This Week in Houston Real Estate: Warehouse rehabs, record-low unemployment and more

by Morgan Mereday

Houston developers Steve Radom and Scott Arnoldy have teamed up on new building renovation project M-K-T. The developers are looking to remodel a 12-acre site in the Heights district into a 200,000 square foot location consisting of high-end office space, retail locations, restaurants and a fitness center. The project is predicted to be completed by early 2020, with all five warehouse buildings being dismantled, reconstructed, or repurposed.   

Radom is credited as revitalizing a collection of old structures into the current electric shopping district Height Mercantile. Radom contacted Arnoldy, the managing partner of Triten Real Estate Partners, after learning of his purchasing of an industrial park he had also shown interest in.  

“We hit it off on about every level you could,” recalled Arnoldy. “I eventually just said, ‘Why don’t you just come in and do it with us.’” 

The new facility will be located along the Heights Hike and Bike Trail, with the White Oak Bayou Trail south of the estate. The Michael Hsu Office of Architecture and SWA Group were selected as architects for the M-K-T project. According to developers, the renovations will include public art, parks, and “abundant bicycle parking”.  

In other real estate news:  

  • Texas’ seasonally adjusted unemployment rate hit an all-time low, falling to 3.7 percent this October. According to data from the Texas Workforce Commission, the decline from September’s seasonally adjusted unemployment rate of 3.8 percent is now the lowest recorded rate since January 1976. 
  • Darling Homes has expanded to Houston and Dallas communities by introducing a new City Collection and Modernist Collection. The City Collection of urban homes are provided in specified Houston and Dallas communities, producing homes that offer suburban peace in urban environments. The Modernist Collection has been launched in Houston, providing consumers an urban themed home and suburban settings.  
  • U.S. District Judge David Hittner set $28.8 million worth of damages against local real estate agent Vinod Ramani. 11,516 violations were found infringing on designs by Houston architectural firm Preston Wood & Associates, with penalties compiling by $2,500 per violation. Ramani is appealing after being found liable for townhouse design violations after a trial on Aug. 30.  
  • Houston’s Keener Investments has announced the acquisition of multifamily properties, The Shore and Harbor Walk. The properties are located approximately 25 miles southeast of Houston and consist of 314 units in League City. The Shore and Harbor Walk were both constructed in the 1980’s as Class B properties, and feature pools, fitness complexes, playgrounds, and business centers. 

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