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MOCKINGBIRD, HAVE YOU HEARD?
DALLAS (The Dallas Morning News) – New retail and restaurant space will result in an expansion for Mockingbird Station.
Mockingbird Station's owners, a European investment group, are adding about 23,000 square feet of retail space to the seven-year-old development at Mockingbird Lane and North Central Expressway. The expansion will house six to eight new tenants.
A two-story retail building will be built at the north end of the project on what is now surface parking, and a spot on the north central service road has been reserved for a free-standing restaurant. A new two-story parking garage will be built behind the new shops.
Mockingbird Station currently contains 178,000 square feet of retail space, 211 loft-style apartments, 150,000 square feet of office space and an eight-screen Angelika movie theater.
A formal groundbreaking is set for April 26. General manager Sarah Jimenez says they hope to complete the expansion early next year. Capstar Commercial Real Estate Services and United Commercial Realty of Dallas oversee the project.
THERE'S A PLACE FOR US
FRISCO (globest.com) – Cross Development Co. has purchased more than 16 acres from Plano-based Lloyd Investment Co. Ltd. with plans to build a 120,000-square-foot, $24 million specialty center called Preston Place.
Five pad sites are also planned on the acreage, which is at the corner of Preston Road and Hickory Street.
New development nearby includes a Sprout's Farmers Market, Mardel Christian & Educational Supply and Hobby Lobby. The center will also be adjacent to a proposed 200,000-square-foot Wal-Mart Supercenter.
Groundbreaking is scheduled for within six months.
FIDELITY'S MID-SUMMER CONVERGENCE
LEWISVILLE (Market Wire) – Fidelity Investments will lease 160,000 square feet beginning mid-summer at the more than one million-square-foot Convergence office campus at Highway 121 and FM 3040.
Convergence, owned by Brookfield Real Estate Opportunity Fund, is on 185 acres approximately five miles north of Dallas–Fort Worth International Airport.
Brookfield purchased the complex last November and began an extensive capital improvements program. The city is contributing to infrastructure improvements, including new turning lanes into the campus and the addition of a second entrance along Hwy. 121, expected to be completed by early 2008.
Other tenants include Texas Instruments, GMAC Mortgage Corporation, Overhead Door Corporation and Archon Group.
Fidelity was advised by CB Richard Ellis in Dallas and FHO Partners of Boston. CAPSTAR Commercial Real Estate Services, which leases and manages Convergence, represented Brookfield.
ASHFORD'S ACCOMODATING PURCHASE
DALLAS, PLANO (Dallas Business Journal) – Locally based Ashford Hospitality Trust Inc. has completed the $2.4 billion purchase of a 51-hotel portfolio from CNL Hotels and Resorts.
In Dallas, the hotels purchased are Hilton Dallas and the Marriott Suites Market Center. In Plano, Ashford now owns the Marriott Legacy Center, Courtyard Legacy Park and Residence Inn Dallas Plano.
The hotels were purchased in connection with Morgan Stanley Real Estate's $6.6 billion purchase of Florida-based CNL.
WATERSIDE WATERSHED
RICHMOND (globest.com) – Regency Centers Corp. has purchased four additional acres adjacent to its proposed 16-acre Waterside Marketplace development for building a Kroger-anchored shopping center.
Kroger, which will own its almost 103,000-square-foot store, will occupy about 13 acres, leaving about 24,500 square feet of inline space and two out-parcels available. The 127,500-square-foot Waterside Marketplace at the Grand Parkway–Mason Road intersection will break ground by year’s end.
Steven W. Fritzer, Regency's senior management of investments, said the firm had acquired the 16 acres about three years ago and was prepared to build the Kroger-anchored center.
"But then Kroger's prototype expanded substantially from what we were planning on so we had to obtain the four additional acres," said Fritzer.
Read King Commercial Real Estate in Houston is overseeing leasing. CDA Architects of Houston is the architect of record.
FROM HIGHRISES TO HOMESTEADS
SUNNYVALE (The Dallas Morning News) – A company best known for building uptown highrises will begin work next week on its first suburban residential community.
Local developer Harwood International’s 124-acre St. James Park will contain 49 two- to three-acre home sites, with prices starting around $270,000. About seven acres of the development will be set aside for parks and green space.
St. James Park is on Tripp Road north of US 80.
CONSTRUCTION FLURRIES NEAR WATTERS CREEK
ALLEN (The Dallas Morning News) – A flurry of office and retail construction promises to add almost two million square feet of commercial space and bring thousands of jobs and shoppers to the Collin County suburb.
Emerson Partners’ Angel Field Center will have about 166,000 square feet of office space when it opens next year. Set on 15 acres, the eco-friendly stone and glass buildings were designed by award-winning Dallas architects Oglesby Greene. The new office will overlook the Watters Creek mixed-use development.
Meanwhile, developer Duke Realty Corp. is building One Allen Center. The five-story office building is across Bethany Road, also near Watters Creek. The 150,000-square-foot project will open later this year.
"We have coming out of the ground right now about $350 million of office, medical office and retail development," said Jennifer Grimm, marketing director with the Allen Economic Development Corp. "And we have a couple more things in the works that will take that up significantly.”
More information about Watters Creek is available here.
TRUST BUYS GATEWAY
COPPELL (globest.com) – Lexington Realty Trust of New York City has spent about $177 per square foot for the two-story Gateway Office Center on more than seven acres at the Interstate 635–Freeport Parkway junction.
The Class-A Gateway Office Center on 555 Dividend Dr. was built in 2002 by San Francisco–based Catellus Development Corp., which merged in 2005 with ProLogis Real Estate Investment Trust (REIT). The center has two 50,922-square-foot wings connected by an atrium.
Brink's Inc. home security subsidiary occupies 75 percent of the space and is in talks with Lexington to expand its remaining six-year lease. Other tenants include Washington Mutual Bank, which has five years remaining on its lease.
CB Richard Ellis represented ProLogis in the all-cash transaction. The industrial REIT sold the office building because it is a non-core asset.
NURSING THE DREAM
SAN ANTONIO (San Antonio Business Journal) – Skanska USA Building, the New Jersey–based subsidiary of Swedish construction firm Skanska AB, has been awarded the $43.5 million contract to build a new three-story building at St. Philip's College campus.
The new building will house the school's Nursing and Allied Health Career Center, Learning Resource Center and enrollment center. The new building is part of the $450 million community college district bond package approved by voters in November 2005.
St. Philip's College, a member of Alamo Community Colleges, is a historically black college and Hispanic-serving institution serving more than 10,000 students.
Classes are slated to open in fall 2008.
BUSINESS INTERIORS CONSOLIDATES
IRVING (globest.com) – A local wholesaler and retailer of business furniture is rolling two sites into one.
Business Interiors will leave its 132,400-square-foot warehouse at 1101 Valley View Lane and move all operations into the more than 177,000 square feet the company leases at 1111 Valley View Lane.
The consolidation will bring Business Interiors a 5,500-square-foot showroom. The showroom in the vacated warehouse was roughly 1,700 square feet. In addition, the company's 20,000-square-foot headquarters office will be upgraded as part of the repackaged lease.
Staubach Co. of Dallas represented Business Interiors, while CB Richard Ellis' (CBRE) Dallas office represented building owner CLPF-Western Industrial LP. CBRE will handle leasing of the soon-to-be-empty warehouse.
