This week in Houston real estate: Texas cities boom, gated community coming to the Heights and more

by Baylea Jones

Texas tops list of states with fastest-growing cities

A report released by the United States Census Bureau found seven cities in Texas are among the top 15 fastest-growing cities in the country. New Braunfels, which saw a 7.2 percent year over year increase in population, is second on the list behind Buckeye, AZ while Frisco, TX is among the top 5. While Houston was not one of the fastest growing cities, it remains the fourth most populous in the United States.

Upscale community coming to the Heights

David Weekley Homes purchased a 6.1 acre tract of land located in the northeast corner of the Heights near the intersection of Airline and Cavalcade, where a mobile home park once stood. Nearly 5 of the acquired acres are being developed into a 78-unit gated community. The first phase of development for the residential community is set to begin soon.

Higher taxes possible for Harvey-affected homeowners

The Houston Chronicle reports that property taxes on homes damaged during Hurricane Harvey may rise. Appraisal values, which were lowered on flood-affected properties following the storm, could return to their pre-Harvey totals. On top of that, a 10 percent increase in appraisal value per year has been proposed.

Woodlands area Hyatt hotel underway

Construction has started on the Hyatt House Metropark, a 148 room extended stay hotel. The hotel will be located in Shenandoah’s 70-acre mixed-use development dubbed Metropark Square, which is set to open in the fall of 2020. The five-story hotel will include rooms ranging from studios to 2-bedroom suites and will offer amenities like a fitness center, bar and pool.

Houston sees record breaking industrial construction

Industrial space in Houston is being developed at a record rate. Currently, the city has 20.2 million square feet of industrial space under construction. However, the Houston Business Journal noted that only 26 percent of available space has been claimed by tenants. Industrial space is in high demand and developers don’t foresee any signs of that demand slowing down.

 

 

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