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Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

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Hulen Pointe Shopping Center sold

Hulen Pointe Shopping Center, located in southwest Fort Worth on South Hulen Street one mile south of Hulen Mall, has been purchased by Addison-based Bo Avery with TriMarsh Properties for an undisclosed price.

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Dallas-Fort Worth in top five commercial real estate markets in 2015

According to the Emerging Trends in Real Estate 2015 report, just co-published by PwC US and the Urban Land Institute (ULI), Dallas-Fort Worth ranks No. 5, with two other Texas cities, Houston and Austin ranking at No. 1 and 2 respectively. San Francisco ranks No. 3 and Denver No. 4.

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Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

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Fort Worth temporarily stops issuing new home permits in TCU area

The moratorium will give a committee and the City Council time to review a proposed overlay that will pare the number of permissible unrelated adults living in the same house.

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Oil hot NM area still facing housing shortage

 

HOBBS, N.M. (AP) — A southeastern region of New Mexico facing a housing shortage thanks to a Permian Basin oil boom has seen several planned projects fall through.

The Hobbs News-Sun reports (http://bit.ly/14Y8qZs) that a number of affordable housing projects in recent months have fizzled in Hobbs and Lea County despite the pressing demand for housing near the Texas border.

For example, a planned 60-home, 12-acre mobile home park that sought to bring homes selling at less than $100,000 fell through last month due to a lack of financing. "I was having challenges getting the financing secured. That is what killed it," Albuquerque developer Tony Lopes said of his planned Willow Creek subdivision. "The banks out here in Albuquerque were unwilling to loan on something that was 'too speculative.'"

Meanwhile, a proposed 60-unit affordable senior living apartment complex in Jal and Eunice flopped earlier this year when the developer, Chelsea Investment Corp., didn't secure state tax credits.

A similar problem plagued Albuquerque-based YES! Housing and a planned 72-unit affordable apartment complex near City Park in Hobbs. YES! also failed to win a bid for highly-competitive state tax credits.

Oil production in New Mexico has increased by nearly 50 percent over the last three years, making it one of five western states that have helped boost national production over the last three years.

Statistics from the U.S. Energy Information Administration show onshore oil production increased nationally by more than 2 million barrels a day — or nearly two-thirds — between February 2010 and February 2013.

The Permian Basin stretches from New Mexico to Texas.

Still, despite that boom, Lisa Hardison, president of the Economic Development Corporation of Lea County, said banks don't typically understand the area's economy. She said stories like Lopes' were all too common just a year ago, but ongoing efforts to show investors how the county has diversified its economy are paying off.

While oil and gas remains a major player in the area economy, Hardison said solar, nuclear and other energy industries have buffered the economy from oil and gas downturns.

"The thing is, we aren't even where we need to be in terms of housing even without the boom," she said.
 

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