CORRECTION
SAN ANTONIO (Real Estate Center) – In Tuesday's edition of RECON, we incorrectly credited DA Associates as the architect of record for the Vantage at Converse Heights and Vantage at Comal Gardens complexes ("Opportunity Knocks for Affordable Housing"). The correct name of the architecture firm is B&A Architects Inc. of San Antonio.
BECAUSE OF WINN-DIXIE
KELLER (Dallas Business Journal) – Years after Winn-Dixie's mass exodus from the area, Carrollton-based Tabani Group has leased the 85,000-square-foot Keller Crossing shopping center, once anchored by the grocer.
Ace Hardware, Tuesday Morning and a pet store will occupy the Winn-Dixie shell near the intersection of FM 1709 and Keller-Smithfield Road. The developer plans to add another 38,000 square feet of retail space, anchored by Stein Mart.
The city council is considering $290,000 in incentives for the project, including a three-year sales tax rebate and a reduction on building permit fees.
INVESTOR BAGS QUARRY
SAN ANTONIO (San Antonio Business Journal) – The Marquis at Quarry, a 224-unit multifamily property in Alamo Heights, has been sold to Los Angeles–based SCI Real Estate Investments LLC.
The Class-A apartment complex was built in 1994 and is only one of four multifamily communities in the Alamo Heights and Alamo Quarry area, where apartments historically have had occupancy rates exceeding 93 percent.
Apartment Realty Advisors' Austin and Houston offices represented the seller, CWS Apartment Homes LLC of California, in the transaction.
DEVINE INTERVENTION
DEVINE (San Antonio Business Journal) – A San Antonio private investor has purchased Devine Plaza, a 40-unit apartment complex at 100 L.C. Martin Dr.
The seller, also a private investor, is based in Converse.
Hendricks & Partners' San Antonio office negotiated the sale, which was completed in just over 30 days.
ENERGY ENOUGH FOR HALF
LA PORTE (Houston Business Journal) – Wilson Industries Inc., an energy equipment supplier, will consolidate three Houston-area operations into 450,000 square feet at Clay Development & Construction Inc.'s speculative Underwood Distribution Center I.
At 900,000 square feet, the massive distribution center, which will be built in Clay’s 200-acre Underwood Business Park, is big enough to hold 18 football fields. Wilson’s new location will include 50,000 square feet of office space and will ultimately accommodate about 360 office and warehouse personnel.
Colliers International represented Wilson in the transaction, one of the largest-ever leases in one of the biggest industrial structures built on speculation in the Houston area.
David Hudson, vice president of development and leasing in Houston for Duke Realty Corp., can recall larger leases in industrial facilities built specifically for a tenant but not a speculative building.
"In 15 years, I haven't seen a lease that big done in a spec building," he said.
Robert Clay, co-owner of Clay Development, says demand for large distribution space grew in February, when phase one of the Bayport Terminal opened at the Port of Houston to increase the amount of goods being transported through the Bayou City.
SUPERCENTER BRINGING JOBS
LONGVIEW (Longview News-Journal) – The city's newest Wal-Mart SuperCenter will open April 18, creating about 375 jobs.
The 184,000-square-foot store is at 4006 Estes Pkwy., across the street from the new, 13-space Longview Shopping Center.
SOUTHGATE PLUS LAND SOLD
WEATHERFORD (globest.com) – A private investor has purchased the 160-unit Southgate Glen Apartments from a Dallas developer for almost $11 million. The sale included almost 2.5 developable acres.
The eight-year-old, 92 percent leased Southgate Glen is on almost nine acres at 1712 Martin Dr., across from Weatherford College. It includes one-, two- and three-bedroom units averaging 807 square feet. The average rent is 88 cents per square foot.
The California-based buyer, under a tenant-in-common (TIC) arrangement, purchased the Class-A complex using a $5.4 million loan and 1031 exchange funds. The 20-year loan has ten years of interest-only payments at a 5.52 percent fixed-interest rate and 30-year amortization.
Dallas-based Quantum First Capital brokered the sale. Capstone Management Co., also of Dallas, will lease and manage the complex.
For more information about TICs, read "Cotenants: Not So Cozy a Relationship" in the forthcoming issue of Tierra Grande.
HAPPY TRAILS FOR DOMINION COMPLEX
HOUSTON (globest.com) – Equity Residential Properties Trust has sold the 843-unit Trails at Dominion Apartments to Centaurus Investments LLC.
Centaurus, based in San Francisco, has obtained an almost $45 million acquisition-and-rehab loan from California-based ARCS Commercial Mortgage Co. The ten-year loan includes seven years of interest-only payments at a fixed rate of 6.07 percent and a 30-year amortization schedule.
The firm will renovate the 16-year-old, 50-acre, Class-B complex at 200 Dominion Park Dr. The apartments are one-, two- and three-bedrooms ranging from about 550 to 1,486 square feet. Monthly rents currently range from $550 to $1,400.
According to Apartment Realty Advisor principal David Wylie, whose firm represented the Chicago-based REIT, Equity Residential is selling its central U.S. properties to focus its capital elsewhere.
OPPORTUNITY KNOCKS FOR AFFORDABLE HOUSING
SAN ANTONIO (globest.com) – American Opportunity for Housing Inc., in partnership with New Jersey–based Arsenal Real Estate Funds LLC, will spend almost $36 million to build two Central Texas affordable housing projects.
Arsenal is funding the projects with two junior construction loans of more than $10.2 million. Both projects are slated for completion in June 2008.
In San Antonio, construction has begun on the 224-unit Vantage at Converse Heights, an 11.5-acre project at Texas 78 near Sanguin Road.
In New Braunfels, construction is underway on the 228-unit Vantage at Comal Gardens on 11.4 acres along West County Line Road. Both complexes will have one-, two- and three-bedroom units averaging about 860 square feet with an average rent of $816 per month.
The architect of record is DA Associates' San Antonio office. An affiliate of Wood Partners LLC in Houston is the general contractor.
STEADY AS SHE GOES
COLLEGE STATION (Real Estate Center) – The latest revised figures from the Texas Workforce Commission show steady job growth, which is good news for the Texas economy, according to the Real Estate Center’s latest “Monthly Review of the Texas Economy.”
“Texas’ employment growth rate from February 2006 to February 2007 rose to 2.4 percent compared with 1.5 percent for the United States,” reported Real Estate Center Research Economist Dr. Ali Anari.
The state’s seasonally adjusted unemployment rate fell to 4.5 percent in February 2007 from 5.1 percent in February 2006.
Higher oil prices have boosted employment in Texas. The state’s natural resource and mining industry, consisting mainly of oil and natural gas extraction, gained 20,500 jobs from February 2006 to February 2007. This translates to an annual growth rate of 11.7 percent and ranked first in job creation followed by leisure and hospitality industry, professional and business services, construction, and financial activities.
Most new jobs have been created in four major metropolitan areas: Austin–Round Rock, Dallas-Plano-Irving, Houston–Sugar Land–Baytown and San Antonio.
The Midland metro area had the lowest unemployment rate in February 2007, followed by Amarillo, Odessa, Austin–Round Rock and Lubbock.
