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News – Austin

* This news feed is generated through NewsTalk Texas, provided by the Real Estate Center at Texas A&M University

​​​ATASCOCITA – A partnership between Dallas-based MedCore Partners and Houston-based TNRG has broken ground on Fountainwood at Lake Houston, a 200,000-sf senior-​​​​​​housing community.

The property will offer 98 independent-living units, 68 assisted-living residences, and 24 memory-care apartments. 

California-based Integral Senior Living will manage the community. 

Opening is set for August 2020.

​​​​​FORT BEND – The average asking rental rate for the local retail submarket increased to $23.14 per sf in 4Q 2018 from $22.21 per sf the previous quarter.

According to Colliers International,​ the submarket recorded 37,812 sf of negative net absorption, and the vacancy rate increased by 80 bps over the quarter. 

Two properties totaling 71,500 sf delivered during 4Q 2018. Ten properties containing 163,400 sf are currently under construction. 

The largest project is the 28,500-sf Rivergate Plaza, located in Missouri City, which will deliver in May 2019.

​​​​A rendering of Jefferson Texas Plaza.IRVING – JPI has started construction on Jefferson Texas Plaza, a nine-acre, 282-unit multifamily development adjacent to the University of Dallas.

The project at 2011 Texas Plaza Dr. right off of Loop 12 will deliver in fall 2020.

It will include a pool, private garages, fitness and yoga studio, a pedestrian trail connecting to the university campus trail, a two-story clubhouse, and a dog park​.

​​​​​HOUSTON – An affiliate of Megacenter has completed Phase I of Megacenter Willowbrook, a 235,627-sf mixed-use project.

Phase I of the project, which is redeveloping a former Walmart Supercenter, consists of 37,000 sf of flex warehouse space, 20,000 sf of self-storage space, and 15,000 sf of office and coworking space. 

At full buildout, Megacenter Willowbr​​ook will also include a 114,000-sf gym and 34,000 sf of entertainment space. The property is currently 75 percent leased. 

HFF arranged project financing through Icon Bank.