texas House and Senate this week approved $48 million to expand the Texas Tech Medical School from a two-year to a four-year medical school. It is now headed to Gov. Rick Perry for his approval.
If approved, the school would welcome its first class of four-year students in 2009.
For more than two years, the university has been fighting for dollars to hire the faculty and staff needed to expand the school. Legislators in 2005 did not approve the more than $60 million Texas Tech requested for the faculty needed for the school to become accredited.
The West Texas border has fewer than 26 doctors per 100,000 residents, compared with the national average of 69 doctors, according to Texas Tech University Health Sciences Center's F. Marie Hall Institute for Rural and Community Health Web site.
ALFORD DEMOLITION BEGINS
DALLAS (The Dallas Morning News) – A partnership created by Matthews Southwest Corp. has begun demolishing the Alford Refrigerated Warehouse complex, which was once one of the largest refrigerated storage centers in the Southwest.
Built in the 1940s, '50s and '60s on more than 50 acres on Cadiz Street near Industrial Boulevard, the warehouses contain more than one million square feet. Some buildings are almost a half-mile long.
The site is expected to be cleared by summer’s end.
BRIGGS RANCH TOWNHOMES DEVELOPING
SAN ANTONIO (San Antonio Business Journal) – Briggs Ranch Ltd. has begun site work for The Villas at Briggs Ranch, which will consist of 61 townhomes in the 900-acre Briggs Ranch.
The townhomes will range from 2,300 to 3,500 square feet and be priced between $550,000 and $1.1 million.
Briggs Ranch, off US 90 and SH 211, is built around an 18-hole golf course created by course architect Tom Fazio. The Briggs Ranch course was ranked No. 7 on Golfweek's 2007 list of "Best Residential Golf Courses."
Surrounding the golf course is The Trails at Briggs Ranch, an estate-home residential community with lots ranging from just over one to about 4.5 acres. Homes cost between $650,000 and $6 million.
Since 1980, west San Antonio has been the number-one submarket for new housing development, according to Jack Inselmann, vice president of the U.S. Central Division of Metrostudy.
Infrastructure work on the development should be complete by late August with the first model homes to debut next January.
PREOWNED HOME SALES DECLINE
WASHINGTON (National Association of Realtors) – Total existing home sales — including single-family, townhomes, condominiums and co-ops — declined nationwide in April, dropping 2.6 percent from March.
The existing home median price fell nearly 1 percent to $220,900 from a year ago, according to the National Association of Realtors' (NAR) April existing home sales report.
Total housing inventory rose 10.4 percent to 4.2 million existing homes available for sale, which represents a one month increase from March to an 8.4-month supply.
NAR’s report shows the annual sales rate for existing homes fell to just under six million, which was a 10.7 percent decline from the same time last year.
The Northeast saw the largest decline in sales at 8.8 percent. The nation’s western section saw a decline of 1.7 percent, the South declined 1.2 percent, and the Midwest slowed the least at a .7 percent decrease.
“We’ve been anticipating slower home sales because many subprime loan products are no longer available,” said NAR Senior Economist Lawrence Yun. “Fortunately, a wide availability of conventional mortgage products and the 4.5 million jobs created over the past 24 months will help to stabilize the market going forward.”
BIGGER HOUSES, SMALLER FAMILIES
WASHINGTON (Associated Press) – One in five American houses had at least four bedrooms in 2005, according to a report released this week by the U.S. Census Bureau.
That is up from one in six in 1990, despite shrinking families and increasing costs for construction and energy. Nationally, the average household size has shrunk slightly since 1990 to about 2.6 people. Meanwhile, the average new house grew to 2,434 square feet, nearly a 400-square-foot increase.
Utah leads the nation with nearly 40 percent of homes having at least four bedrooms. Next are Maryland, Virginia, Colorado and Minnesota. At 12.6 percent, Arkansas had the smallest share. Texas came in at 18.9 percent, up from 11.9 percent in 2000.
For more information on the national trend toward extra-large houses, read the Tierra Grande article "McMansions."
TRADEPORT I RISING AT SUNRIDGE
WILMER (The Dallas Morning News) – Jones Development Co. and Industrial Works Investment Fund have hired contractor Cadence McShane Co. to build a speculative 520,000-square-foot warehouse near I-45.
I-45 Tradeport I, the first project in the 327-acre Sunridge Business Park, was designed by Gromatzky Dupree and Associates. It will open in January.
CONDOS COMING TO WEST TEXAS
EL PASO (El Paso Times) – Frank X. Spencer is one of several investors behind Pueblo Condominiums, the more than $4 million project being built on almost three acres at Yarbrough Drive near Pebble Hills Boulevard.
Pueblo Condominiums will have 40 two- and three-bedroom units ranging from 1,200 to 1,400 square feet. The first phase of construction, which consists of 22 units, is scheduled to wrap up in July. A second, 18-unit phase will follow in October.
The builder is Aztec Contractors.
NEW OWNER FOR HILL COUNTRY STORAGE
LAKEWAY (globest.com) – Equity Based Services Inc. of California has purchased the 742-unit Hill Country Climatized Storage from HKD Investments of Austin.
The 100,000-square-foot self-storage facility, built in 2004 on almost four acres at 15616 Stewart Rd., is 91 percent leased. Equity Based Services has renamed the facility Hill Country Self Storage.
Marcus & Millichap Real Estate Investment Services represented both the buyer and seller.
CRESCENT SOLD
FORT WORTH (The Dallas Morning News) – Crescent Real Estate Equities Co. has been sold to funds managed by New York–based Morgan Stanley for about $6.5 billion.
Fort Worth–based Crescent owns parts of two of the biggest skyscrapers in downtown Dallas. The real estate investment trust is also part owner of the Crescent complex in Dallas' uptown section.
Crescent recently sold its Austin holdings, which included the Omni Hotel downtown and three office buildings.
The acquisition includes assumption of about $3.1 billion in debt, which will be refinanced.