For more information, see the full report at recenter.tamu.edu/econ/.
MOUNTAIN WEST EXPANDS SOUTHWEST
HOUSTON (mountainwestip.com) – Mountain West Industrial Properties, a Colorado-based real estate developer and investor, has purchased a four-building, almost 93 percent leased portfolio from First Industrial Realty Trust.
Called the Houston Southwest Portfolio, the buildings total more than 337,000 square feet in four projects located at 3727 Greenbriar, 10610 – 10628 Rockley, 10325 – 10415 Landsbury and 8100 Westpark.
Each building is within a business park setting consisting of tiltwall construction and brick facades. Tenants include Tyco Valves & Controls, Puffer Sweiven and Dish Network.
Transwestern will manage and lease the portfolio. CB Richard Ellis Inc. in Houston represented the seller. Mountain West represented themselves in the transaction.
This purchase expands upon Mountain West's current area holdings, which include Kirby Business Center and Beltway Antoine Business Center.
COOPER LIFE EXTENSION
McKINNEY (globest.com) – Wellstone Communities LLC and Dr. Kenneth H. Cooper have bought an additional 140 acres for their Cooper Life development, bringing the planned health-centered concept community to 191 acres. The new land will add another $250 million of mixed-use space to the $900 million development.
Cooper Life will have roughly 250,000 square feet of retail, at least 155,000 square feet of office and medical office space, 225 townhouses or brownstones, a 124-unit condo tower and about 700 single-family homes. Ground will break in two weeks on 18 townhouses.
Located within the 2,500-acre Craig Ranch development, Cooper Life is across the street from the Cooper Institute for Sports Medicine Research and a sports complex anchored by Michael Johnson's Performance Training Center.
For more information about the Craig Ranch development, see the RECON article "Palladium High-rise Coming to 'Burbs."
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APARTMENT MANAGEMENT FIRMS UP, OWNERS DOWN
WASHINGTON, D.C. (National Multi Housing Council) – Concentration in the management sector of the apartment industry changed dramatically in 2006, according to the National Multi Housing Council’s (NMHC) 18th annual ranking of the top 50 apartment owners and top 50 apartment managers.
Over the past ten years, most of the concentration documented has been among apartment owners. That changed last year with the emergence of a growing number of medium-to-large firms among the nation’s apartment managers.
The share of apartments managed by the top 50 management firms rose by a record 8.3 percent to 2.6 million units, or 14.7 percent of the nation’s 17.6 million apartments.
“The increasing concentration among apartment managers is the result of two important trends,” NMHC president Doug Bibby said. “First, many institutional owners are more comfortable having a single firm manage all of their apartment holdings. Second, continued technology improvements — including sophisticated property management systems, online rent payment solutions and demand-based pricing models — have made economies of scale achievable in property management.”
Several of the largest apartment owners were substantial net sellers in 2006. The largest apartment owner in the country, Apartment Investment and Management Company (AIMCO), slimmed down by 22,000 units.
NMHC also documented the decreasing role of real estate investment trusts (REIT) in the sector. The number of apartment REITs is down from a high of 14 to 12 as several have been taken private in recent years. For the third year in a row, apartment REITs as a whole were net sellers. REITs now own just 4.7 percent of the total U.S. apartment stock (892,292 units), the lowest figure since 1998, and down from a peak of 6.4 percent.
A complete analysis of the results is available online at www.nmhc.org/Top50/ListYears.cfm.
LAST LA CIMA LAND PURCHASED
PROSPER (The Dallas Morning News) – Shaddock Development Co. has purchased the last vacant property in the Lakes of La Cima community for development of a 400-home subdivision.
The $75 million project will include more than 200 acres near the northeast corner of Preston Road and SH 380. The community will feature a community center, 23 acres of greenbelts and public spaces.
The homes, priced at more than $400,000, will be on large lots. Plano-based Shaddock will begin site development by summer and deliver lots in the second half of 2008.
Colonial Bank provided funding for the land purchase.
MONDAY LAST DAY FOR CONFERENCE REGISTRATION
COLLEGE STATION (Real Estate Center) – Monday is the last day to register for the 17th Annual Outlook for Texas Land Markets conference, which will be held next Thursday and Friday in San Antonio.
The conference will be held at the Hyatt Regency on the Riverwalk. The $220-per-person registration covers the conference and the Texas Real Estate Commission’s legal update, a mandatory continuing education course. Admission to the Realtors Land Institute’s opening reception Wednesday evening at Buckhorn Saloon is $10.
Conference and hotel registration information is available online at recenter.tamu.edu/events/.
SECURLOCK HANDS OVER KEYS
ARLINGTON (globest.com) – America West Financial Corp. of California has purchased the 468-unit Securlock self-storage facility from Houghton Capital Corp. of Dallas for $3.5 million, $40,000 less than the list price.
The almost 58,000-square-foot, seven-year-old gated complex on almost four acres at 4840 Matlock Rd. was 75 percent leased at closing. The facility, featuring an onsite manager's residence, has nine individually metered office/warehouse units, five of which are vacant.
Marcus & Millichap Real Estate Investment Co.'s Dallas and Atlanta offices brokered the transaction, which closed at a 6.63 percent cap rate. America West assumed a $2.1 million loan at a 5.1 percent fixed interest rate and 25-year amortization, with 20 years remaining, from Chicago-based LaSalle Bank.
ALTA VISTA BUSINESS PARK SOLD
KELLER (globest.com) – Marcus & Millichap brokered the $2.2 million sale of Alta Vista Business Park, which has 293 self-storage units plus recreational vehicle and boat storage areas.
The listing price for the 6.5-acre complex at 10395 Alta Vista Rd. was $2.35 million. The local seller signed a 16,000-square-foot sale-leaseback with the buyers, a California partnership, on one of the complex's buildings.
JOSEY LANE APARTMENTS SOLD
CARROLLTON (globest.com) – Autumn Chase Apartments has been purchased by GE Real Estate North America Equity and BH Equities LLC, which will spend $4.4 million for Class-A-minus-style renovations.
GE paid $50.4 million to purchase the 90 percent occupied, 48-building complex on 66 acres at 4600, 4636 and 4700 N. Josey Lane. The 690 units are a mix of one-, two- and three-bedrooms averaging 867 square feet. The average monthly rent is $810.
The Class-B Autumn Chase was sold by Addison-based Price Realty, which had purchased it from Chicago-based AMLI Residential Properties Trust in June 2001.
BH Equities will manage the complex and oversee the renovation.
PORT ARTHUR'S POST-RITA REBUILD
PORT ARTHUR (Texas Association of Realtors) – Realtors throughout the state raised more than $140,000 to fund the construction of two Habitat for Humanity homes for families whose lives were affected by Hurricane Rita.
In addition, more than 170 members of the Texas Association of Realtors (TAR) personally joined Beaumont Habitat for Humanity to assist in the three-week build, coming from the surrounding area as well as from Austin, College Station and even as far away as Fort Worth. Working alongside them were members of other organizations, including AmeriCorp NCCC and Houston's First Church of God.
"Rita forced many Southeast Texans into uninhabitable living conditions,” said John Rosshirt, TAR’s Rita Recovery Task Force chair. "While the strides made by Beaumont Habitat for Humanity have been tremendous, we knew that it would take the cooperative efforts of many to be successful on the long road to recovery.”
