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B-CS Real Estate Market Overview (2001)
REAL ESTATE MARKET OVERVIEW ry a lege Station Red Estate Market Overview Bryan-College Station Jennifer S. Cowley Assistant Research Scientist Texas A &M University June 2001 © 2001, Real Estate Center. All rights reserved. 0 J • O Real Estate Market Overview Bryan-College Station 8 9 10 11 12 13 14 18 19 20 2 Population 5 Employment Job Market Major Industries Contents Business Climate Education Transportation and Infrastructure Issues Public Facilities Urban Growth Patterns Map 1. Growth Areas Housing Multifamily Manufactured Housing Seniors Housing Retail Market 21 Map 2. Retail Building Permits 22 Map 3. Commercial Building Permits Office Market 23 Map 4. Office and Industrial Building Permits 24 Industrial Market Conclusion Real Estate Market Overview Bryan- College Station Jennifer S. Cowley Assistant Research Scientist Area Cities and Towns Bryan College Station Kurten Millican Wellborn Wixon Valley B ryan- College Station is located in South Central Texas within a Dallas- Houston -San Antonio triangle. The two adjoining cities have County Brazos grown in step with Texas A &M University, the oldest public institution of higher education in Texas. The ' C, Land Area of Bryan - College Station MSA 589.24 square miles Population Density (2000) 259 people per square mile Bryan - College Station MSA includes only one county, Brazos, which is part of the Brazos Valley region of Texas. 3 • 0 POPULATION opulation growth in the Bryan - College Station MSA continues to be strong. The MSA grew by more than 30,400 people since 1990. Brazos County had a 2000 population of 152,415, according to the U.S. Census Bureau. Bryan - College Station MSA Population Year 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Source: U.S. Census Bureau, May 2001 The area population is growing at a rate similar to the state. The Texas Water Development Board's projec- tions forecast high growth for the area, with a population of 194,700 expected by 2010. But, according to population 2 Population 121,969 122,841 125,228 129,243 130,348 130,839 130,688 132,220 132,919 134,213 152,415 projections made by the Texas State Data Center, Bryan - College Station's population will decline over the next five years. The Data Center's numbers do not reflect the 2000 Census count. Texas Metropolitan Area Population Change, 1990 -2000 (in percent) McAllen-Edinburg-Mission Austin -San Marcos Laredo Dallas Brownsville - Harlingen -San Benito Brazoria County Houston Fort Worth- Arlington B ryan - College Station Texas Killeen-Temple San Antonio Sherman - Denison Amarillo Source: U.S. Census Bureau Year 2005 2010 2015 2020 50 7 40/ 30/ 20/ 1o 0 Source: Texas State Data Center 48.5 48.2 44.9 31.5 28.9 26.1 25.8 25.1 25.1 22.8 22.6 20.2 16.4 16.2 Bryan - College Station MSA Projected Population Texas State Data Center 135,502 156,136 163,326 170,979 Sources: Texas State Data Center and Texas Water Development Board 40.2 I®BCSMSA■ Texas I 3 Galveston -Texas City Tyler El Paso Corpus Christi Victoria Waco Texarkana Lubbock Wichita Falls Longview - Marshall Beaumont -Port Arthur Abilene San Angelo Odessa - Midland Texas Water Development Board 194,732 222,347 Projected Population Growth, 2000 -2020 (in percent) 15.1 15.5 14.9 14.3 13.1 12.9 9.4 9.0 7.8 7.7 6.6 5.8 5.6 5.1 J • 0 C Source: U.S. Census Bureau White Hispanic Black Asian American Indian Other Two or more races* B ryan-College Station had an estimated 1999 per capita income of $21,206, according to the U.S. Bureau of Economic Analysis. The state average in 1999 was Median household size (1990) Population younger than 18 (1999, in percent) Population 65 and older (1999, in percent) Household Composition Bryan - College Station MSA 71.6 13.3 11.4 3.6 0.2 0.0 4 66.1 17.9 10.6 4.0 0.2 0.1 1.1 2.78 22.3 7.3 Ethnic Distribution (in percent) Bryan - College Station MSA Ethnicity 1990 2000 $26,834. The Bryan - College Station figure is low because of the high concentration of college students in the MSA. The area has a large popula- tion between the ages of 18 and 30 60.8 25.3 11.7 0.3 1.8 0.1 Texas 2.79 52.4 32.0 11.3 2.7 0.3 0.2 1.1 28.5 10.1 Texas 1990 2000 ' For the 2000 Census, the Census Bureau changed the "race" options, allowing people to report their race as "other" or as two or more races. Source: U.S. Census Bureau because of the university but has a significantly smaller Hispanic popula- tion compared to the state. The area's Hispanic population is growing, following a statewide trend. EMPLOYMENT 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 0 T as 2 O C) C) T Bryan - College Station MSA Employment CO C) Source: U.S. Bureau of Labor Statistics .S a C) to a) 2 N C) C) a a) Source: U.S. Bureau of Labor Statistics M C) CO a) 2 C) C) Bryan - College Station MSA Unemployment Rate (in percent) \v■ a a) U) 5 T fC 2 a C) N CO C) C) co 2 a a) to a CO 2 a a) 1 a >+ L CC CC c 0 • Top Ten Employers Top Ten Private Employers Texas A &M University System* Education 12,000 employees Bryan Independent School District Education 1,868 employees Sanderson Farms Poultry processing 1,857 employees St. Joseph Hospital Medical 1,170 employees City of Bryan Government 859 employees College Station Independent School District Education 800 employees