Sun Life lists East Dallas shopping center amidst soaring retail demand

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Today's newsletter is 554 words — a 2.5-minute read.

1. Intracorp cleared for 270-unit South Austin condo project

Intracorp has received approval from the Austin City Council to rezone five lots at 2105 South Congress Avenue, clearing a key hurdle for its luxury condo development in the SoCo District of South Austin.

The project, named Leland South Congress, will transform several low-rise commercial buildings into a seven-story condo building with 270 units, ranging from studios to three bedrooms.

Additionally, the development will feature 23,000 square feet of retail and restaurant space. LINK

2. Sun Life lists East Dallas shopping center amidst soaring retail demand

Toronto-based Sun Life Assurance is seeking to offload the 74,700-square-foot Skillman Live Oak Center in East Dallas, amid surging retail demand in North Texas. JLL brokers Erin Lazarus and Adam Howells have been hired for the sale.

The previous owner, Stonelake Capital Partners sold the property to Sun Life Assurance in 2015 after $3 million to $4 million in renovations.

The center is located at 2014 Skillman Street at the intersection of Skillman and Live Oak streets. LINK

3. Catch up quick

🏘️ Housing affordability is Gen Z’s top voting issue, outweighing abortion rights and the economy. (Redfin)

🏈 Former NFL player Hines Ward's home for sale near Houston. (HoustonChronicle)

🔝 Alex Perry ranked top luxury real estate agent in Dallas. (Kxan)

⚖️ Texas legislators want to help property owners deal with squatters. (TexasTribune)

4. Rising land prices and high capital costs slow Houston land sales

Between 2021 and 2023, the average lot prices in Houston surged by $60,000. This sharp increase has tightened the city's urban land market, causing developers to hesitate amid high prices and rising interest rates. The result is a market where land is both scarce and costly, leading to an imbalance.

Commercial land brokers are feeling the pressure as landowners hold out for higher prices, resulting in fewer deals. This stagnation means only well-capitalized investors can afford new developments, limiting the range of viable projects. LINK

5. Blackstone plans a 1.1m sq ft project near Tesla Gigafactory

Link Logistics Real Estate LLC, the last-mile logistics arm of Blackstone Inc., plans to build more than 1 million square feet of industrial space near Tesla’s massive gigafactory.

The company confirmed the project in April 2022 but at the time declined to provide details. But a site plan application filed with the city of Austin on March 5 contains more information about the development, which will rise in a region packed with industrial facilities. LINK

6. Plano's Collin Creek Mall to transform into a $1 billion mixed-use project

Mehrdad Moayedi's firm, Centurion American, is redeveloping Plano's Collin Creek Mall into a dynamic outdoor mall as part of a $1 billion project.

The ambitious plan includes 308,000 square feet of retail space, 2,300 apartments, a hotel, 1.3 million square feet of office space, and a park.

This extensive mixed-use development aims to create a modern, vibrant community hub, blending residential, commercial, and recreational spaces to meet the needs of a growing population. LINK

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