These two homes are the first of up to 20 that the Habitat affiliate plans to build in 2007 for hurricane-affected families.
7TH STREET VENTURES
FORT WORTH (costar.com) – Two new developments are bringing condominiums and a significant amount of retail space to the city's west side.
Montgomery Plaza Venture is redeveloping Montgomery Plaza, a mixed-use building at 2600 W. 7th St. Plans call for new retail space and 250 condominiums totaling about 300,000 square feet.
Montgomery Plaza Venture purchased the building in January from Kimco Corp. The retail portion is currently being leased out for $25 to $32 per square foot per year. The condominiums are scheduled to be completed within about 16 months.
The Carlyle Group and Cypress Equities purchased several blocks on the south side of 7th St. between Foch and University Drive North to develop about one million square feet of retail, residential and hospitality space.
About half of the development will likely be retail, said Summer Walden of The Staubach Co. Groundbreaking for the project could be this fall.
CRUCES CRACKS WALNUT
ARLINGTON (globest.com) – A New Mexico–based investor has paid $9.7 million for Walnut Ridge, the 264-unit complex at 2500 Burney Rd.
Cruces Investment Group put a $3.6-million down payment on the 95 percent leased complex and assumed a $6.1 million Freddie Mac loan with a 5.25 percent fixed interest rate and 30-year amortization.
The 13-building Walnut Ridge, a mix of one- and two-bedroom units ranging from 471 to 945 square feet, sits on nearly nine acres. The monthly rents are $409 to $675.
Cruces Investment plans to renovate the property and turn it into a "solid Class-B" to underwrite a $20- to $25-per-month rent hike, said Jay Gunn, senior investment advisor with Hendricks & Partners. Dallas-based Capstone Management Co. will oversee the renovation and manage the 24-year-old complex.
Hendricks & Partners' Dallas office represented the seller, a private investor from Plano.
ONE SIZE FITS ALL
BEAUMONT (The Beaumont Enterprise) – A 50,000-square-foot expansion at the Dillard's in Parkdale Mall will bring the department store to 200,000 square feet, pulling all merchandise into one store and eliminating the need for a separate women's store.
Dillard's women's store occupied more than 166,500 square feet in the mall's northwest section, a section that suffered heavy damage in Hurricane Rita and has since been demolished. The mall's marketing manager, Kathy Chessher, said the space will eventually be reconfigured to accommodate big-box retailers and restaurants.
The existing store will be open throughout the expansion project, which is expected to be complete by next February.
KICKOFF AT POINT WEST
COPPELL (globest.com) – Construction is scheduled to begin this summer on Point West I, the $20 million office building that will kick off Point West, a $200 million, mixed-use development at I-635 and Belt Line Road.
The 185-acre Point West, being developed by Indianapolis-based Duke Realty Corp. on the former Lesley Farm, has been mapped out for 2.1 million square feet of industrial space, and more than 22 acres is earmarked for a 300-room hotel and nine retail pad sites.
The 180,000-square-foot Point West I is the first part of a planned 800,000-square-foot office component. The three-story spec project, which closely resembles Duke's Frisco Bridges (see RECON article "Frisco Bridges to House Development"), will be completed next February. The building was designed by Corgan Associates Inc.'s Dallas team.
PLAIN SPEAKING
AUSTIN (Austin American-Statesman) – Haas & Haynie, a San Francisco construction company, will develop a luxury community on the former Covert family ranch on Lake Travis' south shore.
Called “Vizcaya,” Spanish for “an elevated plain,” the project will be built over a ten-year period on 1,050 acres off Bee Creek Road toward Pace Bend Park. Vizcaya will include trails, a marina and an 18-hole Reese Jones–designed golf course.
A preliminary subdivision plat will be filed soon with Travis County. Phase one infrastructure work is targeted to start next spring, followed by construction of the golf course and water and wastewater plants.
Construction on the first of the planned 450 to 500 custom homes is expected to start in 2009.
The project is large, "but not in terms of density," said Austin lawyer David Armbrust, Haas & Haynie's attorney. The lots will range in size from about half an acre up to 2.5 acres.
In December, the Lower Colorado River Authority board approved water contracts for the project. A municipal utility district will be created to issue bonds to finance water, wastewater and drainage facilities.
NEW HOME STARTS SLOWING
AUSTIN (Austin American-Statesman) – New home starts fell by nearly 28 percent in the first quarter compared with a year ago, according to a report from Residential Strategies Inc.
"The large-production builders are battling inventory issues elsewhere in the country, and are thus conservative right now," said Mark Sprague, head of Residential Strategies' Austin office. "Moreover, with the rules being changed today regarding mortgage qualifications, builders are being careful until they can determine the extent of the fallout."
Austin is one of the few exceptions to a slowing housing market. Builders closed on a record 16,249 homes in the first quarter, up 4.3 percent from the first quarter of 2006.
However, first-quarter new home starts numbered 3,327, down from the record 4,613 a year ago.
APARTMENT LEASINGS' DRASTIC DROP
DALLAS (The Dallas Morning News) – Although this year’s first-quarter apartment leasing of only 480 net leases recorded is a significant drop from the more than 5,600 units leased in the same quarter of 2006, overall occupancy edged to over 93 percent.
Average rents rose to just over $700 a month, an increase of about 2 percent in the first quarter from a year earlier.
With the slowdown in leasing, apartment construction far outpaces demand. Builders completed more than 1,300 units in the first quarter. About 10,600 units remained under construction at the end of March.
Apartment markets are tightest in central Fort Worth, Las Colinas, Richardson and Allen-McKinney, according to M/PF YieldStar's report.
Because 6,300 apartments were taken out of the market during the year ending in March due to demolition or conversion into condominiums, occupancy rates in some neighborhoods are increasing.
“We are still seeing a lot of demand for houses," said Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University. "The difficulties in the mortgage market haven’t become extreme enough to create a stampede to apartments. In fact, the high levels of investment in single-family homes in recent years has created more competition for apartments as investors buy new homes and rent them.”
DEMOLITION SET FOR NINE COMPLEXES
ADDISON (The Dallas Morning News) – United Dominion Realty Trust Inc. is purchasing nine apartment complexes totaling more than 2,400 rental units along Brookhaven Club Drive near Brookhaven College.
The company’s six-year plan is to replace the '70s-era units, which include the Addison at Brookhaven and Greenhaven Village apartments, with townhouse-style apartments, flats and possibly some for-sale units.
"We will probably double the density," said company senior vice president Mark Culwell.
Based in Virginia, United Dominion is one of the country's largest apartment landlords, with more than 70,000 units. Locally, the company has more than a dozen rental communities.
Demolition will begin late this year. United Dominion will work to help relocate residents, said Culwell.
The Addison apartment district is the latest in a series of rental areas recently targeted for redevelopment. More than 4,500 rental units in the Dallas–Fort Worth area were demolished in 2006.
FOUR SEASONS CHOOSES FALL
AUSTIN (Austin American-Statesman) – Locally based Ardent Residential and Atlanta-based Post Properties are targeting this fall to break ground for The Four Seasons Residences on the shores of Town Lake.
