NewsTalk Texas

Corpus Christi

Corpus yodels with Austrian's Voestalpine $740M plant 

(4/15/2014)

CORPUS CHRISTI - Voestalpine AG, an Austrian-based steel company, will break ground later this month on a natural gas-based direct reduction plant. The company plans to invest $740 million in the new plant which will employ 150 full-time staff and create approximately 800 construction jobs.

The plant that will produce hot briquetted iron, which is a primary material for raw steel making. This is the company’s largest foreign direct investment into the United States to date and a major step in achieving a low-carbon economy.

The project is expected to be complete by the end of 2015.

Read more at the San Antonio Business Journal.

Corpus Christi 4Q 2013 industrial report: Burbach 

(4/14/2014)

CORPUS CHRISTI - The industrial market totaled 20.053 million sf in 2013, according to Burbach & Associates and CoStar Group. Of this number, 94.8 percent is considered warehouse space and 5.2 percent is considered flex space.

For fourth quarter 2013, the vacancy rate was 4.9 percent — up from 4.2 percent in 2012. The average quoted rental rate was $6.28 per sf, up 1.9 percent from $6.16 in 2012.

Corpus Christi Industrial
Market Summary 4Q 2013
Market SF (000) Vacancy Rate/SF
Warehouse Space 19,011 4.5% $5.97
Flex Space 1,043 11.4% $9.14
CBD 1,360 17.0% $4.42
West Side 8,169 5.7% $5.76
Northwest 3,814 1.7% $7.42
South Side 1,660 5.2% $8.45
Southwest 1,870 3.3% $8.46
Total 20,053 4.9% $6.28


Source: Burbach & Associates, CoStar Group

For more stats, see Industrial under Corpus Christi Market Data Sources.

Corpus Christi home, rent prices continue climb 

(4/11/2014 7:00:00 AM)

CORPUS CHRISTI - A fertile job market and shortages of both building materials and workers have pushed home prices in Corpus Christi to record levels. The average home in Corpus Christi was $190,600 in February — up 14 percent over that of February 2013, when the average home cost $166,600.

The median price two months ago was $168,600, a 20 percent increase from the same time a year earlier. Home appreciation, new home construction and thriving real estate sales are perhaps the strongest evidence that the nation’s economy is recovering from the last housing boom.

Some may choose to rent, which is becoming a costly option in Corpus Christi. Apartment occupancy rates was 92.6 percent in March, making it one of the tightest rental markets in Texas, according to ALN Apartment Data. Average rent in the area is about $857 a month.

Economists are unsure how long the trend will continue, but they say prices will continue climbing as demand in the housing market surges.

The difference in South Texas, however, is the Eagle Ford Shale oil and gas production activity and all the industrial construction it’s generating, said Jim Lee, the chief economist for Texas A&M University-Corpus Christi..

Read more at the Corpus Christi Caller-Times.

Corpus Christi 4Q 2013 office report: Burbach 

(4/10/2014)

CORPUS CHRISTI - The local office market contained 9.727 million sf as of fourth quarter 2013, according to Burbach & Associates and CoStar Group. The overall vacancy rate increased to 10.4 percent in 4Q 2013, up from 9.1 percent in 2012.

The average quoted full-service rental rate was $14.73 per sf, up 2.4 percent from $14.39 in 2012.

Corpus Christi Office
Market Summary 4Q 2013
Market SF (000) Vacancy Rate/SF
Class A 938 13.5% $19.59
Class B 6,579 9.3% $14.52
Class C 2,210 12.4% $12.25
CBD 4,497 8.9% $14.97
South Side 2,213 9.7% $18.08
Mid-City 1,486 17.1% $13.04
West Side 658 7.2% $11.02
Total 9,727 10.4% $14.73

Source: Burbach & Associates, CoStar Group

For more stats, see Office, Retail and Industrial under Corpus Christi Market Data Sources.