VALLEY GETTING T-MOBILE SERVICE CENTER
BROWNSVILLE (Brownsville Economic Development Council) – T-Mobile USA Inc. broke ground yesterday on a 78,000-square-foot customer service center that is expected to bring more than 750 jobs and more than $15 million in payroll annually to the area.
The facility at Paredes Line Road and Heritage Boulevard is expected to be fully operational by the end of the year.
TEXAS ECONOMY STILL PUMPING
COLLEGE STATION (Real Estate Center) – The Texas economy continues to generate jobs at an annual rate of one percent above the national average. From April 2006 to April 2007, Texas nonfarm employment rose 2.4 percent compared with 1.4 for the U.S.
The state’s seasonally adjusted unemployment rate fell from 5 percent in April 2006 to 4.2 percent in April 2007.
Higher oil prices cause pain for consumers at the gas pumps but produce employment gains for the oil and natural gas extraction industry petroplexes of Odessa and Midland. The state’s mining industry ranked first in job creation followed by professional and business services, construction, and the leisure and hospitality industry.
Odessa ranked first in job creation followed by Midland, Austin–Round Rock, Laredo and Lubbock. Three large metro areas — Austin–Round Rock, Dallas-Plano-Irving and Houston–Sugar Land–Baytown — posted employment growth rates of more than 3 percent.
Midland had the lowest unemployment rate followed by Odessa, Lubbock, Amarillo, and Austin–Round Rock.
For more information, see the full report.
NEW OWNER, NAME FOR CLASS-A CANYON CREEK
AUSTIN (globest.com) – American Realty Advisors has purchased the 444-unit Vistas at Canyon Creek from the Archstone-Smith Trust.
The 95 percent occupied, Class-A complex was built in 2001 on 31 acres at 8025 FM 620 North, near Lake Travis. The 22 two- and three-story buildings contain one-, two- and three-bedroom units ranging from 506 to 1,187 square feet. Monthly rents range from 77 cents to $1.13 per square foot.
The California-based investment group plans to rename the complex Alara Canyon Creek.
CB Richard Ellis represented Denver-based Archstone-Smith. American Realty Advisors was self-represented.
HOME PRICES DOWN, SALES UP
WASHINGTON (Associated Press) – Sales of new homes in the United States surged in April, but the median price of a new home dropped by the largest amount on record.
The Commerce Department reported that sales of new single-family homes jumped by 16.2 percent in April — the biggest amount since April 1993 — to a seasonally adjusted annual rate of 981,000 units. Meanwhile, the median price of a new home sold last month fell to $229,100, a record 11.1 percent decline from the previous month.
The strong sales came from the Northeast, which saw a surge of 43.1 percent. Sales were down 28.1 percent in the Midwest and 25.4 percent in the West. Sales fell 3.4 percent in the South.
ASTROWORLD NEIGHBOR SOLD
HOUSTON (globest.com) – Angel-McIver LP has purchased the Interchange Business Park next door to the Six Flags AstroWorld site, which the local developer purchased a year ago. The seller was a German company operating as Interchange Center LP.
Angel-McIver obtained $15.4 million in financing to purchase and improve the 296,000-square-foot, Class-B complex at 8820-30 Interchange Dr. The eight-building center is 70 percent leased, with many of the tenants on short-term agreements.
The five-year, interest-only loan has a competitive spread over the five-year Treasury. The loan-to-value ratio is 80 percent.
CB Richard Ellis (CBRE) brokered the real estate transaction. CBRE-Melody in Houston arranged the financing.
HOUSING SCAM SHUT DOWN
AUSTIN (Office of the Attorney General) – Texas Attorney General Greg Abbott has shut down a real estate scam spearheaded by Roberto Flores and his firm, Galindo Trust.
Flores sold homes to local consumers without disclosing that the properties were encumbered by pre-existing liens. Shriners Hospital, the original owner of the properties, sold and financed the homes to Flores, who made mortgage payments through Galindo Trust. Flores resold the properties, but subsequently stopped making payments to Shriners Hospital, putting the homes at risk of foreclosure.
Flores also misrepresented to consumers that property taxes and homeowners' insurance payments were being made on their behalf. Flores stopped paying insurance premiums and taxes, causing insurance policies to lapse and consumers to become delinquent on their property taxes.
The 126th Judicial Court has ordered Flores to pay more than $1.4 million in civil penalties for violating the Texas Deceptive Trade Practices Act and provide restitution to consumers who were harmed by the unlawful scheme.
Shriners Hospital was unaware of the fraud and is working with the Office of the Attorney General and Volunteer Legal Services of Travis County to help consumers get proper titles to their properties.
BELLA VIDA SOLD
CARROLLTON (Holliday Fenoglio Fowler) – Harbor Group International LLC has purchased the Class-A+ Bella Vida at Coyote Ridge at 4253 Hunt Drive, northeast of the Dallas–Fort Worth International Airport.
Built in 1999, the 528-unit Bella Vida is a 35-acre multifamily community with one-, two-, three- and four-bedroom layouts averaging 1,322 square feet. The complex is 94 percent leased.
Holliday Fenoglio Fowler represented the seller, West Coast–based Virtú Investments.
MEGACHURCH UPGRADE
DALLAS (glbarron.com) – GL Barron has broken ground on a 175,000-square-foot, 4,200-seat church.
The $31.5 million Inspiring Body of Christ church, which will sit on 50 acres between Cockrell Hill and Westmoreland, is expected to be completed in 18 months. The facility was designed by GL Barron’s sister company, GLB Design Group LP.
For more information on Texas megachurches, read “Good Heavens! Texas Churches Grow to Biblical Proportions” in the April 2007 issue of Tierra Grande.
UPGRADE, RENT HIKE PLANNED FOR EDENTREE
CARROLLTON (globest.com) – Carrollton Edentree LP has purchased the 360-unit Edentree Apartments from Hall Financial Group.
Built in 1983 by Trammell Crow Co., the Class-B complex at 1721 E. Frankford Rd. consists of 28 two-story buildings on almost 18 acres. The one- and two-bedroom units range from 600 to 1,052 square feet.
The California-based LP plans to update unit interiors before increasing rents, which now average $670 per month. Devonshire Management Co. of Dallas will manage the property.