The hotel company, which is renovating the adjacent Four Seasons Hotel, will manage the 30-story, 166-unit, brick-and-glass condominium tower.
Condos will be priced from the upper $400,000s to $2 million for 1,000 to 2,700 square feet, with penthouse units on the 28th and 29th floors.
The project, expected to cost at least $100 million, is being financed by Post.
Michael Graves & Associates Inc. is the architect of record. Al Coker & Associates of Dallas will market The Residences, which is expected to open in late 2009.
ROYALTON HIGHRISE PURCHASED
HOUSTON (Group LSR) – A Canadian investor group operating as the Royalton Condominium LP has purchased the remaining inventory at The Royalton at River Oaks Condominiums for $40 million.
The 33-story highrise at 3333 Allen Pkwy. offers one-, two- and three-bedroom residences priced from $375,000 to $2 million.
The managing general partner of the investor group is a division of Group LSR, the Montreal-based real estate development company that will oversee building operations. Camelot Realty Group will handle marketing and sales. The sale was brokered by Camelot Realty.
DOTZOUR ROUNDTABLE SPEAKER
COLLEGE STATION (Real Estate Center) – Dr. Mark G. Dotzour, chief economist and director of research at the Center, will be the guest speaker at the latest installment of the Real Estate Roundtable Speaker Series, to be held Wednesday, April 18, in Houston.
Cost for “The Front Edge of the Real Estate Boom” is $65 and includes lunch. The program will be held from 11:30 a.m.–1:30 p.m. at the InterContinental Hotel, 2222 West Loop South.
To register, go to http://recenter.tamu.edu/register.
SOUTHERN COMFORT AT WATTERS CREEK
ALLEN (The Dallas Morning News) – Southern Land Co. of Nashville will build about 300 rental units in the 52-acre mixed-use Watters Creek development at North Central Expressway and Bethany Drive.
The apartments will be built above ground-floor retail, and the first units will be ready next spring.
Watters Creek retailers include Market Street supermarket, P.F. Chang restaurant, Borders books, Ann Taylor Loft and Eddie Bauer. An eight-screen Studio Movie Grill cinema and a 135-room hotel are also coming to the Creek.
Southern Land is also developing an 800-acre, 2,100-home project called Tucker Hill in McKinney on SH 380. In Keller, Southern Land is building 177 apartments in the Arthouse mixed-use project.
RENAMED DEGREE EMPHASIZES PREPARATION
COLLEGE STATION (Mays Business School) – The Master of Land Economics and Real Estate degree at Mays Business School at Texas A&M University has officially been renamed the Master of Real Estate degree.
School officials say the new name better reflects the program’s increasing focus on preparing students for work in commercial real estate and real estate capital markets while maintaining its strength in real estate valuation. It is intended to more clearly showcase the program's strengths to outsiders and to national employers who are actively recruiting from other universities.
“There was an issue before with the degree name being so uncommon,” said Cydney Donnell, the school's director of real estate programs. “The program has been around for over 35 years, yet prospective students and employers were confused about the emphasis of our program.”
Mays’ real estate degree is one of the only graduate real estate programs housed in a business school setting, with a heavy emphasis on preparation in finance and law. To earn their master’s degree, students must complete a rigorous program of 37 credit hours of real estate finance, agricultural economics, geography and land economics courses.
CRESCENT SELLS CENTRE
AUSTIN (Austin Business Journal) – Walton TCC Hotel Investors V LLC is buying the 16-story Austin Centre office building from Fort Worth–based Crescent Real Estate Equities Co. for $75.5 million.
Earlier this month, the fund, which is managed by Chicago-based investment firm Walton Street Capital, agreed to purchase seven hotel properties, including the 375-room Omni Austin Hotel Downtown, from Crescent for $550 million. The Omni hotel is inside the Austin Centre property.
Encore Development built the almost 344,000-square-foot, 95 percent occupied, Class-A building at 701 Brazos St. in 1986.
Crescent is selling its entire Austin portfolio as part of its strategy to become a leaner real estate investment trust. C.B. Richard Ellis assisted in the sale of Austin Centre.
INDUSTRIAL PARK EXPANDS
VICTORIA (Port of Victoria) – The Port of Victoria has purchased 1,800 acres for the expansion of its industrial park, a move that Port officials say will make it one of the premier sites in Texas for industrial and economic development.
Officials say the park expansion was made necessary by the recent addition of the Lone Star Ethanol plant, Farmer's Co-op of El Campo and Valerus Compression Services. The $5.6 million purchase included 4,600 acres per year of senior surface water rights on the Guadalupe River. The Port purchased the property from descendents of Port O'Connor founder Tom O'Connor Jr.
The Port is developing a container on barge service that will connect Victoria to the rest of the world for the shipment of goods and cargo. The project is financed by nontax revenue and will have no impact on the tax rate.
MEMORIALIZING THE LEGACY
HOUSTON (globest.com) – Legacy Partners Residential Development Inc. of California plans to build a 334-unit apartment complex on the more than three acres it has purchased from Fairfield Residential, also of California.
Legacy at Memorial, at the intersection of Studemont Street and Memorial Drive, will consist of a 25-story tower with 274 apartments alongside a wood-frame building with 60 lofts. The average monthly rent will be around $2,400 for one- and two-bedroom units averaging about 1,180 square feet.
WDG Habid Architecture Inc. of Dallas has incorporated private garage boxes into the eight-level parking garage component and designed private balconies or garden terraces for the units.
Capmark Finance Inc. provided construction financing. EE Reed Construction LP from nearby Sugar Land is the general contractor. Sawyer Design Associates of Dallas is the interior architect, and local firm M2L Associates Inc. is the landscape architect. Dallas-based Milestone Management LP will lease and manage the project.
THREE'S A CROWD
AUSTIN (Austin Business Journal) – CNC Investments Co. of Houston has purchased three Class-A apartment complexes from Western Rim Investment Advisory Inc. of Coppell.
The portfolio includes the 583-unit Mansions on the Green I and II, the 502-unit Mansions at Steiner Ranch and the 332-unit Mansions at Canyon Creek. All three complexes are along the RM 620 corridor in north Austin and Round Rock, and all are more than 92 percent leased.
CNC Investments owned seven properties in the area before making this purchase.
Live Oak Capital Ltd. in Houston arranged financing for each of the transactions through Column Financial of Dallas.
OFFICE VACANCIES LOW; STICKER SHOCK HIGH
AUSTIN (Austin American-Statesman) – Office building vacancies are at their lowest level in six years while downtown rents for first-class space averaged $32.13 per square foot (psf), the highest rate since late 2001.
In the first quarter, rents for Class-A office space averaged $28.12 psf, according to Oxford Commercial, an Austin-based real estate brokerage firm. Class-A office space was 9.4 percent vacant, far from the 30.7 percent vacancy rate in late 2002.
Citywide, the vacancy rate for all types of office space averaged 11.8 percent during the first quarter, down from 16.4 percent a year earlier. Rents overall averaged $23.28 psf compared with $20.91 a year earlier.
Several projects will add more than 1.3 million square feet of space to the area this year. Last year, 220,000 square feet of office space was added.
"If I were about to break ground on a new building, I may want to sit back and see if absorption gets back on track before I start construction,” warns Ford Alexander, a partner and cofounder of Oxford Commercial.