Brazos County Government 796 employees Universal Computer Systems Software 750 employees City of College Station Government 636 employees Wal -Mart Supercenter — Bryan Retail 600 employees * Bryan - College Station offices only Source: Bryan - College Station Economic Development Corporation Employment Growth by Industry Employment growth, 2000 (in percent) Unemployment rate (in percent) New jobs in 2000 Employment growth by sector, 2000 (in percent) Services Trade Manufacturing Mining Finance, insurance and real estate Construction Government Transportation, communications and public utilities Sources: Texas Workforce Commission Sanderson Farms Poultry processing 1,857 employees St. Joseph Hospital Medical 1,170 employees Universal Computer Systems Software 750 employees Wal -Mart Supercenter — Bryan Retail 600 employees Reliant Building Products Manufacturing 500 employees Decision One fv Call Center 450 employees College Station Medical Center Medical 400 employees Scott & White Clinic Medical 400 employees First American Bank Banking 300 employees Young Brothers Contractors Building 300 employees Bryan - College Station MSA 2.1 1.5 2,400 5.5 0.7 11.8 0.0 0.0 2.9 2.4 0.0 Texas 3.2 4.2 288,900 4.7 3.1 0.1 2.3 1.3 6.2 1.7 5.1 Austin -San Marcos Laredo McAllen- Edinburg- Mission Dallas Brownsville - Harlingen -San Bryan - College Station Killeen - Temple San Antonio Fort Worth - Arlington Texas Tyler Victoria Houston Amarillo Source: U.S. Bureau of Labor Statistics, February 2001 B ryan- College Station's total nonagricultural employment grew 2.1 percent in 2000, to a total of 75,368 jobs, according to the Texas Workforce Commission. The U.S. Bureau of Labor Statistics esti- mates area civilian employment at 75,293 for 2000, slightly lower than the Texas Workforce Commission estimate. Unemployment has re- Texas Metropolitan Area Employment Change, 1990 -2000 (in percent) 58.8 40.3 35.8 30.4 Benito 30.1 29.2 28.7 28.6 23.7 23.3 22.9 22.4 22.1 18.6 mained less than 2 percent for the past three years. The area has had the lowest unemployment rate in Texas for the past several years. The area is influenced significantly by education. Texas A &M, the county's largest employer, had a $523.9 million payroll in 2000, compared with $513 million in 1999. A study done by Texas A &M shows the 7 El Paso Waco Lubbock Sherman - Denison Longview - Marshall Abilene San Angelo Corpus Christi Galveston -Texas City Wichita Falls Odessa - Midland Texarkana Beaumont -Port Arthur Brazoria County 15.4 14.3 14.0 12.5 12.2 11.4 10.7 10.3 8.2 7.8 6.5 4.5 3.5 2.3 institution's estimated direct economic impact on the area in 1999 was a record $766 million, an increase of almost $68 million over 1998. The study also states that the local eco- nomic impact of the university's students was approximately $191.9 million, a $4 million increase. Officials estimate the typical Texas A &M student spent $4,418 locally last year. • I n October 1999, the Bryan - College Station Economic Development Corporation approved an incentive proposal for Destia Communications Inc., which plans to expand into a new 75,000- square -foot facility on 13 acres at the Business Center in College Station. After expansion, the company will employ 325. The Strata Corporation expanded its operations, adding 44 people. Re- T exas A &M provides a large portion of the area's state government jobs. The state employs 29 percent of the MSA's 75,300 nonagricultural workers. Forty- one percent of area jobs are local, state or federal government positions. Government employment decreased by 100 jobs between 1999 and 2000. The services sector makes up 22 percent of the area's economy with medical constituting the largest segment. The area has several major health -care providers: College Station Medical Center, St. Joseph Regional Health Center and Scott & White Clinic. The Physicans Centre, the Brazos Valley Physicians organization's new short-stay hospital, opened in May 2000. A 1995 Bryan - College Station Chamber of Commerce study indicated the medical field generates chargeable Battery Corporation expanded, adding 14 new employees. Koch Specialty Chemical, an electronic chip and chemical manu- facturer, opened a facility and hired 17 people in Bryan in 1999. Drill Tube International opened a new facility in Bryan, adding 90 jobs to the local economy. more than $752 million per year. The services sector added 600 jobs between 1999 and 2000. Trade accounts for 21 percent of area jobs. The many students in the area support this sector. New retailers in the area have expanded the trade sector, which added 500 jobs during 2000. Employment in the manufacturing sector includes companies specializ- ing in food and related products, fabricated metals, industrial machinery and electronics. This sector contrib- utes about 7 percent of the area's employment. Employment grew significantly during 2000 because of additions to and expansion of manu- facturing firms in the area, which added 500 jobs. Construction employment remained the same between 1999 and 2000. 