Hendricks & Partners represented Carrollton Edentree, which did a defeasance on a $13.1 million loan with a 5.8 percent fixed interest rate.
JV'S DALLAS-AREA TRIO SOLD
DALLAS (globest.com) – EQYInvest Owner I Ltd. LLP has sold three assets — two retail and one office — totaling more than 174,000 square feet.
EQYInvest, a partnership between Florida-based Equity One Inc. and New York City–based Investcorp International Realty Inc., sold the more than 65,700-square-foot Sterling Plaza at 2904 Belt Line Rd. in Irving to 2904 Beltline LLC, a Los Angeles–based investment group.
The 15-tenant shopping center, built in 1968 on more than seven acres, is across the highway from Irving Mall. The 94 percent leased property is anchored by a 99 Cents store. Dynamics Capital, also of Los Angeles, represented the buyer. Global Fund Investments will handle leasing and management.
VL Associates of Missouri purchased the more than 44,500-square-foot Village by the Parks. The fully leased shopping center sits on more than four acres at 4115 S. Cooper St. in Arlington. The center’s anchor, Toys R Us, was not included in the sale. VL Associates will lease and manage the holding in-house.
EQYInvest sold the almost 64,000-square-foot Parkway at 812 W. Spring Creek Pkwy. in Plano on behalf of a limited partnership from Denver. The almost 98 percent leased office building was built in 1985 on nearly six acres. CB Richard Ellis represented Sandstone Properties Inc., the California-based buyer.
NEW MIXED-USE FOR BEE CAVE
BEE CAVE (globest.com) – A Dallas-based joint venture plans to break ground on its first Austin-area development — a $30 million lifestyle center — in the next few months.
Brytar Cos. and Worth Williams Properties purchased 17 acres from local seller Robert Baldwin, putting the partners closer to building the 150,000-square-foot Village at Central Park.
The project at RR 620 and Hwy. 71 will be predominantly retail but will include office and restaurant space. Bed, Bath & Beyond has already been signed. Construction is slated to wrap in mid-2008.
Ware Architecture of Dallas designed the shopping center, and Bury Partners Inc. of Austin is the civil engineer. Texas Capital Bank provided construction financing. Dallas-based Direct Development's Austin office will handle marketing and leasing.
LAND SALE MOVING FORWARD
LAREDO (Laredo Morning Times) – The city council has voted to continue with the final sale of 88 acres near Lake Casa Blanca. Plans for the land include a $120 million mall project that would require a wetland to be filled. The sale is scheduled to be finalized June 4.
The buyer and developer, Merchants Holding, has a long-term lease on the 88 acres that will allow the company to continue the development regardless of whether the sale is finalized. Merchants Holding spokesperson T.J. Connolly said the company intends to move forward with the mall project.
MAJOR HOMEBUILDER MOVING IN
HOUSTON (Houston Business Journal) – John Laing Homes has purchased Houston-based Lindenwood Homes.
The California-based homebuilder, one of the largest privately held homebuilders in the nation, earned more than $1.6 billion on 2,269 residential closings last year.
COMMUNITY COLLEGE TO GROW
HOUSTON (Houston Business Journal) – A $7.6 million upgrade will add 70,000 square feet to Houston Community College’s West Loop Campus in Bellaire.
The expansion, which broke ground today and will wrap in fall 2008, will include 39 new classrooms and laboratories, new faculty offices, extra student areas and a food court.
The project is part of Houston Community College's $300 million capital improvement plan.
NEW OWNERS FOR CYPRESS STATION
HOUSTON (costar.com) – Charles, Kathleen and Daniel Moine purchased the Cypress Station Shopping Center from Shadowbriar Houston Partners LP for more than $12 million.
The almost 120,000-square-foot Cypress Station is at I-45 and FM 1960. About 75 percent of its tenants, which include anchor Louis Shanks Furniture, have been in the center for ten years.
Hanley Brown Group handled both sides of the transaction.
STREAM INCREASES LEASING PORTFOLIO
HOUSTON (globest.com) – Stream Realty Partners LP will handle leasing on an additional 1.2 million square feet of local industrial and office space.
New to Stream Realty’s leasing portfolio is an 800,000-square-foot industrial portfolio owned by Dividend Capital Trust Inc. of Denver. The five-year-old property is 90 percent leased.
Stream Realty will also handle leasing on the 150,000-square-foot Colony Crossing Business Center and a 250,000-square-foot office portfolio consisting of Timberway One and Reserve at Greens Crossing II.
Owned by McShane Corp., Colony Crossing was developed in 2004 and is 40 percent leased.
The 24-year-old Timberway One at 15990 N. Barkers Landing Rd. and the six-year-old Reserve at Greens Crossing II at 11410 Greens Crossing Blvd. are 83 percent leased. Both Class-B buildings are owned by London-based Strategic Real Estate Advisors.
VALLEY GETTING $80 MILLION SHOPPES
EDINBURG (globest.com) – Construction will begin next month on the 1.1 million-square-foot Shoppes at Rio Grande Valley, a 130-acre, open-air center with an all-in development cost of $80 million.
The Shoppes at Rio Grande Valley will consist of a 455,000-square-foot lifestyle center and an adjacent 700,000-square-foot power center.
This is the second Texas project for Connecticut-based developer First Hartford Realty Corp., which purchased the land at Hwy. 281 and Trenton Road in 2005. The developer has signed JCPenney as the center’s lead anchor with 104,000 square feet.
First Hartford Realty is the general contractor, and KA Inc. of Cleveland is the project architect. The grand opening is slated for fall 2008.
ELDRIDGE RETAIL CENTER PLANNED
HOUSTON (McDade, Smith, Gould, Johnston, Mason + Company) – Property Commerce has purchased 48 acres on the west side of Eldridge, creating a 67-acre tract that the developer plans to use for a retail center.
The Market Square at Eldridge Parkway will be anchored by a 180,000-square-foot Super Target, with another 220,000 square feet available for additional retail. Property Commerce has previously purchased 19 adjacent acres that are also part of the development.
