A Lubbock investment group has placed 20 acres under contract between Bagby Avenue and Interstate 35, in a 215-acre parcel marketed by Brad Davis and Brandon Davis of Coldwell Banker Commercial.
Another out-of-town investor offers to purchase an additional 90 acres.
The Lubbock Group is looking after Jordan Beard, a local agent for Reid Peevey Co. LLC. Beard said in a phone interview that his client expressed interest in the acreage before all the lots were consolidated into a larger site by owner David Mercer, for whom the Davises work.
“I’ve been working on the deal since last summer. This group came in early,” Beard said.
Lubbock investors are pitching ideas that include multi-family, commercial and industrial uses.
Development of the 215 acres would depend on expanding Gateway Boulevard from Bagby Avenue to I-35, dividing the site in two. Waco will annex the property, extending water, sewer, police and fire protection services.
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Brad Davis said the potential buyer of the 90-acre site wanted to build warehouses, which are sorely lacking locally. Colt Kelly of Kelly Realtors said he is regularly approached by prospects needing warehouse space between 5,000 and 15,000 square feet.
A building permit has been issued to remodel the space at 119 N. 12th Street near downtown. Information from the local Associate General Contractors office shows that the permit belongs to Around the World International Desserts.
Company voicemails indicate that Around the World is no longer operating in the Union Hall food hall at Eighth Street and Franklin Avenue, but is taking orders over the phone and will soon announce its new permanent location.
A $19 million building permit was recently issued to Uzin Utz North America, which will manufacture products for the flooring industry, including self-leveling compounds, patches, thinsets and grouts, in a 125,000 square foot manufacturing facility at 7600 Mars Drive. The project will create around 40 jobs locally, according to a press release from Uzin Utz.
Uzin Utz said he would eventually invest $34 million in the project.
The Greater Waco Chamber of Commerce will present a program virtually from 9 to 10 a.m. Thursday with Jon Potter, with the Connected Commerce Council. He will discuss antitrust bills pending in Congress targeting Big Tech, according to a press release from the chamber. Potter will address efforts to update technology regulations and allegations of anti-competitive practices.
Visit wacochamber.com to learn more about the Technology Business Briefing, which the Waco Chamber offers regularly.
HEB, Waco’s dominant grocer, is once again sponsoring Quest for Texas Best, a contest to find “the most creative and mouth-watering Texas-made foods and beverages in the Lone Star State,” a press release reads.
Submissions will be accepted until April 7. Qualifying entrants will compete for a combined prize of $70,000 in cash and the opportunity to have their products placed on HEB shelves across the state.
Along with food and drink ideas, HEB will be accepting submissions from suppliers of beauty items, toys, homewares, housewares, gardening supplies, coolers “and everything in between.”
More information is available at heb.com/quest.
Migration, house prices
Let me see the hands of anyone who blames wealthy California for buying homes in central Texas and driving up prices.
Not so fast, according to Texas A&M’s Texas Real Estate Research Center.
“There is virtually no correlation between Texas statewide home price appreciation and migration patterns over the past 15 years,” said Wes Miller, senior researcher at the center, in a press release.
Although people who have moved to Texas since 2014 generally earn more money than their new neighbors, their home purchases don’t reflect the difference in income, Miller said. That could be because movers are often younger people more likely to rent when first crossing state lines, he said.
Newcomers may have a bigger impact on home values in specific neighborhoods than in the state as a whole, but Texas’ widespread price spike is more attributable to its strong labor markets, lower employment rates, and more. nationally low mortgage interest rates and its consistently low housing inventory, Miller said. .
The average price of a home sold locally in January was $291,942, up nearly 24% from $236,119 a year earlier, according to Waco Multiple Listing Service and economist Karr Ingham, who prepares a monthly snapshot.
Local real estate agents often cite California residents’ interest in local properties, whether as investments or places to live.
SmartAsset, which publishes personal investing information, places Waco 12th in its ranking of the nation’s top 20 real estate markets for “growth and stability,” according to a press release. That doesn’t necessarily put Waco in rarefied air, as 10 Texas communities make the list.
Austin-Round Rock-Georgetown ousted Midland for first place in the annual results, although Midland slipped only slightly to third place.
SmartAsset examined home values in 400 metropolitan areas across the country for each quarter from 1997 to 2021. The methodology included calculating whether homeowners experienced a significant price drop, identified as 5% or more, at any time during during the 10 years following the purchase of a house. SmartAsset also looked at overall house price growth over a period of time.
It concluded that house prices rose nearly 368% from 1997 to 2021 in the Austin-Round Rock-Georgetown area, the highest among the 400 metropolitan areas included. Meanwhile, there was no chance that a home in the area would suffer a 5% price drop within 10 years of buying it.
Green, yellow convention
A striking and colorful spectacle joined the downtown activities over the weekend. Dressed in bright green and bright yellow, the members of the Chi Eta Phi sorority which includes licensed professional nurses and student nurses.
The Middlesouth Chapter, headquartered in Texas, held its 56th annual conference and educational workshops at the Waco Hilton.
Carla Pendergraft, who markets the Waco Convention Center, said attendees created an impression with their color-coordinated attire. She said Baylor University’s splashes of green and gold are commonplace and welcome, but the Chi Eta Phi sorority sisters were a fashion statement in themselves.