Steinbridge Group announces $54M investment to develop 180 new homes in Dallas, TX

Plus: Airbnb rolls out co-hosting feature

October 17, 2024

🌅 We love Thursdays! Welcome to today’s release. 

Today's newsletter is 507 words — a 2.5-minute read.

1. Frisco City Council approves $113.4 Million for The Mix development

The Mix, a mixed-use community, is coming to Frisco and is set to receive help from the City Council, which on Tuesday agreed to provide up to $113.4 million in initial development incentives.

The 112-acre project is expected to redefine the former Wade Park site and will include two hotels, 630 townhomes, shops, and 2 million square feet of office space—all surrounding a nine-acre central park, giving the urban development an adventurous feel.

According to City Council documents, the money is 'primarily funded' by tax revenue generated at The Mix and will not affect existing property tax rates.

2. Keller Williams settles lawsuits over controversial profit-share program

Keller Williams has agreed to settle class action lawsuits filed by former agents over changes to its profit-sharing program. The lawsuits, represented by the law firm Humphrey, Farrington & McClain, stem from allegations of breach of contract and unjust enrichment.

The dispute arose after Keller Williams amended its revenue program, reducing profit shares for agents who left for competitors.

The terms of the settlement are not yet public, and the parties are expected to file for dismissal of the lawsuits by November 5. LINK

A MESSAGE FROM LAND ID

The Real Estate Professional’s Secret Weapon - Land id™

Discover extensive nationwide private parcel data, create & showcase powerful, shareable, interactive maps of any property: Fast, Easy and Mobile, with Land id™.

With the brand new streamlined Property Info Cards, Land id™ brings industry leading data and contextual layers to the forefront in a single tap or swipe.

3. Catch up quick

🏘️ A racial divide exists between FHA homeownership and rental assistance programs. (HUDUser)

🚀 Airbnb rolls out co-hosting feature. (Airbnb)

🏙️ RealTrends launches real estate agent and team city rankings. (Solondais)

🤝 Restb.ai partners with Lundy to deliver voice-driven property searches. (PRNewswire)

📉 Home seller profit margins drop in the third quarter. (ATTOM)

🎓 Fun read: Texas students can now see which state public universities would accept them before they apply. (Yahoo)

4. Retail sector hits 11th straight quarter of sub-5% vacancy

Retail real estate has maintained vacancy rates below 5% for 11 consecutive quarters, fueled by strong consumer spending, according to Marcus & Millichap’s Q4 report.

Across 42 major markets, vacancy dipped to 4.3% by mid-2024, with 32 million square feet absorbed and rents rising in 37 metropolitan areas.

Midwest and Southern markets saw significant declines in both single- and multi-tenant vacancies.

5. Steinbridge Group announces $54M investment to develop 180 new homes in Dallas, TX

Steinbridge Group is moving forward with plans to develop a $54 million built-to-rent townhome community in southern Dallas.

  • Construction is expected to start early next year on the 180-unit project in the Capella Park neighborhood of Mountain Creek, with an estimated cost of $300,000 per unit.

The first phase of the project will focus on developing infrastructure, taking six to nine months, followed by the construction of three-story townhomes, which could take an additional 12 to 18 months to complete.

A MESSAGE FROM TX FLYOVER

All Texas News, Quick 5-Minute Reads, Always Free!

Join over 200,000 Texans who start their day with The Texas Flyover. A quick 5-minute read. Crafted by Texans, for Texans, we capture the unique spirit of the Lone Star State. Always free! Don't miss the fastest-growing daily newsletter in Texas.

☀️ Thank you for starting your day with us!

If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here.

Interested in advertising with Texas Real Estate News? Email [email protected]