The listing price on the acreage appreciated in approximately one year from $6.75 per square foot to $22 per square foot for nine acres of the tract and to $10 per square foot for a 17-acre parcel. The remaining land was not originally for sale.
A. David Schwarz III SIOR represented the owner, Phillips Development & Realty LLP of North Carolina.
BLUFFVIEW REPLACING BACHMAN CREEK PLAZA
DALLAS (The Dallas Morning News) – A Denver-based developer has broken ground on a mixed-use development at the north end of Love Field.
Archstone-Smith's The Shops at Bluffview, at Lemmon Avenue and Northwest Highway, will include 181 loft-style apartments built on top of 205,000 square feet of retail space. The new buildings will adjoin the existing Embassy Suites Hotel and two office towers.
The property was known as The Plaza on Bachman Creek before Archstone-Smith bought the shopping center in 2004. About 25,000 square feet of the existing shopping center will be demolished to make way for the new construction.
MORE GOOD MOVES
COLLEGE STATION (Real Estate Center) – Two Texas cities were not mentioned in last Friday’s article “Move to Move, Texas Tops.”
Making the list of “Best Cities for Relocating Families” in metro areas with populations of 575,000 to 1.25 million were El Paso (number seven) and McAllen-Edinburg-Mission (number nine).
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1031 TAX GROUP BANKRUPT
SAN ANTONIO (mysa.com) – With an estimated $151 million owed to more than 300 investors across the country, the 1031 Tax Group LLC filed for Chapter 11 bankruptcy earlier this week.
The Virginia-based company cited a “liquidity crisis” in its filing. It lists $154 million in assets, but most of those are in the form of $132.4 million in outstanding notes to a company called Investment Properties of America. Investment Properties is owned by Toronto native Edward Okun, who also owns the 1031 Tax Group and has been active in real estate development and property management for more than 30 years. According to court documents, Okun borrowed money from the pool of exchange money for his other businesses, then placed that money in long-term investments.
San Antonio investors caught up in the financial turmoil used a company called National Exchange Services QI Ltd., the local subsidiary for The 1031 Tax Group. National Exchange Services was supposed to act as a safe harbor from capital-gains taxes, but when investors tried accessing their money last month to purchase other real estate, they were told it was not available and that the third-party company was having “a financial crisis.”
Investors placed between tens of thousands and $10 million with the LLC and its subsidiaries. The average amount entrusted to the company was $550,000. Eight of the top 20 creditors with the largest unsecured claims against the company are in San Antonio, Boerne and Uvalde. They are owed more than $26.6 million. Another two investors in Houston are owed $4.2 million.
Judon Fambrough, a lawyer with the Real Estate Center at Texas A&M University, said this is a reminder of how careful real estate licensees must be when recommending intermediaries for 1031 exchanges.
“Make sure they are bonded or have other security in place to cover the ‘fleeing’ intermediary,” Fambrough said. “Evidently, these intermediaries are not regulated by any security laws. The clients are taking a double whammy. They are losing their money, and they are still liable for the taxes on the sale of their property because it cannot be reinvested within the designated period.”
For more information about 1031 exchanges, read the Tierra Grande article “1031 Tax-Deferred Exchanges.”
RENOVATIONS ROCKING MUSIC HALL
AUSTIN (Austin American-Statesman) – Renovations have begun on the Austin Music Hall at 208 Nueces St.
Formerly a warehouse, the landmark has been hosting musicians such as Bruce Springsteen, Bob Dylan and Eric Clapton since 1995.
The $5 million renovation will update the building's exterior, expand seating capacity to 4,000, add a full-service restaurant and improve the acoustics.
Direct Events, which manages the hall, and the developers of the nearby 360 Condominiums are paying for the renovation. Grand reopening is slated for October.
MOVE TO MOVE, TEXAS TOPS
CONNECTICUT (RISMedia) – Fort Worth–Arlington topped a recent list of “Best Cities for Relocating Families.” Two other Texas cities also made the list.
Fort Worth–Arlington was named number one for large metropolitan areas (those with populations of 1.2 million or more). Austin–Round Rock came in at number five.
Corpus Christi also ranked number five, but for cities with populations between 350,000 and 575,000.
The list was compiled by Worldwide ERC and Primacy Relocation. The organizations worked with Bert Sperling of Sperling's BestPlaces to rate cities based on factors such as home prices, home affordability index, appreciation rates, property taxes, recreation and leisure, arts and culture, air quality, watershed quality, sales tax and unemployment rate.
Full more information on the survey, including the complete results, visit www.primacy.com.
NEW 'BURB DEVELOPING
RICHMOND (globest.com) – Aliana Development Co. has begun work on a 2,000-acre mixed-use development on the east side of Grand Parkway, just west of Sugar Land.
The $1.5 billion first phase will be townhouses and condos starting at $200,000, and single-family residences.
Up to 500 acres is set aside for two million square feet of commercial space. At buildout, the commercial component's value is estimated at just over $500 million, with plans calling for office, retail, spa, hotel and restaurants as well as a Polo Club.
San Antonio-based H.E. Butt Grocery Co., which bought 21 acres, will build a 150,000-square-foot HEB grocery store with a fueling station. Completion is targeted for 2010.
The Houston-based developer estimates the entire buildout will take ten to 12 years.
TOWN SQUARE AT BAYLOR
WACO (globest.com) – SWB Heritage Square Partners LP will break ground in July on 17 acres between South Third and South Fourth streets for phase one of the $76.5 million Waco Town Square.
Construction begins with the $23 million, 400-bed student housing complex, which is within walking distance of Baylor University. The second and third phases will have almost 62,000 square feet of retail and restaurants, almost 69,000 square feet of Class-A office space and about 35,000 square feet of loft-style residences.
The development will also include the 100 percent leased, 100,000-square-foot River Square Center, which SWB recently purchased.
Subsequent phases will start by year's end. The overall project is targeted for completion around the middle of 2010.