8 Viatel laid off 160 employees in spring 2001 after the company declared bankruptcy. Decision One, a call center located in the Park Hudson Business Park at FM 158 and FM 60, laid off 117 employees in March. CIC Corporation laid off 30 workers, 30 percent of its workforce, the same month. Baskin Robbins closed the Bryan ice cream plant, laying off 68 employees. MAJOR INDUSTRIES This was largely the result of continued on- campus construction, new house and apartment construction and the new hospital construction. Mining employment also remained un- changed between 1999 and 2000. The finance, insurance and real estate sector employment added 100 jobs from 1999 to 2000. Beef production is the largest agricultural product, accounting for 37.6 percent of all agricultural re- ceipts. Eggs account for 18.3 percent of receipts. Cotton and nursery products are the largest crops, ac- counting for 11.1 and 6.8 percent of receipts, respectively. Total receipts were $36.7 million in 2000. The Texas Agricultural Extension Service projects $36.4 million in agricultural receipts for 2001. BUSINESS CLIMATE Taxing Entity Brazos County School District City Total B oth Bryan and College Station have a sales tax rate of 8.25 percent. Both cities have a hotel tax rate of 13 percent, but College Station had significantly more hotel revenue in 1999. Bryan's 1999 hotel tax revenue was $165,414 while College Station's was $1.75 million. The Bryan - College Station Chamber of Commerce operates an 8,000- Source: Brazos County Appraisal District Year *Through third quarter Source: Texas Comptroller's Office Tax Rates, 2000 Tax Rate per $100 Valuation Bryan - College Station MSA Retail Sales Total Sales 1990 $864,466,749 1991 910,556,029 1992 997,462,733 1993 1,082,532,567 1994 1,190,968,197 1995 1,228,304,989 1996 1,345,437,780 1997 1,402,232,544 1998 1,484,256,512 1999 1,594,435,907 2000* 796,330,549 Bryan College Station $0.41 $ 0.41 1.62 1.75 0.64 0.43 $2.67 $2.59 square -foot technology incubator. The incubator fosters and assists new businesses through their first years of existence. The City of College Station is prepared to assist in economic diversification through the use of economic incentives commonly known as "primary community incentives." Tax phase -in incentives, 9 Sales per Capita $ 7,087 7,412 7,965 8,376 9,137 9,388 10,295 10,605 11,167 11,880 State Average 1999 $12,332 developed -land incentives and performance -based financial assis- tance are available, all of which require a minimum of $1 million investment or a gross payroll of as much as $500,000. Companies applying for incentive programs must be on the Bryan - College Station Economic Development Corporation target industry list. C School Texas A &M University Blinn College* Level of Education Source: U.S. Census Bureau, 1990 T he area's high percentage of bachelor and graduate or professional degree graduates can be attributed to the presence of Texas A &M University. The univer- sity's campus encompasses 5,200 acres. The ten colleges within the university reached a total fall 2000 enrollment of 44,026. Undergraduates represent 82 percent of students. During the late 1980s, an enrollment cap of 41,000 was instituted by the Board of Regents. Even though the cap has never been enforced, the univer- sity continues to try to reduce enroll- ment. Because of the enrollment cap, future enrollment is projected to decline. The university offers 151 under- graduate degrees, 148 master's degrees, 105 doctoral degrees and two professional degrees — doctor of medicine and doctor of veterinary Educational Level, Persons Age 25 and Older (in percent) Bryan - College Station MSA High school graduate Some college, no degree Associate's degree Bachelor's degree Graduate or professional degree Local College and University Enrollment Fall 2005 2000 (estimated) 44,026 45,000 12,025 12,412 *Includes Bryan, Brenham and Schulenberg campuses. Sources: Educational institutions and the Texas Higher Education Coordinating Board, January 2001 medicine. In 1998, Texas A &M had the tenth largest research budget in the nation, according to the National Science Foundation. In 1998, $393.7 million was spent on research. On the Texas A &M campus, an $800,000, 327 -space parking lot has been built near the Bush Academic Building. The Sbisa Dining Hall was renovated during 2001. A new $43 million six -story chemi- cal engineering building is planned. Construction on the 149,000-square- foot building will begin in January 2002 and should be completed in January 2004. Construction of "The Zone," a section of stadium seating, luxury boxes and club facilities at the north end of the university's football sta- dium, Kyle Field, was completed in 2000. A second, $26.5 million expansion is in the works. The 10 20.9 19.0 4.1 18.7 17.2 Texas 25.6 21.1 5.2 13.9 6.5 2010 2015 (estimated) (estimated) 45,000 45,000 12,608 12,788 107,000- square -foot addition will include a players' lounge, new dressing and training rooms, coaches' offices and an academic center; it is expected to be completed by fall 2003. A $1.5 million health center for horses is planned adjacent to the university's Large Animal Clinic. The project is expected to be completed by July 2001. Also on campus, an $8.1 million renovation project was completed at the Evans Library. A parking garage on west campus, an architecture building, an expansion of the E.L. Wehner Business building, a Wellborn Road pedestrian passageway, student leadership retreat center and a turbomachinery office building are in the design phase. No construction