Alexander said some tenants are experiencing "sticker shock" as they renew leases.
"Rates are considerably higher than they were five years ago, and the current rates are hard to swallow," he said.
THREE HOUSTON MPCS GRACE TOP TEN
HOUSTON (Damon Thomas Public Relations) – Three area master-planned communities (MPCs) made RCLCO's list of the top-selling U.S. MPCs for 2006, making Houston one of the brightest spots on the national real estate map.
Up three slots from last year was The Woodlands, which ranked third with 1,409 sales. Cinco Ranch moved up 14 notches to rank fourth with 943 new home sales reported for the 7,400-acre community in west Houston. New to the list was Eagle Springs. The 1,360-acre development in northeast Houston ranked tenth with 509 new home sales for 2006.
The top-selling community in the nation was Poinciana by Avatar Properties Inc. in Florida.
Newland Communities' Cinco Ranch and Eagle Springs also posted the largest percentage gains among the top ten U.S. communities. Cinco Ranch had a 30 percent sales increase over 2005, and Eagle Springs had a 25 percent increase. Only one other top ten community — Power Ranch in Phoenix — reported a positive sales gain for 2006 (15 percent).
Overall, sales among the top ten MPCs were down approximately 23 percent from 2005, according to the RCLCO study.
“Houston and Texas are showing signs of steady, healthy growth compared to other parts of the United States,” said Ted Nelson, regional president of the Texas Division of Newland Communities.
RCLCO, formerly Robert Charles Lesser & Co., is a leading independent real estate advisory firm.
GROUNDBREAKING AT STONECREEK
SAN MARCOS (Austin Business Journal) – StoneCreek Crossing, a 900,000-square-foot retail center, is slated to rise near the area outlet malls.
The Austin office of Direct Development will break ground this summer at the northwest corner of I-35 and McCarty Lane. According to a preliminary site plan, the development will include anchors JCPenney (104,000 square feet) and Target (136,000 square feet), along with junior anchors such as Bealls and PETCO in a heavily landscaped, upscale setting.
Carol Barrett, director of planning for San Marcos, says the project is approved for up to 1.25 million square feet of space. Direct Development is expected to complete the purchase of the property from the Texas General Land Office this month.
Dallas-based Direct Development has two other projects underway in Central Texas (see RECON’s “5th Street Commons” and “Market Heights”).
KENSINGTON DUO SOLD
SUGAR LAND (Houston Business Journal) – KBS Real Estate Investment Trust Inc. has purchased two four-story office buildings from ING Clarion.
The Offices at Kensington total 170,500 square feet and sit on roughly ten acres at Hwy. 6, just north of the Southwest Freeway. The offices were built in 1998 as part of the First Colony master-planned community.
The buildings are 85 percent leased. Among the tenants are Noble Drilling, Progressive Insurance, Morgan Stanley, Fidelity National Title and Humana.
Bill Rogalla represented California-based KBS, while Holliday Fenoglio Fowler representated ING Clarion.
KBS Capital Advisors is the adviser for KBS. Both companies are affiliated with KBS Realty Advisors.
INDUSTRIAL STRENGTH OUTPACES OFFICE SECTOR
DALLAS (Dallas Business Journal) – While North Texas industrial vacancy decreased, office vacancy increased during this year's first quarter, with new construction heavily affecting absorption in both sectors.
Office vacancies rose about one-third of 1 percent to 20.2 percent. About 36.3 million square feet of leasable office space was available at the end of March, compared with 35.8 million square feet at the end of 2006, according to statistics released by CB Richard Ellis Inc. (CBRE).
Net absorption, a measure of the amount of space leased less space vacated, fell sharply. Tenants leased more than 391,200 square feet of additional space in the first quarter of 2007, compared with almost 1.5 million square feet in the fourth quarter of last year, CBRE's analysis shows.
Industrial space vacancies dropped to 8.6 percent from 8.9 percent with 55.7 million square feet vacant compared with 57.1 million square feet at the end of last year. About 11.3 million square feet of warehouse and distribution space is under construction, compared with 9.6 million square feet three months ago. A quarter of the industrial space is preleased.
On the office side, nine new buildings totaling almost 794,600 square feet were delivered in the first quarter of 2007. About half of the space was preleased. An additional 35 office buildings totaling almost five million square feet remain under construction. Space in those buildings is about 28 percent preleased.
Job growth of 95,200 jobs for the 12-month period through January and expected continued strong job growth are positive signs for leasing, said a CBRE spokesperson.
HOME TO STAY
CARROLLTON (globest.com) – Home Interiors & Gifts Inc. has renewed its lease on more than 244,500 square feet of auxiliary warehouse space in the Frankford Trade Center.
Robert Deptula, principal for Transwestern in Dallas, said the five-year tenant did not shop around because the five-year-old, 150-dock Frankford warehouse at 2828 Trade Center Dr. is so close to the company's main campus at 1649 Frankford Rd.
Transwestern negotiated the renewal directly with CalWest's portfolio asset manager, San Francisco-based RREEF.
BIG D'S BIG DEAL
DALLAS (globest.com) – GE Real Estate North America Equity has paid $256 million to FirstWorthing Corp. of Dallas and Principal Financial Group for a 3,532-unit, ten-property portfolio that includes six properties in Dallas and one in Austin.
The Dallas portfolio includes the Cityville properties at 2819 N. Fitzhugh Ave. (226 units), 1333 N. Peak (238 units) and 1811 Greenville Ave. (128 units). It also includes the 324-unit Worthing Bend at 3701 W. Pioneer Dr. in Irving; 622-unit Worthing Pointe at 1319 Cavalier in Richardson; and 500-unit Spring Creek at 5501 Naaman Forest Blvd. in Garland.
The Austin property is the 223-unit Worthing Ridge at 1817 E. Oltorf St.
The package of Class-A, -B and -C complexes is currently 75 percent occupied.
South Carolina–based Greystar Real Estate Partners LLC will manage all seven properties.