Waco Town Square's architect is Pierce Goodwin Alexander & Linville in Houston. EE Reid Construction Co. of Sugar Land is the general contractor. Coldwell Banker Commercial in Waco is handling office and retail leasing while Frank Cromwell, also from Waco, has been hired to manage River Square Center and the lofts.
TEXAS RANKS HIGH IN MINORITIES
WASHINGTON, D.C. (www.census.gov) – According to recent estimates from the U.S. Census Bureau, the nation's minority population reached 100.7 million last year, and 12 percent of those were right here in Texas.
Hispanics remained the largest minority group, with 44.3 million (14.8 percent of the total population) as of last July. Blacks were the second-largest minority group, totaling 40.2 million, followed by Asians at 14.9 million.
With a 3.4 percent increase between July 2005 and July 2006, Hispanics were also the fastest-growing minority group. Asians were second at 3.2 percent.
Minorities made up 52 percent of Texas’ population.
Other key findings:
Hispanics
Blacks
Asians
For more survey findings, visit www.census.gov.
MAIN STREET CLOSING
SAN ANTONIO (San Antonio Business Journal) – The city has officially closed the block of Main Street between West Commerce and Dolorosa streets as part of the ongoing redevelopment of Main Plaza.
The permanent street closure, which borders the west side of Main Plaza, will allow workers to perform utility improvements and expand pedestrian traffic once the project is complete in 2008.
The Main Plaza Redevelopment Project provides for the development of a master plan for Plaza de las Islas, the historical center of downtown, as well as landscape design and the redevelopment of the area as a pedestrian plaza.
TEXAS HOLDS 'EM ON HOUSING FRONT
WASHINGTON (The Dallas Morning News) – Nationwide home sales prices dropped in the first quarter — down 1.8 percent from a year ago.
According to the National Association of Realtors' quarterly home price survey, more than a third of the U.S. housing markets that the Realtors surveyed saw drops in home prices during the quarter.
It was the third consecutive quarter of lowering prices. Elmira, N.Y., down almost 15 percent from a year ago, experienced the largest decrease.
Median home sales prices fell a scant 0.6 percent in the Dallas–Fort Worth area, which stood out as Texas’ only declining market.
Beaumont led the gains with a 16.5 percent jump, the third highest in the nation. San Antonio prices were up just over 11 percent.
While prices have decreased, the nationwide decline in first-quarter home prices was one percentage point lower than last year’s fourth quarter.
HOSPITAL TO RECEIVE CARE
SEGUIN (KENS 5 Eyewitness News) – To keep up with the area’s growing population and increasing health care needs, the Guadalupe Regional Medical Center will be receiving a multimillion dollar expansion.
The $93 million upgrade will include 16 new emergency room beds, more private rooms, a new medical floor and dining facilities, as well as additional outpatient operating suites. The emergency room currently has just nine beds, where doctors and nurses treat 26,000 patients a year.
The hospital, which was built in 1965, is not funded by tax dollars so the improvements should cost residents nothing.
The financing could come together as soon as September, with construction beginning later this year.
GREATER LA TUNA
SAN ANTONIO (San Antonio Express-News) – The area just west of La Tuna icehouse is slated to become a neighborhood hub now that NRP Group LLC has purchased ten acres on East Cevallos Street between Probandt and South Flores Streets.
The Ohio-based company is planning a $60 million development that will include almost 500 apartments and 20,000 square feet of retail space.
NRP’s project will blend with the famous icehouse by adding picnic tables and planting trees on the eastern end of the property, closest to the bar.
"It should read like an extension of SoFlo and the loft district," said Daniel Markson, a San Antonio–based partner with NRP Group.
Thurlow & Co. Urban Properties brokered the transaction. The seller was developer Charlie Acuña.
Alamo Architects is designing the project. Demolition and site work are expected to begin by summer, with the first phase of 200 apartments expected to be completed sometime in 2009.
EAST DALLAS RENTAL REDEVELOPMENT
DALLAS (The Dallas Morning News) – According to filings at city hall, United Dominion Realty Trust plans to clear an 8.2-acre tract in east Dallas and build a new rental community consisting of 469 apartments.
The tract includes about 300 rental units in buildings along Bennett Avenue at Belmont and Capitol Avenues and Manett Street. The buildings date back to the 1960s and early 1970s.
The tracts are owned by real estate partnerships that have invested in the area over the years.
United Dominion recently purchased nine complexes in Addison for razing and redevelopment.
GOOD EATS IN SAN ANTONE
SAN ANTONIO (mysa.com, The Culinary Institute of America) – The Culinary Institute of America (CIA) and local entrepreneur and philanthropist Kit Goldsbury announced this week a partnership that will make the city’s Center for Foods of the Americas (CFA) the CIA’s third campus.
Goldsbury's $35 million contribution includes $20 million for scholarships, $7 million for a new facility and $3 million to assist in the expansion at the Pearl Brewery, where CFA’s pilot program originated. In addition, $5 million will be the lead matching gift to fund a center for Latin cuisine at the main campus in Hyde Park.
Since it opened last year, two classes have graduated from CFA. The third class will graduate next week, bringing the combined number of graduates to about three dozen.
TOWN CENTER DOCKS IN HARBOR
KINGWOOD (globest.com) – Harbor Group International LLC has purchased the 518-unit Town Center Apartments from Equity Residential Properties Trust for $40.5 million.
Town Center, which is on more than 20 acres at 2727 Ben's Branch Dr., includes a mix of one-, two- and three-bedroom units averaging 877 square feet. The rent is 94 cents per square foot. The Virginia-based investment group plans to invest $2,300 per unit to freshen up the 95 percent leased complex.
Harbor Group was self-represented and will handle leasing and management. CB Richard Ellis brokered the transaction for the Chicago-based seller.
MORTGAGE APPLICATIONS DOWN
NEW YORK (Reuters) – U.S. mortgage applications fell after climbing for three straight weeks, according to the Mortgage Bankers Association’s (MBA) seasonally adjusted index of mortgage application activity.
The index, which includes both refinancing and purchasing loans, dipped 0.8 percent to 675.5 for the week ending May 11. The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 1.7 percent.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.13 percent, up 0.03 percentage points from the previous week. Interest rates, however, were significantly below year-ago levels of 6.66 percent.