dates have been set for these projects. Blinn College, with a 120,000 - square -foot campus in Bryan, was founded in 1883 in Brenham. Blinn began offering classes in the Bryan - College Station area in 1970. Fall 1999 enrollment included 8,649 students on the Brazos County campus. Blinn also has campuses in Brenham and Schulenburg. Blinn College opened building Eon its Bryan campus in August 2000. The TRANSPORTATION AND INFRASTRUCTURE ISSUES Easterwood Airport Source: Easterwood Airport B ryan - College Station has access to U.S. Highway 190 and Texas Highways 21 and 6, which provide access to 1 -45 and 1 -35. Several highway projects began in 2000, including an estimated $6.4 million project to widen University Drive from East Tarrow Street to Texas Highway 6. Work began in 2000 and will likely last two years. Road rehabilitation is occurring on Texas 6 North from 1.6 miles north of Old Reliance Road to 0.8 miles south of FM 2818. Texas Avenue is being widened from Dominik Drive to FM 2818. FM 158 will be widened to four lanes from Texas 6 to the Allen Academy entrance near FM 1179. George Bush East will undergo a widening project starting in September 2001 with completion expected the following year. Phase II of the City of College Station's bike loop is underway with completion projected for June 2001. In Bryan, Carter Creek Parkway was repaved between East 29th Street and Tanglewood Drive. building includes a student center and a banquet room. The new $4.15 million Dr. W.W. O'Donnell Perform- ing Arts Center is under construction on the Bryan campus. The 18,000 - square -foot addition to the existing Bryan - College Station Airline Boardings 1997 1998 1999 2000 89,727 88,648 Brazos County is extending Greens Prairie Road from Rock Prairie to State Highway 30. Construction should be completed in 2002. Union Pacific provides railroad service to the area. Bryan - College Station is a stop on the Houston -to- Dallas freight lines. The metropolitan planning organization is currently developing a plan to relocate the rail line away from the Texas A &M campus. Two air carriers, American Eagle and Continental Express, operate out of Easterwood Airport. Easterwood's destinations for commercial aircraft include Houston and Dallas -Fort Worth. Passenger boardings for 2000 were down from 1999 figures. Conti- nental Express has six flights to and from Houston each day, while Ameri- can Eagle has seven flights a day to and from Dallas. Easterwood Airport underwent a $2 million taxiway extension. Runway lighting and new grooving improve- ments are also under way. The airport currently has two runways, one 5,150 11 theater will create a 25,622- square- foot performing arts center. The building is expected to be completed by fall 2001. A new administration building is under construction at Blinn College. 92,130 91,628 feet long and the other 7,000 feet long. A rehabilitation of one of the runways is scheduled to go to bid in October 2001. During 2000, Coulter Field in Bryan was awarded a $1.1 million grant for runway improvements. The money will be used to rebuild the runway, taxiways and hangars. The field has a 4,000 -foot runway. Both Bryan and College Station obtain their water from the Carrizo- Wilcox Aquifer. College Station will need to make infrastructure improve- ments to meet water demand through 2030. Bryan's supply is adequate through 2030, according to the Texas Water Development Board. The City of College Station has plans for a new water transfer pump station on Tarrow Street. The city also is planning to expand the Lick Creek wastewater treatment plant on Rock Prairie Road. A new sewer main is being constructed from Schaffer Road to the utility service center and from lift station number four to an existing sewer main on Schaffer. The project C was scheduled to be completed in May 2001. A new sewer line is being installed parallel to the existing North- east sewer trunk line and will be completed in May 2001. In the Northgate area, a project to replace an existing sewer trunk line was com- pleted in February 2001. In the Eastgate area, replacement of residen- tial water and sewer lines is under way with completion set for the end of 2001. Drainage improvements are under way in College Station. The Bee Creek PUBLIC FACILITIES T he City of College Station has approved plans for a 150 -acre Veterans Park and Athletic Complex on University Drive that will include a veterans memorial, nine softball fields, 13 soccer fields, two pavilions and a one -mile hiking trail and space for volleyball, batting cages and basketball courts. Adamson Lagoon underwent $750,000 in renovations in 2000. Edelweiss Park was completed in early 2000. The City of Bryan is planning to build a park in conjunction with the Johnson Elementary School campus. The City of College Station is expanding the fire station at Rio Grande and FM 2818. The City of College Station is currently constructing the Northgate Parking Garage on College Main in historic Northgate. The project includes a pedestrian plaza to be developed with a fountain, public art and gathering areas. The project is expected to be completed in fall 2001 and will have more than 700 parking spaces. The City of College Station is planning a conference center on University Drive east of H ighway 6. The project