Corpus Christi retail 4Q 2013: Burbach 

(4/8/2014)

CORPUS CHRISTI - In fourth quarter 2013, the retail market contained 22.382 million sf with a vacancy rate of 5.6 percent, according to Burbach & Associates and CoStar Group.

The rate was down from 6.1 percent in 2012 and 6.4 percent in 2011. The average net rental rate was $12.24 per sf, up 5.0 percent from $11.66 in 2012.

Corpus Christi Retail
Market Summary 4Q 2013
Market SF (000) Vacancy Rate/SF
General Retail 12,693 5.5% $9.82
Mall 2,531 2.8% -
Power Center 346 0.0% -
Shopping Center 6,587 7.1% $14.81
CBD 1,694 6.0% $10.09
Mid-City 5,940 4.0% $12.88
South Side 6,228 4.7% $17.54
West Side 1,585 6.4% $10.22
Northwest 1,648 12.8% $5.43
Flour Bluff / Padre Island 1,628 4.7% $14.17
Portland / Ingleside 1,830 6.6% $14.60
Total 22,382 5.6% $12.24


Source: Burbach & Associates, CoStar Group

For more stats including office and industrial, see Retail under Corpus Christi Market Data Sources.

Want news? See Corpus Christi NewsTalk Texas.

Do you have news of 25,000-sf projects in Corpus or the surrounding area? Do you know the cost of construction? Has there been a groundbreaking?

Well, shoot! Send us an email to the Markets Data Team at mdata@recenter.tamu.edu. It just might be on Corpus Christi NewsTalk Texas.

Refinery firefighters getting $12M digs in Corpus Christi 

(4/3/2014)

CORPUS CHRISTI - Flint Hills Resources announced plans to spend about $12 million on the construction of a new firehouse and a separate administration building. The fire company will spend nearly $5 million to build a 41,000-sf firehouse at 1750 Nueces Bay Blvd.

The company will also spend an additional $6.2 million in the construction of a separate administration building in the 1000 block of McBride Ln.

The company's operations may soon be better protected by Refinery Terminal Fire Co., which has plans for new buildings as well. The department launched in 1948 with one fire engine and one full-time firefighter and has grown to 170 personnel.

Read more at the Corpus Christi Caller-Times.

DSW 21,000 pairs of shoes strut to Corpus Christi 

(3/27/2014)

CORPUS CHRISTI - Designer Shoe Warehouse (DSW) has opened its new 18,000-sf facility. The retail store is located in The Shops of La Palmera at 5488 South Padre Island Dr.

The official opening will showcase 21,000 pairs of shoes, more shoes than seen before in one Corpus Christi location.

It’s the first location in the area — joining other new retail complex newcomers Dick’s Sporting Goods, T.J. Maxx, HomeGoods, Jared The Galleria of Jewelry and Corner Bakery Cafe.

Read more at the Corpus Christi Caller-Times.

Rockport home sales up Feb. 2014: Swearingen 

(3/27/2014)

ROCKPORT - The Swearingen Report for residential homes has been released for the 12 months ending February 2014 by Coldwell Banker The Ron Brown Company.

Rockport saw an increase of 19.7 percent in the number of property sales from a year ago, with 523 properties sold. The average sales price for residential homes was $249,105 for the 12 months ending February 2014 — up 8.5 percent versus the same period last year when it was $229,560.

Rockport MLS Single-Family, Condo/Townhome
Residential Sales
All Categories* 12 Months Ending
  Feb. 2013
12 Months Ending
  Feb. 2014
Change
Residential property sales 437 523 19.7%
Residential total dollar volume $100,317,914 $130,281,779 29.9%
Average residential sales price $229,560 $249,105 8.5%
Median residential sales price $173,000 $185,000 6.9%
Total active listings end of month 433 382 -11.8%
Months inventory 14.4 11.5 -20.1%

*Figures refer to the single-family and condo/townhome market.

See the full report at Coldwell Banker The Ron Brown Company. For more stats about the area, be sure and check out Corpus Christi Market Data Sources.

Listen to Podcast 210 for this story and lots of news you might not know!