The seasonally adjusted purchase index fell 1.4 percent to 432.3 after hitting 438.3 the previous week, which was its highest level since mid-January. The index, however, was above its year-ago level of 426.7.
The group's seasonally adjusted index of refinancing applications rose slightly to 2,115.5. A year earlier the index stood at 1,546.8.
The refinance share of applications increased slightly to 42.1 percent. The adjustable-rate mortgages (ARM) share of activity decreased just over one-half of a percent to 17.4 percent.
Fixed 15-year mortgage rates averaged 5.81 percent, down from 5.82 percent. Rates on one-year ARMs decreased to 5.61 percent from 5.71 percent.
The MBA's survey covers about 50 percent of all U.S. retail residential loans. Respondents include mortgage banks, commercial banks and thrifts.
JMG CHUGS INTO DEPOT
FORT WORTH (globest.com) – JMG Realty Inc. of Atlanta has purchased the 210-unit Depot from Cotton Depot Associates LP for more than $24.5 million.
The 95 percent leased Depot, located near Sundance Square, includes one- and two-bedroom units averaging 894 square feet. It also features recycled wood and artifacts from the St. Louis Southwestern Railway of Texas and Cotton Belt Railroad depot, which was built in 1915. Rents average $1,200 per month.
Cotton Depot Associates’ general partner is Dallas-based Carleton Realty Advisors Inc. Affiliate Carleton Residential Properties completed work on the 5.7-acre asset last year; Lincoln Property Co., also of Dallas, oversaw it until the sale.
JMG closed with a more than $20.5 million, five-year loan from North Carolina–based Wachovia Securities LLC. The financing was arranged by Holliday Fenoglio Fowler LP.
TYLER'S RETAIL MARKET SURVEYED
TYLER (burns-noble.com) – The vacancy rate for the area’s 39 area retail centers surveyed stands at just under 8 percent, slightly better than last year’s 8.2 percent rate, according to the 2007 edition of the annual market survey completed by Burns & Noble Commercial Real Estate.
Additionally, the strong space absorption observed in the previous two years has slowed significantly. Only 2,824 square feet of retail space was absorbed, compared to 96,039 square feet in last year's survey.
The total available space is about 190,000 square feet, down from almost 202,000 last year.
While the vacancy rate dropped, the current average lease rate of $11.66 per square foot was a slight change from last year's $11.72 per square foot.
Eighteen of the 39 centers have occupancy rates of 95 percent or better. Fourteen of the centers are 100 percent occupied.
The spread in lease rates between older properties and new centers range from $5.87 to $26 per square foot in the developing far South Broadway Avenue corridor. Recently, several vacancies have occurred in these centers, indicating that some tenants may be having difficulty justifying rental payments at these levels.
According to the economy section of the Real Estate Center’s Texas Real Estate Market Reports for the Tyler area, retail sales per capita were $15,199 in the city in 2005, making Tyler the sixth highest in the state in this category.
FOURTH CHASEWOOD RISING
HOUSTON (Transwestern.net) – GenCap Partners LP and Transwestern Houston have begun construction on Four Chasewood.
Located in the 32-acre Chasewood Technology Park on SH 249 at Chasewood Park Drive, Four Chasewood will be a five-story, Class-A, “green” office building housing just over 105,000 square feet.
Transwestern will lease and manage the project. Construction is expected to be completed in late summer of next year.
FARMERS MARKET SPROUTING DEVELOPMENT
DALLAS (The Dallas Morning News) – Jim Moore recently purchased two vacant blocks next to downtown's Farmers Market, which previously housed plant nurseries.
The Dallas-based homebuilder plans a mixed-use development on the 4.5 acres, which will include ground-floor retail space with homes above.
Currently, Moore is developing 28 townhomes at Pearl Expressway and Canton Street. The project, named 2100 Downtown, has three-story homes starting at more than $390,000.
LAKE BUCHANAN RANCH LAND SOLD
AUSTIN (Austin American-Statesman) – For almost 70 years, the 27,000-acre, family-owned Goodrich Ranch was a working cattle ranch about 70 miles northwest of Austin in Burnet County. Earlier this year, the family sold all but about 6,000 acres of the ranch to Copper Station Properties.
South Carolina–based Copper Station has purchased the remaining 21,000-plus acres along Lake Buchanan's northeastern shore and renamed the land Clearwater Ranch. The firm will subdivide the land into 11 parcels for resale. The land, which has limestone canyons and 21 miles of spring-fed creeks, is about 33 square miles, with 11 miles of frontage on the Colorado River and the lake.
Ranch Investments & Associates represented the Goodrich family in the sale. The family will retain rights to the Goodrich Ranch name.
MOODY'S MEDICAL CENTER MONOLITH
HOUSTON (globest.com) – Moody National Cos. has purchased just over one acre in the Texas Medical Center at Woodbury and Cambridge to build a 200-unit residential tower.
The $35 million Cambridge Tower will include small studios to large luxury units. Moody will manage and lease the tower, which will be near the Michael E. DeBakey Veterans Affairs Medical Center.
Moody is currently renovating the 297-room Residence Inn–Medical Center/Reliant Park at 7710 Main St. After completing its currently planned projects, the company will oversee about 40 million square feet in the Medical Center.
Moody National was self-represented, while Karpas Properties in Houston represented the local, private seller. Ground will break early next year. Grand opening is slated for early 2009.
CRESCENT'S LAST AUSTIN ASSETS SOLD
AUSTIN (Austin Business Journal) – Fort Worth–based Crescent Real Estate Equities Co. is selling the last of its local assets.
Hines Interests LP of Houston is buying the building at 301 Congress. Built in 1986, the 22-story building has about 418,000 square feet of rentable space. The property was 76 percent leased last August.
Meanwhile, Triple Net Properties LLC of California is buying 816 Congress and the Avallon complex, both Class-A properties.