will have a conference center; a full- service, 200 -room hotel; corporate headquarters for Adam Corporation; and a performing arts center. Brazos County will be getting an $18.5 million exposition center. The site has not been selected. Construc- tion is expected to begin in the summer of 2001, with completion scheduled for the end of 2002. The City of Bryan is working with ClubCorp USA to develop a $236 million golf course community that will include a golf course and country club, 180 -room hotel with 50 villas, a conference center and 1,000 residen- 12 Channel improvements will be completed in 2001. Wolf Pen Creek is undergoing improvements that are expected to be completed by Novem- ber 2001. tial units. The golf course will be designed by Jack Nicklaus' company and will be used by the Texas A &M golf team for Big XII tournaments. Construction of the Traditions Golf Club at University Ranch began in 2001 with completion expected in 2002. The City of Bryan has pledged more than $13 million towards the golf course community project. Officials estimate the economic impact will exceed the city's investment by $9.4 million. A tax - increment finance zone will be created to fund part of the project. The city also will extend infrastructure to the project and has provided a loan for the clubhouse construction. The City of Bryan is also producing a downtown master plan to address needs in the downtown Bryan area. URBAN GROWTH PATTERNS SH 21 FM 2818 SH 6 Industrial M ap 1 shows growth areas in the Bryan - College Station MSA. College Station is growing to the south. New single - family growth has been concentrated / Map 1. Growth Areas Bryan - College Station, Texas SH 21 Census Place Water Area — - Highway Source: Real Estate Center at Texas A &M University Residential Residential along Highway 6 and Wellborn Road, while new retail is occurring along Highway 6 and University Drive. Apartment development has been occurring throughout the metropolitan 13 Residential Residential Office / Industrial area. In Bryan, new single- family growth has been concentrated east of Highway 6. Office and industrial growth has been occurring in area business parks. c C HOUSING Bryan - College Station MSA 46 0.90 0.65 *The THAI is the ratio of median household income to the income required to buy the median - priced home using currently available mortgage financing. Standard financing is a 30 -year loan covering 80 percent of the cost of the home. A THAI of 1.00 indicates that the median household income is just enough to qualify for a loan sufficient to purchase the median - priced home. Source: Real Estate Center at Texas A &M University 1,000 900 800 700 600 500 400 300 200 100 0 Source: U.S. Census Bureau Housing Affordability — Fourth Quarter 2000 Percent of Households That Can Afford Median - priced Home THAI* Bryan - College Station MSA Single- family Permits 1 1 1 1 1 1 111 1111111 111 111111/1 111 /11111 11111 111111111111 CO 0) tt CO 0) CD CO 0) 1 I 4 N O) O) 1 0) 0) to 0) 1 THAI for First- time Homebuyers O O O $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 l C 03 7 250 200 150 100 50 0 O) T C) V7 n C) r C) lA N C) co o0 00 00 co C) O) • co co O) C) C) C) O) O) O) co T T T T T T T T T T T Source: Real Estate Center at Texas A &M University Single- family Home Sales Volume, Bryan - College Station Area R G) LL Average Sales Price of Single- family Home, Bryan - College Station Area 'C = o Q !0 2 R 2 Source: Real Estate Center at Texas A &M University d C 15 , 7 1• 1998 01999 0 2000 d C) 0 a) E V a) t] Price Distribution of MLS Homes Sold, Bryan - College Station Area (in percent) Less than $60,000 60,000-79,999 80,000- 99,999 100,000- 119,999 120,000- 139,999 140,000- 159,999 160,000- 179,999 180,000- 199,999 200,000- 249,999 250,000- 299,999 $300,000 or more I n 2000, Bryan - College Station added 752 new single - family housing units at an average value of $104,600. The total number of permits in 1999 was five less than in 1998, but the average value per dwelling rose to $101,700, a 2.9 percent increase from 1998. In first quarter 2001, 254 single - family homes were permitted. The City of College Station saw a 9 percent increase in single - family permits from 1999 to 2000, reaching 473 single - family permits in 2000. In Bryan, a total of 236 single - family homes were permitted in 2000. The City of College Station approved plats for more than 1,500 new single - family lots. Bryan approved more than 150 new lots. In 2000, a total of 1,356 homes were sold through the Multiple Listing Service, up from the 1,276 homes sold in 1999. In 2000, there was a five - month inventory of homes for sale, up from 4.3 months in 1999. Cedar Crest subdivision in Bryan includes ten garden homes and 28 1997 1998 22.1 23.4 19.1 10.1 8.0 5.5 4.8 2.2 1.9 1.6 1.3 Source: Real Estate Center at Texas A &M University 16 20.8 19.7 20.6 11.7 8.5 5.0 5.6 3.2 2.5 1.4 0.9 single - family homes. Bryan is selling the lots at less than market value to encourage builders to develop affordable housing. A new golf course community is planned on the east side of Bryan. The $100 million development would include a 27 -hole golf course. Devel- opers have unveiled plans for the Miramont community, which will initially have 314 one - quarter and one - acre lots. At the Traditions Golf