46-bedroom Texas mansion abandoned for decades now a booming commercial building

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Today's newsletter is 665 words — a 2.5-minute read.

1. CRE loan delinquencies rise

Commercial real estate loan delinquencies among U.S. banks continue to pile up as the nation sees fallout from a post-pandemic office market.

The delinquency ratio for CRE loans across banks rose 16 basis points in the second quarter, to 1.4%, according to data from S&P Global Market Intelligence.

2. Johnson and McGrath adding 600 homes to Houston’s suburbs

Two master-planned communities in Houston’s suburbs, Jubilee in Hockley and Riceland in Mont Belvieu, are expanding with nearly 600 new homes.

• Jubilee, by Johnson Development, is adding 300 lots for its Elation neighborhood, featuring wellness-focused amenities. The project will eventually offer 4,900 homes.

• Riceland, by McGrath Real Estate, is entering phase two with 311 lots, including homes near the Eagle Pointe Golf Course. The full development will encompass 4,500 homes over 15-20 years.

Builders in both communities are offering homes starting from $300,000. LINK

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3. Catch up quick

📉 The new CPI report shows another month of cooling inflation. (Reuters)

🏠 Home designed by modernist architect Victor Lundy hits the market at $1.8M. (PaperCity)

🙅 Plans to relocate Soap Factory residents face backlash ahead of key council vote. (SanAntonioReport)

📊 San Antonio-based USAA said an internal glitch exposed 32,000 members' data. (MySA)

📚 Fun read: San Antonio and Austin ranked among the most educated U.S. cities in a new study. (Forbes)

4. Early plans for $3-4B sports and entertainment district in downtown San Antonio

San Antonio is exploring the development of a $3-4 billion sports and entertainment district, including a new Spurs arena, in the downtown Hemisfair area.

Dubbed "Project Marvel", the initiative aims to revitalize the southeast part of downtown and reconnect the Spurs with their roots.

Records obtained by KSAT from an open records request reveal the city is in the feasibility phase, with discussions involving real estate and consulting firms. The city has also issued non-disclosure agreements to keep project details confidential.

5. 46-bedroom Texas mansion abandoned for decades now a booming commercial building

The "Manvel Mansion," a 63,000-square-foot residence built in 2001, sat vacant for over 20 years after construction halted. Initially intended as a private residence, it was abandoned due to its excessive size.

Bought by Jim Youngblood, a partner at Renters Warehouse, a local leasing and property management company, in 2019, the mansion was transformed into a commercial space after several failed attempts to sell.

Now, nearly all of it except 450 sqft is occupied by businesses. One of the biggest tenants is Alvin Community College (ACC), whose main campus is in Alvin, Texas, just 10 minutes from Manvel.

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