Robstown's $5.6M city hall underway 

(3/24/2014)

ROBSTOWN - City officials have broken ground on a new $5.6 million city hall and will soon have a little more room to grow. The 17,500-sf building will neighbor the current 5,000-sf city hall building on 101 E. Main Ave.

The current city hall is decades-old and is out of space for staff to expand, making it hard to find places for meetings. Construction on the building is expected to wrap up in ten to 12 months.

Read more at the Corpus Christi Caller-Times.

Tuscana Bay cuts ribbon in Corpus Christi 

(3/20/2014)

CORPUS CHRISTI - The 228-unit Tuscana Bay Apartment Homes and Lofts opened at 2921 Airline Rd. on the city's Southside. The complex features one- and two-bedroom floor plans. Value of construction was $10.2 million.

Rents for the units range from $929 to $1,484. Amenities on the property include a 24-hour fitness center and business center as well as a swimming pool.

The corporate owners, based in Tulsa, Okla., recently purchased land across the street for an over 300-unit residential complex.

Source: Tuscana Bay

Read more at the Corpus Christi Caller-Times.

Lighthouse to shine brighter with $2.9M expansion 

(3/19/2014)

CORPUS CHRISTI - South Texas Lighthouse for the Blind plans to double its space with a new $2.9 million building with about 70,000 sf. Located at 4421 Agnes St., the new facility will offer more warehouse and manufacturing space for the nonprofit to hire about 20 additional people.

More than half the new space will be for manufacturing products and will include a training section. The remaining space will store finished products for shipping.

South Texas Lighthouse for the Blind currently has 111 employees who handle five product lines representing dozens of janitorial and office supplies, as well as military gear.

Read more at the Corpus Christi Caller-Times.

Drone activity could crown Corpus queen 

(3/18/2014)

CORPUS CHRISTI - Oil may be king in South Texas, but the new Unmanned Aircraft Systems (UAS) test site designation by the Federal Aviation Administration (FAA) could soon crown a queen for the area.

Aviation companies are opening offices, seeking to get in on the ground floor of the new economic boom centered at Texas A&M University-Corpus Christi’s Coastal Bend Business Innovation Center (CBBIC). The area has been officially designated as one of the new Unmanned Aircraft Systems (UAS) test site locations by the Federal Aviation Administration (FAA).

Over the next ten years, the economic impact of being designated a UAS test site is projected to be about $8 billion statewide, with $260 million in South Texas that will create about 1,200 jobs.

The University’s Lone Star UAS Center, in the top floor of the CBBIC, is one of only six federal test sites that will provide data the FAA will use to safely integrate UAS in the national airspace.

Aside from the economic benefits to the city and the state, this is also an incredible opportunity for students.

Read more at AviationPros.com.

Corpus Christi building permits Feb. 2014 

(3/10/2014)

CORPUS CHRISTI - Commercial and residential permits for February 2014 have been released by the City of Corpus Christi.

City of Corpus Christi Building Permits
  Feb. 2014 Feb. 2013
New residential permits 114 88
New residential valuations $17,607,833 $13,704,177
New commercial permits 18 28
New commercial valuations $45,727,979 $8,684,603


Source: City of Corpus Christi

ALN Corpus Christi apartments Feb. 2014 

(3/10/2014)

CORPUS CHRISTI - ALN Apartment Data has released February 2014 apartment occupancy and effective rent data for apartments.

Corpus Christi Market Review
Corpus Christi Market Stabilized Market*
Feb. 
2014
Annual
Chg.
Occupancy rate 94.5 -0.7%
Units added 0 -
Units absorbed (annual) -289 -
Average size (SF) 847 0%
Asking rent $840 8.3%
Effective rent $837 8.7%
Effective rent per SF $0.99 8.8%
Offering concessions 11% -39.5%
Avg. concession package 2.4% -78.9%

*Stabilized market is everything in a market except for apartments in initial lease-up. 