and Country Club at University Ranch, the Univer- sity Ranch subdivision portion of the project is under development. Copperfield is continuing to add new sections as is Tiffany Park, both located east of Highway 6 in Bryan. Stone Forest Subdivision is located in Texas Centroid Ranch. The subdivi- sion, located south of Greens Prairie Road and east of Lakeway Drive, will have 135 lots in three phases. Sun Meadows subdivision will have 100 duplex lots in addition to 114 single - family lots. 1999 2000 19.0 17.1 17.9 13.1 9.7 6.6 5.0 3.8 3.9 1.7 2.3 13.0 15.1 19.3 14.7 10.9 6.5 6.2 4.7 4.8 2.6 2.6 Castlegate is a 338 -acre subdivision that will have homes priced from $125,000 to $600,000. When com- pleted, the development will have 1,000 homes. In 2001, Alexandria Phase 4 -B was platted, with 36 lots at Markham Lane. Bella Vista was also planned south- west of Graham Road adjacent to University Industrial Park. The subdivision will have 386 residential lots and 8.3 acres of commercial and industrial development. Anderson Ridge platted four lots in Phase 4 on Holleman Drive and Texas Avenue. According to a Real Estate Center study, demand is strong for rural home sites in Brazos County. The strongest demand is for 50- to 100 -acre sites selling for $2,000 to $3,000 per acre. In addition, the demand for rural recreational properties is high; buyers are looking for woods, improved pasture and lakes. The market for rural land is strong and fueled by a strong economy. Subdivision Name Located in College Station Castlegate Sections 1 -4 Greens Prairie Rd. Duck Haven South of Wellborn Woodland Hills Phase 1 Greens Paririe Rd. Edelweiss Estates Phase 14 and 16 Rock Prairie Rd. Sun Park Meadows Phase 1 Graham Rd. Stone Forest Phase 1 Greens Prairie Rd. Edelweiss Estates phase 7B Rock Prairie Rd. Westfield Addition Phase 3 Greens Prairie Trl. Pebble Creek Phase 8C Greens Prairie Rd. Steeplechase Phase 5 Pintail Loop River Place Koppe Bridge Rd. Steeple chase Phase 7 Navarro Dr. Alexandria Phase 4A Barron Rd. The Veranda Lincoln Ave. Alexandria Phase 3B Alexandria Ave. Horse Haven Estates Hwy 6 Located outside the City Limits of College Station Great Oaks Phase 1 Estates of Royder Ridge Deerfield Estates Located in Bryan Park Meadows Austin's Colony Phase 5 and 6 Tiffany Park Phase 7 Oak Meadows Western Oaks Cedarwood Located outside the City Limits of Bryan High Country Source: City of College Station and City of Bryan Subdivision Plats 2000 Wellborn Rd. Greens Prairie Trl. State Hwy 30 University Dr. Austin's Colony Parkway Copperfield Dr. Villa Maria West Villa Maria N/A N/A Location 17 Number of Lots Created 540 322 111 103 100 60 57 57 42 35 32 32 30 28 18 N/A 55 37 8 98 32 16 N/A N/A N/A 19 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Bryan - College Station MSA Multifamily Building Permits (in units) 0 CO 0) r N CO O) r Source: U.S. Census Bureau Source: Apartment MarketData Research I n 2000, 752 apartment units were permitted in Brazos County, com- pared to 757 in 1999. In the first quarter 2001, 254 new apartment units were permitted. The majority of apartment construction has been in College Station. The City of College Station permitted 188 duplex units and 575 apartment units during 2000. A $2 million community center for the Texas A &M -owned apartments on University Drive was completed in December 2000. The university is also CO CO O) CO CO 0) Bryan - College Station Apartment Statistics, December 2000 Average rent per square foot Average rent for units built since 1990 Average occupancy (in percent) Average occupancy for units built since 1990 (in percent) Bryan - College Station $0.68 $0.67 97.4 97.3 planning a new residence hall, but a construction date may be several years away. In College Station, Sterling Univer- sity Village Apartments are adding three new buildings with 72 units on Holleman Drive. Valley Brook Apartments is a new 16 -unit complex on Deacon Drive. Kappa Kappa Gamma is planning to expand its fraternity house on Athens Drive. Construction on The Haven Apart- ments began in December 2000. The 18 IIMIII 1111111 CD 01 0) 95.4 Texas Metro Average $0.75 $0.96 95.7 O 0 0 N 24 -unit project is on Dartmouth Street and will house the homeless. Traditions Dormitory, a 437 -room dorm, is under construction in Northgate. Another apartment com- plex is in the planning stages in the area. Jefferson at Northgate will have 225 units on Nagle Street. Fairfield at Luther is a 308 -unit planned complex on Luther Street. In Bryan, Signature Park, a 336 -unit complex on Copperfield, was com- pleted in 2001. University Suites Apartments on South College in Bryan are under construction. During 2000, a number of new apartment complexes were completed. In College Station, 240 units at The Exchange, at Holleman and FM 2818, were completed. The second phase of construction, with 78 units, was completed in early 2001. Midtowne completed a 42 -unit complex; Heri- tage at Dartmouth built 96 units, and University Place Condominiums completed an expansion. University 1997 1998 1999 2000* M anufactured housing repre- sents more than one - quarter of all new single- family housing in the Bryan - College Station metropolitan area. Heights Condos constructed 20 units, and Harvey Road Manor Townhomes added a total of 59 units. In Bryan, The Grove