Built in 1983, 816 Congress has about 433,000 square feet and was 90 percent leased as of last summer. The Avallon, at 10415 Morado Circle, consists of five three-story buildings totaling about 318,000 square feet.
According to the Travis Central Appraisal District, 301 Congress is valued at $94.5 million, 816 Congress is valued at $62.8 million and the Avallon is valued at $22.2 million.
SURVEY CHARACTERIZES REALTORS
WASHINGTON, D.C. (National Association of Realtors) – A recent member survey by the National Association of Realtors (NAR) found that Realtors work mostly on commission and earn more over time. Among the findings:
For information on other findings, visit www.realtor.org.
HOTEL HYATT PLACE COMING
SAN ANTONIO (San Antonio Business Journal) – FFC Capital Corp., a Pittsburgh-based investment company, and Houston-based Camden Hospitality Group have purchased an AmeriSuites hotel near the airport.
The joint venture, operating under the newly formed partnership Texas Place Hotel Properties LLC, has begun renovations, which are expected to take about six months. The hotel will be rebranded as a Hyatt Place.
In addition to this eight-year-old hotel on Jones Maltsberger Road near US 281, the partnership has acquired three more AmeriSuites in Austin, Houston and Grand Prairie. Each will be converted into Hyatt Place hotels.
The Pittsburgh office of Holliday Fenoglio Fowler LP arranged $49 million in financing for the LLC's purchase of the four AmeriSuites properties. FFC will own the majority interest in the properties, while Camden will own a minority interest and manage the hotels.
Camden also owns the Crockett Hotel, which is directly behind the Alamo.
EXISTING HOME PRICES DOWN
WASHINGTON, D.C. (Associated Press) – First-quarter sales of existing homes rose at an annual rate of 6.4 million units, 6.6 percent lower than a year ago, according to the National Association of Realtors (NAR).
Existing home sales were 2.4 percent higher at an annual rate than they were in fourth quarter 2006. In fact, the NAR reported that 14 states and the District of Columbia saw an increase in the rate of home sales last quarter compared with only six states showing gains during the previous quarter.
The national median existing single-family home price was $212,300, down 1.8 percent from a year ago when the median price was $216,100.
CENTEX'S THIRD HARRIS BRANCH COMMUNITY
AUSTIN (Austin Business Journal) – The Austin division of Dallas-based Centex Homes Corp. has purchased 135 acres from Harris Branch developer The Galesi Group.
It is the final single-family parcel within the 2,200-acre Harris Branch master-planned development, which already has about 1,100 single-family homes. Galesi began developing the project, which is near Parmer Lane and the new SH 130 toll road, in 1996. Fully built out, the project will contain single-family, multifamily, industrial, office and retail uses.
Stirling Bridge will be the company's third community within Harris Branch. The subdivision will contain about 350 homes ranging from $140,000 to just over $200,000 surrounding a 12-acre lake and greenbelt.
Centex currently has 16 active communities in the Austin market, which is Centex's third-strongest in terms of closings among more than 45 markets, following Dallas and the San Bernardino Valley area in California.
JLM Land Co. negotiated the sale. Phase one construction will begin this summer.
THE WOODLANDS DEVELOPMENT COMPANY SUPPORTS OPERATION GRADUATION - Joel Deretchin (left), vice president of public affairs for The Woodlands Development Company (TWDC) and Debra Staley (right), director of public affairs for TWDC, recently presented a $10,000 contribution to The Woodlands Parents Operation Graduation . Accepting the donation on behalf of the non-profit organization is C.J. Haynes (center left) co-vice chair of Operation Graduation and assistant secretary of the Conroe Independent School District Board of Trustees ; and Lori Mauric e (center right), co-vice chair of Operation Graduation. Cindy Hayley , chair of the event, is not pictured. 
THE WOODLANDS CONVENTION & VISITORS BUREAU ADDS BLAIR AND WOLDA TO BOARD OF DIRECTORS - T he Woodlands Convention and Visitors Bureau has named its initial Board of Directors with Nelda Luce Blair (left) appointed chair and Nick Wolda (right) named president. The Woodlands Convention and Visitors Bureau is a non-profit organization dedicated to promoting The Woodlands Town Center as a premier regional destination for shopping, dining, entertainment and a place to conduct business. The bureau facilitates inquiries from meeting planners who are looking for a venue to host a meeting, convention or conference in Town Center. 
In addition to her position as chairperson of The Woodlands Convention & Visitors Bureau, Blair is a litigator, turned legal and political advisor as well as a life-long resident of Montgomery County. Wolda is also vice-president for Marketing and Public Affairs at Town Center Improvement District (TCID) in The Woodlands where he develops and implements The Woodlands Town Center's marketing strategies including special events. 
... AND SPEAKING OF TCID - Town Center Improvement District (TCID) has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report. Pictured from left to right are Steve Williams , director of finance for the City of Conroe and president of the GFOA; Dawn Blake , TCID accounting assistant; Patti Graham , TCID sales tax compliance officer; Anjanette Sauers , TCID accounting manager; and Brian Pate , TCID vice president of finance and administration. 
BOW WOW MEOW LUAU SURPASSES GOAL - The Humane Society of Montgomery County's 5 th Annual Bow Wow Meow Luau held on May 5, 2007 at the home of John and Marchita Cook in Carlton Woods raised more than $65,000 for the non-profit organization. 
LMC'S 2007/2008 CLASS IS NOW FORMING - Applications are now being accepted for the Leadership Montgomery County (LMC) 2007/2008 class. LMC is a joint venture of the Greater Conroe/Lake Conroe Area Chamber of Commerce and the South Montgomery County Woodlands Chamber of Commerce. The program provides a process to better prepare the next generation of leaders. The goal of the program is to educate and inform candidates about major community issues while inspiring and motivating individuals to exercise their leadership skills to benefit the community. 
COURTHOUSE ANNEX WILL OPEN AT NEW LOCATION ON MONDAY, JUNE 4 - The Ed Chance Courthouse Annex in The Woodlands will open on Monday, June 4, 2007 at 8:30 am at 1520 Lake Front Circle. The offices of the Montgomery County Precinct 3 Constable, Justice of the Peace, Tax Collector and County Clerk will make their home in the 44,000-square-foot building. County Commission Ed Chance (pictured) will continue to office at 1130 Pruitt Road in Spring. 