Floor Plan Breakdown - Corpus Christi
Plan Type Market Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 3.0% 468 $660 $660
1 BR 39.5% 665 $732 $730
1 DEN 0.7% 767 $856 $856
2 BR 44.8% 942 $905 $902
2 DEN 0.5% 1,152 $884 $866
3 BR 9.8% 1,189 $971 $970
>3 BR 1.6% 1,327 $2,009 $2,009


Read more at ALN Market News.

NAR Corpus Christi housing market 4Q 2013 

(3/10/2014)

CORPUS CHRISTI - Fourth quarter 2013 housing data have been released for the Corpus Christi market by the National Association of Realtors.

Local Price Trends
  Corpus Christi U.S. Local Trend
Price Activity      
Current median home price (4Q 2013) $152,800 $197,000 Prices are up from a
year ago, but price
growth is slowing
1-year (four-quarter) appreciation (4Q 2013) 5.5% 10.2%
3-year (12-quarter) appreciation (4Q 2013) 13.3% 16.0%
3-year (12-quarter) housing equity gain* $17,900 $27,133 Gains in the last 3
years have extended
the trend of positive
price growth after
the recession
7-year (28 quarters) housing equity gain* $23,100 -$22,400
8-year (36 quarters) housing equity gain* $38,300 -$1,900
*Note: Equity gain reflects price appreciation only


See the full report at Prudential Ada, Realtors or Corpus Christi Market Data Sources under Housing.

Texas beach resort underway in Port Aransas 

(3/7/2014)

PORT ARANSAS - The first true Texas beach resort is currently underway in the historic beach town of Port Aransas. The Palmilla Beach Resort & Golf Club is located at 3628 Island Moorings Pkwy.

Surrounding the golf course are two mixed-use developments known as Village North & Village South. Village North is a 50-acre residential oasis and Village South is 105 acres of mixed-use land.

Three hotel properties are also planned for Palmilla Beach. The first is a 120 room, full-service hotel and conference center. The northern reach of the golf course will be the site for a beachfront high-rise hotel on approximately 14 acres. The third site lies within the Village North community that will encompass the future clubhouse at the golf course.

The new homes, ranging from approximately 5,500 to 7,900 sf, will cost between $295,000 and $750,000. Palmilla Beach will also hold in reserve approximately 349 acres of bay front property for future use.

Features of the property include an Arnold Palmer Signature Links-style Championship golf course, resort-style pool and more than 350 permitted marina boat slips.

Source: Palmilla Beach Resort & Golf Club

Read more at the San Antonio Business Journal.

Boutique hotel, The Kinney, rises in Corpus 

(3/7/2014)

CORPUS CHRISTI - The Kinney, a $3.8 million, 54-room boutique hotel, is currently underway. The Kinney will be located at 345 S. Water St.

The Kinney was designed by San Antonio-based Lake Flato Architects. Developers want it to blend Corpus Christi’s heritage with its future, by naming the three-story hotel after the city’s founder.

Construction on the project began in October 2013 and is expected to be complete in fall 2014. The hotel project is part of some $10 million new commercial development reaching from downtown toward Robstown through seven Corpus Christi ZIP codes.

Read more at the Corpus Christi Caller-Times.

TAMU-CC springs new enrollment record 

(3/5/2014)

CORPUS CHRISTI - Texas A&M University-Corpus Christi has reached a new spring enrollment record. The official numbers reported on the 12th class day reflect a total headcount of at least 10,400 students, an increase of 5.81 percent from spring 2013 enrollment numbers.

This marks the first time in Texas A&M-Corpus Christi history that more than 10,000 students have been counted during a spring semester.

The data also reflect significant increases in freshmen and doctoral students. The number of freshmen students is up 10.4 percent from spring 2013, and the number of doctoral students has risen by 17.9 percent.

Source: Texas A&M University-Corpus Christi

Corpus Coast Guard sentry posts $15M hangar, jets 

(3/4/2014)

CORPUS CHRISTI - A $15.4 million hangar, earmarked for the Coast Guard’s newest jets and offices, will soon break ground at Corpus Christi International Airport. Site preparation work is finished for the nearly 167,000-sf hangar.