added 144 units to its complex near Goessler Road. Campus Lofts on Wellborn Road expanded to 288 units. Royal Oaks Garden completed construction on 29th Street and has 268 units. The Parker Building in downtown Bryan has been converted into four upscale loft apartments. MANUFACTURED HOUSING Bryan - College Station MSA Manufactured Home Sales Proportion of New Single- family Homes (in percent) Manufactured Homes Sold 281 281 397 219 * Through third quarter 2000 Source: Texas Manufactured Housing Association 19 The average multifamily occupancy rate in Bryan - College Station was 97.4 percent in December of 2000, up 0.6 percentage points from the same time in 1999. The average rent per square foot remained the same from 1998 through 2000. Two - bedroom apart- ments built after 1990 have an average rent of $624 per month, according to Apartment MarketData Research Services. 27.1 26.7 34.1 26.6 SENIORS HOUSING C onstruction on a $24 million, 100,000- square -foot retire- ment community started in fall 2000. Sulik Health Care Services will operate the Weston Inn Health Center at the Med, located at Longmire Drive and Birmingham Street. The three -story building will have 180 beds for RETAIL MARKET City Bryan College Station Bryan - College Station Retail Properties Total Gross Square Feet 700,767 1,561,671 Sources: Coldwell Banker Commercial, Richard Smith Realtors Occupancy rate (in percent) Average daily rental rate Source: PKF Consulting T he City of Bryan has a total of 700,767 square feet of retail space. College Station has 1.5 million square feet of retail space, according to Coldwell Banker Com- mercial. Retail rents in neighborhood centers average $10.80 per square Hotel Occupancy and Rental Rates Bryan- Bryan - College Station Texas College Station Texas 66.0 63.7 $65.54 $85.11 foot. Retail rents for community centers average $12 and regional retail at $15 per square foot. Vacant retail land is currently selling for an average of $8 per square foot. Map 2 shows retail building permits in Bryan, and 20 1999 residents with Alzheimer's disease and other neurodegenerative disorders. The $10 million community is ex- pected to open in February 2002. Average Occupancy June 2000 (in percent) 88.05 90.35 2000 68.0 67.2 $68.78 $86.75 Map 3 shows College Station commer- cial building permits. Hotel occupancy and average daily rental rates were up in the area for 2000. Several new hotels have been constructed. On University Drive, a new 74 -room Holiday Inn Express opened. In Bryan, the historic LaSalle Hotel was renovated and opened in 2000. The hotel's parking lot and plaza were also developed. Comfort Inn will be undergoing a renovation during 2001. The College Station Hilton will undergo a $2.75 million renovation during 2001. A 125 -room Courtyard by Marriott is under construction at Highway 6 near Rock Prairie Road in College Station. According to the Texas Restaurant Association (TRA), the Bryan - College Station area is expected to be the third fastest growing restaurant market in the state, growing more than 11 percent in 2001. Restaurant sales are expected to top $218 million in 2001, according to the TRA. Restaurants expected to open sometime in 2001 include Fazoli's Italian Restaurant on Harvey Road and Rooster's on Highway 6. Koppe Bridge Bar & Grill is planning a second location on Harvey Road. McDonald's is planning to build a new restaurant on Rock Prairie Road in College Station. Dalin's Donuts is building a restaurant on Texas Avenue. In 2000, several new restaurants opened in College Station including Texadelphia Sandwiches and La Bodega, both in the Northgate area. Rudy's BBQ on Harvey Road, the Texas Roadhouse and Cheddar's on University Drive near the bypass and Jack -in- the -Box in a new Kroger shopping center on Highway 6 all opened during 2000. A new shopping center, Wolf Pen Plaza Center, is under construction at Holleman and Texas Avenue. The shopping center will include Ross Dress for Less and Hobby Lobby. Other tenants will include Shoe Carnival and Goody's. Yes! Less Grocery Store has opened on South Texas Avenue. Wells Fargo Bank opened on University Drive. Stop and Store Mini - Storage is under construction on Harvey Road. Three gas stations and convenience stores are under construction. Champion Firearms is constructing a shooting range on University Drive. Gold's Gym is building at a new location on Texas Avenue. Benjamin Knox Gallery is planned for University Drive. In Bryan, Fred Brown Mazda -BMW- 21 Volkswagen is expanding its dealer- ship. A Saturn dealership opened in 2000 on Highway 6 south of Briarcrest. Allen Honda is adding a pre -owned sales store on Southwest Parkway adjacent to its existing location in College Station. A Walgreens pharmacy opened at 29'h Street and Briarcrest. Cubby Hole Mini - Storage opened on 29'h Street near Hollowhill. The Townshire Shopping Center on Texas Avenue is undergoing renova- tion. When complete, the center will contain an Albertson's Food and Drug, EZ Pawn, Say -On Discount Office Supplies, Domino's Pizza, a gas station, Hollywood Video, apparel shops, a hair salon and a card shop. During 2000, a Kroger Signature store and shopping center was completed on Highway 6 at Rock Prairie Road in College Station. The 119,500- square -foot center has Fabricare Cleaners, General