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FLOORING AMERICA ANNOUNCES GRAND OPENING EVENT - Flooring America recently opened a new store in The Woodlands Crossing Shopping Center, located at the intersection of Woodlands Parkway and Kuykendahl Road. The Colors of Spring Grand Opening Sales Event is taking place this month. By visiting the store's brand new showroom, guests can register to win up to $10,000 in free flooring and décor advice from a design expert. No purchase is necessary. Shoppers can also take advantage of up to 30% off select styles of Stainmaster, Karastan and Masland carpet and ceramic tile, along with savings on hardwood and laminate floors. The store is open Monday through Friday from 9 am-7 pm, and Saturday from 10 am-5 pm. For more information, visit 
RYAN E. HUIE JOINS STIBBS & CO. ATTORNEYS - Ryan E. Huie , a resident of The Woodlands, recently joined Stibbs & Co., P.C., a legal firm based in The Woodlands. Huie has a business background and will be handling various forms of corporate transactions including contracts, real estate and mergers and acquisitions at Stibbs & Co. "We are excited to add Ryan to the practice," said Jack Stibbs, president and founder of Stibbs & Co., P.C. "He adds a fresh perspective to the field, and we are looking forward to providing our clients with the strength he brings to the firm." Huie earned his Juris Doctor from South Texas College of Law where he was a founding member of Texas Tech Legal Society . He earned his bachelor's degree in public relations with a minor in marketing from Texas Tech University. For more information about Stibbs & Co, call 281-367-2222 or visit 
THE WOODLANDS SWIM TEAM TAKES FIRST PLACE AT TAGS MEET - The Woodlands Swim Team added another Texas Age Group swimming championship banner to its impressive collection with a first place finish at the recent TAGS Short Course Championships in Austin. The team scored a total of 714 points to win the first place banner. Longhorn Aquatics came in second with 670 points and Blue Tide Aquatics took third place with 553 points. The Woodlands Swim Team is a non-profit organization that trains at The Woodlands Athletic Club . For more information, visit 
THE WOODLANDS RESORT EARNS ENDORSEMENTS - The Woodlands Resort & Conference Center, a founding member of the International Association of Conference Centers (IACC), was awarded a 99 percent approval rating during the association's recent on-site quality assurance audit of the property. The 440-room facility features 60,000 square feet of flexible meeting space, including a 13,500-square-foot Grand Ballroom and 32 dedicated meeting rooms. Conducted every four years, the quality assurance audit evaluates conference centers on 30 stringent standards in six key areas, from technology to service. IACC is a non-profit, facilities based organization whose mission is to assist members in providing the most productive meeting facilities around the world. For more information about The Woodlands Resort & Conference Center, visit 
learn how the "Six Conversations" framework, which Hewitt Associates uses to guide its performance management process, can help them seek direction from managers and peers to get their careers on track. 
will also be hosting its Sixth Annual Administrative Professionals' Recognition Breakfast and Vendor Expo on Tuesday, April 24, 2007. Dennis S. Brown , (pictured) a motivational speaker and trainer also known as "Mr. Attitude", will be the guest speaker. For more information, visit 
"LEARNING TO CO-EXIST WITH DEER" IS NEXT WALK IN THE WOODS LECTURE - White-tailed deer are the subject of the Walk in the Woods Nature Lecture on Thursday, April 19, with Lin Poor of Texas Wildlife Management presenting Co-Existing with Deer in the Burbs. The presentation is being held at McCullough Jr. High School, 3800 S. Panther Creek at 7:30 pm. An internationally certified wildlife biologist, Mr. Poor will provide a close-up view of white-tailed deer - their natural history, population characteristics and future in Texas. He will also share tips about enjoying nature, sharing turf with wildlife and deer-proofing landscapes. The free program is sponsored by Community Associations of The Woodlands, The Woodlands G.R.E.E.N. and Courtyard by Marriott . For more information, call 281-210-3900. 
ARE YOU READY FOR SOME BASEBALL? - Listen to the rivalry between The Woodlands High School Highlanders and the College Park High School Cavaliers this weekend on BOB-FM, 105.3 FM and on the web at 
DR. STEVE SUKIN TO DISCUSS FEMALE URINARY INCONTINENCE - Dr. Steve Sukin, M.D., urologist, will discuss the symptoms and current options for treating female urinary incontinence during two free seminars hosted by St. Luke's Community Medical Center (CMC) - The Woodlands on Thursday, April 19 and Tuesday, April 24, 2007 at 6 p.m. in the hospital's Swan Café Lakeview Conference Rooms A & B . The seminar marks the first in a series of educational programs to be hosted by St. Luke's for the local community. Seating is limited, and reservations are encouraged by contacting Marilyn Wachel at 936-266-4009. 
EARTH DAY TO BE CELEBRATED AT THE WOODLANDS MALL WITH SEEDLING GIVEAWAY - On Friday, April 20 beginning at 10 am, while supplies last, The Woodlands Mall will give visitors a fresh spruce seedling to commemorate Earth Day on Sunday, April 22. The giveaway is designed to encourage individuals to reduce their carbon footprints on earth. Along with the seedling giveaway, the mall is using its signage to publicize easy ways to help the environment by adjusting everyday actions. Seedlings will be available at Customer Service in Center Court. 
The Community Associations of The Woodlands will present the 2007 "In the Spotlight" Teen Talent Show on Saturday, June 9 at 7 pm at the College Park High School auditorium. The talent show is the kick-off to Project Youth , a multi-part event dedicated to helping students ages 12-18 develop a healthy and creative lifestyle while uniting the entire community at the same time. The application deadline is Saturday, April 23, with auditions scheduled for Saturday, April 28 from 11 am -10 pm. The auditions will be held at The Woodlands Recreation Center , 5310 Research Forest Drive. The contest is open to ages 13 through 18. All acts are required to audition. 
THE WOODLANDS WATERWAY ARTS FESTIVAL SET FOR THIS WEEKEND - The Woodlands Waterway Arts Festival is set for Saturday and Sunday, April 14 and 15, 2007. The second annual festival is a juried fine arts show featuring 200 national and regional artists of various mediums selling their original creations. Children's interactive art activities, exhibits from 12 th grade public and private school students in Montgomery County, entertainment and the "Palette Café" featuring food from signature eateries will also be highlighted. Festivities take place along The Woodlands Waterway® in Town Center from The Woodlands Waterway Marriott Hotel and Convention Center alongside The Cynthia Woods Mitchell Pavilion and culminating at Town Green Park . Festival hours are 10 am until 8 pm on Saturday and 10 am until 6 pm on Sunday. Admission is $10 for adults. Children 12 and under are admitted free of charge. 
FREE CUSTOM OPEN HOUSE THIS WEEKEND IN STERLING RIDGE - Twelve spectacular custom homes, surrounding the Gary Player Signature golf course in the Village of Sterling Ridge will be open to the public on Saturday and Sunday, April 14 and 15, 2007 from 1 pm until 5 pm. Priced from the $800's to $1,895,000, the residences are located in The Woodlands' neighborhoods of Knightsgate, Pendleton Park, Player Point, Player Woods, Spruce Canyon and the gated enclave of Gary Glen. The homes are unfurnished. Admission is free. 
EARTH DAY FESTIVAL SCHEDULED FOR SATURDAY - The Community Associations of The Woodlands, The Woodlands G.R.E.E.N. , and Conroe I.S.D. will host The Woodlands 18 th Annual Earth Day Festival on Saturday, April 14 from 9 am until 2 pm at The Woodlands High School, located at 6101 Research Forest Drive. Admission is free. The event will feature over 70 displays and hands-on activities. The theme for this year's event is Be A Climate Action Hero , focusing local attention on a global concern. 
VILLAGE CHALLENGE FOR EARTH DAY - Families, groups and individuals from the stroller set to serious cyclists are gearing up for the Feed the Dragon Village Challenge . Entrants will bike, skate, jog or stroll to The Woodlands Earth Day Festival at The Woodlands High School on Saturday, April 14. The friendly competition among villages in The Woodlands spotlights the festival theme, Be A Climate Action Hero , by challenging attendees to use alternative forms of transportation to reach the event. 
YMCA HEALTHY KIDS DAY - T he South Montgomery County YMCA Annual Healthy Kids Day is scheduled for Saturday, April 14 from 10:30 am until 1:30 pm. This free event will be held at the Branch Crossing YMCA, located at 8100 Ashlane Way in The Woodlands' Village of Sterling Ridge . Look for a special visit from The Woodlands' mascot, Puffy Pine Cone , from 11:30 am until 12:30 pm. 