The facility will house new CASA HC-144 Ocean Sentry jets, arriving within the next two years to replace older HU25 Falcon jets.

The project will combine the Coast Guard’s prevention department — which does boat inspections, navigation and waterway cleanup — with its response department’s search and rescue operations. They are presently split between a downtown office and aging Hangar 41 at Naval Air Station Corpus Christi.

Read more at the Corpus Christi Caller-Times.

Corpus Christi apartment sales up 400%: Hendricks-Berkadia 

(2/28/2014 7:55:00 AM)

CORPUS CHRISTI - Transaction activity and dollar volume in Corpus Christi soared in 2013. Deal flow more than doubled from seven sales to 16 transactions last year, according to Hendricks-Berkadia.

Total dollar volume increased more than 400 percent to $221.3 million. Investors specifically targeted properties with 100 or more units in Nueces County that were built prior to 1980.

The average price per unit increased 65.5 percent to $59,051, as properties built prior to 2000 drove the average price per unit higher, selling for an average $91,100 per unit. Buildings built before 2000 sold at an average price per unit of $37,690.

The price per sf rose 43.9 percent to $72.09 last year, as a result of deals involving Class A properties built after 2000, which sold for an average of $106 per sf. Properties build prior to 2000 sold for $46.40 per sf.

Corpus Christi Apartment Sales
  2013 2012 Change
100+ unit sales Average price (per unit) $61,183 $39,537 55%
Average price (per sf) $77.32 $45.93 68%
Transaction count 15 3 400%
Total volume $218,377,076 $44,471,787 391%
Less than
100 unit sales
Average price (per unit) $39,865 $32,768 22%
Average price (per sf) $40.76 $54.24 -25%
Transaction count 1 4 -75%
Total volume $2,950,000 $8,175,000 -64%


Read more at Hendricks-Berkadia. Log-in is free.

City of Alice budget surplus helps growth 

(2/28/2014)

ALICE, JIM WELLS COUNTY - The city’s bank account continued growing during 2013, and officials plan to keep investing in infrastructure and bringing a variety of jobs while momentum from the oil boom lasts.

Alice had a $4.1 million budget surplus and brought in more than $15 million in sales taxes during 2013. City debt fell nearly 14 percent during the last three years.

Since 2008, the city has spent about $38 million on infrastructure, including more than $13 million to repair streets. Alice’s biggest asset is that it’s a hub city with nearby SH 44 and US 281.

Read more at the Corpus Christi Caller-Times.

Rockport Jan. 2014 home sales: Swearingen 

(2/27/2014)

ROCKPORT - The Swearingen Report for residential homes has been released for the 12 months ending January 2014 by Coldwell Banker The Ron Brown Company.

Rockport saw an almost 21 percent increase in the number of property sales from a year ago, with 520 properties sold. The average sales price for residential homes was $247,344 for the 12 months ending January 2014 — up 6.8 percent versus the same period last year when it was $231,625.

Rockport MLS Single-Family, Condo/Townhome
Residential Sales
All Categories* 12 Months Ending
  Jan. 2013
12 Months Ending
  Jan. 2014
Change
Residential property sales 430 520 20.9%
Residential total dollar volume $99,598,790 $128,618,984 29.1%
Average residential sales price $231,625 $247,344 6.8%
Median residential sales price $175,000 $179,950 2.8%
Total active listings end of month 440 362 -17.7%
Months inventory 17.1 11.8 -31.0%

*Figures refer to the single-family and condo/townhome market.

See the full report at Coldwell Banker The Ron Brown Company. For more stats about the area, be sure and check out Corpus Christi Market Data Sources.

Arbors on Saratoga sold in Corpus Christi 

(2/20/2014)

CORPUS CHRISTI - The Arbors on Saratoga, located at 6225 Saratoga Blvd., has been purchased by First Capital Advisors (FCA). The complex totals 252 units. The location is an area that is benefiting from growth in the energy industry as well as increasing port activity.