Nutrition Center, Karber's Custom Jewelers, Angel Nails, Freebird's and Classic Cuts. In October, Wells Fargo opened a branch on FM 2818. Map 2. Retail Building Permits, 2000 Bryan, Texas Census Place Highway * Retail Source: Bryan Building Permit Office OFFICE MARKET City Bryan College Station Total Total Gross Square Feet 601,216 514,269 1,115,485 Average Occupancy March 1999 (in percent) 91.65 78.65 84.63 Sources: Coldwell Banker Commercial and Richard Smith Realtors T he Bryan - College Station area had more than 1.1 million square feet of office space with slightly more than 74,000 square feet SH 30 Bryan - College Station Office Properties available for rent as of December 2000, according to a survey by Coldwell Banker Commercial. Class A space in downtown Bryan is currently 22 Map 3. Commercial Building Permits, 2000 College Station, Texas Census Place Water Area Highway * Commercial Source: College Station Building Permit Office Average Occupancy January 2000 (in percent) 88.30 85.37 90.68 Average Occupancy December 2000 (in percent) 91.19 90.96 93.34 renting for an average of $15 per square foot, while class B space rents for $12 per square foot. Vacant land in an office park is selling for $3.75 per square foot. Map 4 shows office and industrial building permits in Bryan. In College Station, Richard Smith Realtors built a new office building on Brothers Blvd. The Village at Crystal Park is a planned two- building office project on FM 2818. On Brothers Boulevard, an office building is planned. In the Castlegate develop- ment on Greens Prairie Road, a new office building is under construction. The Brazos County Farm Bureau is constructing an office on Harvey Road. TeleTouch is opening an office on Longmire Drive. The Hope Pregnancy Center opened on Brentwood Drive in College Station at the beginning of 2001. On the Texas A &M campus, the $8.1 million Evans Library renovation project was completed. Construction on a new $1 million urban search and rescue training center is expected to start in 2001. The E.L. Wehner build- ing, home of the Lowry Mays College and Graduate School of Business, will undergo an expansion. Construction is set to begin at the end of 2001. In Research Park, the Coastal Engineering Laboratory plans to build a facility. The new building received approval from the Texas A &M Univer- sity Board of Regents and will be built on Discovery Drive. University Pediatrics and Cole, Marsh and Nicowala are expanding into additional lease space on Rock Prairie Road. The University Park office complex has plans to add three office buildings at an existing gas distribution center on University Drive. St. Joseph Regional Hospital and Health Center is planning a 2,650 - square -foot inpatient cancer center. The $440,000 addition will be located 23 on the first floor of the hospital. The physical therapy department currently occupies the space, but will be moved to new offices downstairs. The unit will have 11 beds and is expected to be completed by mid -2001. The new Park Hudson Business Park, with 350 acres located at FM 158 and FM 60, is home to Decision One Corporation and the Brazos Valley Physicians Organization (BVPO). The BVPO's $25 million facility includes a 120,000- square -foot office building and a 40,000- square -foot hospital that opened in 2000. The College Station Medical Center (The Med) on Rock Prairie Road opened a new cancer center in the fall of 2000. The 11,000-square-foot center cost $3 million. A nuclear medicine center is planned at The Med. Map 4. Office and Industrial Building Permits, 2000 Bryan, Texas Census Place Highway * Office IN Industrial Source: Bryan Building Permit Office • • INDUSTRIAL MARKET A ccording to Coldwell Banker Commercial, industrial ware- house space currently rents for an average of $3 per square foot, while manufacturing space averages $5. Vacant land in industrial parks is currently selling for about 50 cents per square foot. Brazos County has seen consider- able industrial activity. The county has three publicly owned industrial parks with more than 1,100 acres. In CONCLUSION W ith the lowest unemploy- ment rate in the state, the Bryan - College Station area has a strong economy. There has been continued growth in the housing, addition, Texas A &M operates a 434 - acre research park. The Standard Automatic Fire Enterprises building is adding a warehouse on Graham Road in College Station. In the Bryan Business Park, BETCO, a manufacturer of mini - storage buildings, constructed a 60,000- square -foot facility. Texas Digital underwent an expansion between Woodcreek and Sebesta Road in College Station. The company retail, office and industrial construc- tion sectors. During 2001, a number of single - and multifamily- housing projects are expected to move forward. South 24 builds reader boards for restaurants with drive - through lanes. In the College Station Business Center, Stata Corporation, a statistical analysis software development company, finished construction of its building. Heat Transfer Research Inc., which develops software and simula- tions in heat transfer, built in the park. The College Station Business Center has started construction on phase two of the park. College Station will see the addition of new retailers and continued single - family growth. 601 -50 -1473