FARMER'S MARKET AT MARKET STREET RETURNS EVERY SATURDAY BEGINNING APRIL 14 - Market Street will bring back its popular Farmer's Market this spring from 8 am until 11 am Saturday mornings, from April 14 through June 30, 2007. Enjoy shopping for local produce; jams, jellies and chutneys; plants and flowers; locally made soaps and lotions; handmade jewelry; and more. For more information, visit 
WINEFEST SET FOR THURSDAY - The Montgomery County Women's Center (MCWC) will host WineFest: Hollywood & Vine on Thursday, April 12 from 6 pm until 9 pm at Macy's Furniture Gallery on The Woodlands Mall Ring Road . WineFest will feature fine wine, gourmet coffee, signature dishes from local restaurants, music, raffle items and more. For more information, contact Mary Jo O'Neal at MCWC at 
LIBRARY BOOK SALES - The South Montgomery County Friends of the Library will hold its Children's Book Sale on Saturday, April 14 from 10 am until 3 pm at the South Regional Library , 2101 Lake Robbins Drive. The General Book Sale will be held on Thursday, April 19 from 5 pm until 8:30 pm; Friday, April 20 from 9 am until 4:30 pm; and on Saturday, April 21 from 9 am until 3 pm at the South Community Center, 2235 Lake Robbins Drive. On Saturday, the sale will close from 1:15 pm until 1:30 pm to prepare for the $1 per bag of book sale from 1:30 pm until 3 pm. For more information, visit 
HOMEBUILDING UNDERWAY IN THE NEW VILLAGE OF CREEKSIDE PARK - Five homebuilders - Darling Homes, David Weekley Homes, Highland Homes, Village Builders and Wilshire Homes - have purchased a total of 157 lots to date for new homebuilding. The homebuilding is underway in the neighborhood of Wilde Creek, situated near the Gosling Road entrance to the new village. The Village of Creekside Park is located south of Spring Creek in Harris County. 
THE WOODLANDS DEVELOPMENT COMPANY SUPPORTS WOMEN'S CENTER WINEFEST - The Woodlands Development Company (TWDC) recently presented a donation to the Montgomery County Women's Center (MCWC) for its sixth annual fundraiser, WineFest: Hollywood and Vine , which is set for Thursday, April 12 from 6-9 pm at Macy's Furniture Gallery on The Woodlands Mall Ring Road. WineFest will feature fine wine, gourmet coffee, signature dishes from local restaurants, music, raffle items and more. 
THE KANGAROO FOREST EARLY CHILDHOOD CENTER CELEBRATES OPENING - The South Montgomery County Woodlands Chamber of Commerce was on hand to celebrate the opening of The Kangaroo Forest Early Childhood Center with a Ribbon-Cutting Ceremony. The new center is now open at 7303 S. Forest Gate Drive in The Woodlands. Owner Sandy Brawner feels that kangaroos are great representations of mothers caring dearly for their young - just as they do at their new Center. Joining in the ceremony was Sandy's husband and co-owner, Greg, son David, wife Amber, and children Nicklaus and Anthony, niece Patricia Bashkatova and Grandma Dolores Hogan. For more information about The Kangaroo Forest, call 281-465-4069 or visit 
PRINCIPAL ANNOUNCED AS FINALIST FOR AWARD - Valerie Vogt, principal of Coulson Tough Elementary School , recently received a visit from officials at HEB, congratulating her for being selected as a finalist in the principal category for the HEB Excellence in Education Awards. The award carries a monetary gift of $1,000 for the school as well as for Mrs. Vogt. She is one of five finalists in this division. HEB's Excellence in Education Awards are designed to honor outstanding public school professionals and thank them for their dedication and commitment. More than 2,000 nominations from educators all over the state were submitted for consideration. Vogt, along with the other finalists, will now participate in a personal interview with a panel of three distinguished judges. Pictured is Vogt (center) with assistant principals Julie English and Sunnye Nowlin , who gathered students, teachers, staff and Vogt's family for a surprise announcement of her finalist status. 
THE WOODLANDS COLLEGE PARK DEBATE TEAM SCORES BIG AT NATIONAL COMPETITION - The Woodlands College Park Debate Team recently competed in the East Texas National Forensic League Tournament. Senior Lauren van der Dys (left), a fourth year debate student who has qualified for the National Tournament three times, competed in International Extemporaneous Speaking and took first place. Sophomore Katie James (right), a second year debate student, competed in United States Extemporaneous Speaking and took third place. In the Extemporaneous Speaking event, students choose three current event topics from an envelope and speak on one of the topics. The student has 30 minutes to prepare a seven-minute speech complete with multiple quotes from current news sources. Then the student delivers the speech in front of a judge without the benefit of notes. Lauren and Katie will travel with their coach, Deanne Christensen , to Wichita, KS to compete at the National Tournament in June. 
THE WOODLANDS DEVELOPMENT COMPANY SHOWS ITS SUPPORT OF THE WOODLANDS WATERWAY ARTS FESTIVAL - Executives from The Woodlands Development Company (TWDC) recently presented a donation for sponsorship of the "Performing Arts Stage" at The Woodlands Waterway Arts Festival (WWAF). The second annual event is set for Saturday, April 14 and Sunday, April 15, 2007 on The Woodlands Waterway® in Town Center . The festival is a juried fine arts show featuring 200 national and regional artists of various mediums selling their original creations. Children's interactive art activities, student art exhibits, live entertainment and the Palette Café featuring food from popular local restaurants will be added attractions. Pictured from left to right are: Tim Welbes , co-president of TWDC; Susan Vreeland-Wendt, director of marketing for TWDC and a member of the WWAF Advisory Committee; Joe Michels, president of The Woodlands Waterway Arts Council Board; Alex Sutton , co-president of TWDC; and Debra Staley , director of public affairs for TWDC. 
HUMANE SOCIETY NEEDS VOLUNTEERS FOR THE ARTS FESTIVAL -- The Humane Society of Montgomery County (HSMC) is seeking animal-loving volunteers for a shift at The Woodlands Waterway Arts Festival . HSMC will be serving food and beverages for tips as a fundraiser to support daily shelter operations and outfit the new shelter scheduled to open this summer. Approximately 120 volunteers are needed to work four-hour shifts. Individuals as well as charity groups, service organizations and company "teams" can volunteer. All volunteers will receive free admission to the festival, a festival t-shirt featuring artwork by Barbara Franklet , the festival's featured artist, along with special recognition in HSMC's newsletter and website. Those interested in volunteering should contact Maile Schuyler at 
MONTGOMERY COUNTY UNITED WAY PRESENTS RECOGNITIONS - At its recent annual meeting Montgomery County United Way (MCUW) presented the 2006 Volunteer of the Year Award to Raul Lema, who has been involved with MCUW for the past four years, serving on the board of directors and the fund development and strategic planning committees. Also honored during the program was Ball Metal Container of Conroe, the recipient of the Mitchell Energy & Development Corp. Heritage Award. This marked the third time in six years that Ball has earned the award, which is given to a company that has had more than 60% employee participation in its United Way campaign, made a corporate gift, been involved in fund distribution and Days of Caring, and had a minimum $150 per capita pledge by its employees. 