THE WOODLANDS DEVELOPMENT COMPANY SHOWS SUPPORT FOR PUBLIC SAFETY HEROES - Executives from The Woodlands Development Company (TWDC) recently presented a $3,000 donation towards the 12 th Annual Public Safety Heroes Awards, hosted by Town Center Improvement District (TCID). Pictured from left to right are: Stephen P. Sumner, Sr., CPP, vice president of operations and public safety for TCID; Tim Welbes , co-president of TWDC; Debra Staley , director of public affairs for TWDC; Frank Robinson , CPP, president of TCID; and Alex Sutton , co-president of TWDC. Held on May 17, the awards ceremony honored 13 individuals who were recognized for their outstanding commitment to public safety, fire fighting and EMS services. The award recipients were selected by their peers and superiors at the many law enforcement agencies that serve in The Woodlands Town Center. 
NICKLAUS COURSE AT CARLTON WOODS RECOGNIZED FOR ENVIRONMENTAL EXCELLENCE - The Club at Carlton Woods-Nicklaus Course has retained its designation as a "Certified Audubon Cooperative Sanctuary" by Audubon International . The Nicklaus Course was designated as a Certified Audubon Cooperative Sanctuary in 2003 and is one of 637 courses in the world to receive this honor. Courses go through a recertification process every two years. 
THE WOODLANDS KICKS OFF COMMUNITY POLICING PROGRAM - A gathering of community leaders and community association board members celebrated Saturday's kick-off of The Woodlands' new community policing program. Leaders met with newly-hired officers, viewed new cars identified with The Woodlands program, and formally marked the kick-off of the program which has been several years in the making. The process began with resident surveys that listed law enforcement as an area in need of improvement. The Community Association Boards reviewed various plans during last year's budget process, and then adopted a community policing program developed by law enforcement consultant Jimmie Dotson . The program began in January, officers took to the streets in March, and full implementation of the program in expected to be completed by June. 
BEV EARL TO ASSUME THE CHAMBER'S CHAIRMANSHIP SEPTEMBER 1 - Bev Earl, owner of Corporate Incentives, Inc., has been named chairman of the South Montgomery County Woodlands Chamber of Commerce's Board of Directors for its 2007-2008 fiscal year, which begins September 1. She is currently The Chamber's vice president of financial viability. "I am thrilled to be named chairman of the board for the South Montgomery County Woodlands Chamber of Commerce. I have enjoyed being a part of this organization for many years and love working with all the volunteers and The Chamber team," Earl said. "I am looking forward to a great year celebrating the 30th anniversary of our Chamber." 
SALES TRAINING INTERNATIONAL WINS BBB AWARD OF EXCELLENCE - The Better Business Bureau Education Foundation recently honored BBB member companies that maintain a superior commitment to ethics, overall excellence, and quality in the workplace at the 2007 Awards for Excellence event held at the Intercontinental Houston Hotel . Sales Training International , a company based in The Woodlands since 1988, received the BBB Winner of Distinction Award . Bob DeGroot , a South Montgomery County Woodlands Chamber of Commerce Board member, and his wife, Kemba , a TCID Board member (pictured), co-founded the company in 1986 and have grown it into an international training and consulting firm that specializes in Web-based training and coaching solutions in sales, sales management and customer service all over the world. 
SAN ANTONIO RESIDENT BOB HULLENDER WINS 2 ND ANNUAL CARLTON WOODS INVITATIONAL - Bob Hullender (pictured), a 70-year old amateur golfer from San Antonio, is the winner of the 2 nd Annual Carlton Woods Invitational , held last week at The Club at Carlton Woods . Hullender took the title for the second consecutive year, and also garnered the honor of being the first in tournament history to finish in the red. Both Hullender and Jonathan Mathias, also from San Antonio, finished day one on the Nicklaus Course with 2-under par 70's. In the second round on the Fazio Course, Hullender extended his lead to six strokes, while Mathias' margin was cut to four. With the hefty lead going into round three back on the Nicklaus Course, Hullender played defensively to again garner the winning spot. 
MONTGOMERY COUNTY YOUTH SERVICES APPOINTS NEW BOARD MEMBERS - Andy Dill (pictured left) , president of the Community Chamber of Commerce of East Montgomery County and Kevin Robertson (pictured right ) , director of hospital operations, St. Luke's Community Medical Center-The Woodlands , have been appointed to the Board of 
Directors of Montgomery County Youth Services (MCYS). MCYS is a private, not-for-profit counseling agency committed to providing quality social service programs to children and families in crisis throughout Montgomery County. "We are excited to have Andy and Kevin join our board," said MCYS Board Chair Walter Cooke . "They each bring unique experiences and ideas to the board, and we look forward to their insight as we continue to strengthen the foundation and funding sources for the organization." 
HIGHLANDER BOYS CAPTURE STATE CROWN - An exciting sudden death playoff finish marked the 5-A State Golf Championship in Austin May 10 and 11, where the Highlander Boys from The Woodlands High School finally defeated the defending champion Fort Worth Pascal Team after being tied at 566 strokes for two days. This is the fourth State Golf Championship for the Highlanders! 
NORTH HARRIS MONTGOMERY COMMUNITY COLLEGE DISTRICT APPOINTS CARPENTER AS NEW CHANCELLOR - The North Harris Montgomery Community College District (NHMCCD) Board of Trustees voted to appoint Dr. Richard Carpenter (pictured) to succeed outgoing chancellor John Pickelman. Carpenter, who is currently president of the Community College of Southern Nevada, was one of three finalists for the position. The district began the search for a new chancellor last year after Pickelman announced his plan to retire August 31 after 16 years as chancellor. "I am indeed honored the board has expressed this kind of confidence," said Carpenter. "I want to be on all the campuses and meeting as many people and hearing from as many people as I can. I want to get a sense of where people envision the district going, and how I can help get it there." 