The Corpus Christi buy marks FCA's first purchase in Texas.

Read more at GlobeSt.com.

Be our guest as Embassy Suite twirls in Corpus 

(2/18/2014)

CORPUS CHRISTI - Embassy Suites Corpus Christi has unveiled its multimillion-dollar renovation 4337 South Padre Island Dr. In July 2011 an investment company — ZJZ Hospitality — was formed to purchase and revamp the hotel.

Guest suites and meeting rooms have been rebuilt from ceilings to floors, outfitted with new fixtures, bedding, draperies and furniture. The outdated indoor swimming pool was gutted and re-crafted with Mediterranean tile, a new hot tub and poolside furnishings.

The hotel first opened in September 1984 at a cost of $11 million as the Granada Royale Hometel.

Read more at the Corpus Christi Caller-Times.

Three things to know about Portland 

(2/18/2014)

PORTLAND, SAN PATRICIO COUNTY - It's another fast growing community in the Coastal Bend area. Located on the other side of the Harbor Bridge lies one of the safest communities in the Coastal Bend — Portland.

There are three things to know about the City of Portland.

1.  With more than 7,000 single-family homes, Portland is a residential community for building families. There are approximately 450 home sites that are either being built, under development, or in the planning stages, according to City Manager Randy Wright.

Within the next 18-24 months the homes will be built out. An additional 500 to 600 homes are expected in the next three years. The city predicts a total land mass of about 2,400 additional homes, with room to grow.

2.  Portland is a place for families because of the low crime rate and 13 well-maintained parks that are available. Police Chief Gary Giles credits the low crime rate to its location and citizen involvement.

H-E-B, IHOP, Chili's including the recently added Academy add up to lots of shopping.

3. The City of Portland is in the epicenter of industrial growth. Companies including Tianjin Pipe Company, Cheniere Energy and Voestalpine are employing hundreds. Although all are located outside of Portland, the overflow benefits the city.

The 1.4-mile extension of the La Quinta Ship Channel, located on the north side of Corpus Christi Bay, is playing a major role in attracting investment to the area. The completion of the dredging of the La Quinta Channel extension marks the beginning of more economic opportunity.

Over about a two- to three-year construction period, there will be approximately 3,000 construction jobs available in the area.

Hear more at KiiiTV3.com.

NuStar triples loading capacity at Port of Corpus Christi 

(2/17/2014)

CORPUS CHRISTI - NuStar Energy LP has completed a private marine loading dock at its North Beach Terminal at the Port of Corpus Christi, which triples marine loading capacity to 400,000 barrels of crude oil per day.

With this new dock, NuStar now has three loading docks in the Port of Corpus Christi, and can load crude oil onto ships simultaneously on all three docks. NuStar also completed major additions and upgrades to the terminal’s pump systems.

“This additional capacity enables us to handle all of the new volumes associated with our ongoing expansion efforts in our South Texas crude oil pipeline system, as well as additional volumes shipped on our pipeline systems to Corpus Christi,” said NuStar President and CEO Brad Barron.

The dock system is designed to load Panamax-class vessels (which carry between 350,000 and 500,000 barrels) at rates up to 30,000 barrels per hour.

The new dock project includes a series of 30-inch and 12-inch pipelines that move the crude oil from incoming pipelines or tanks within the terminal to the new dock, a state-of-the-art metering system, vapor control system and a dock structure with three loading arms.

Read more at Dredging Today.com.

Corpus Christi retail uncapped 

(2/13/2014 6:41:00 AM)

CORPUS CHRISTI - The Corpus Christi regional economy has been pushed into overdrive with the South Texas oil boom, which is resulting mainly from the Eagle Ford Shale play, according to Lynann Pinkham, Cravey Real Estate Services.

With the industrial growth, retail growth is also expected, and 2013 was indeed a strong year for Corpus Christi.

The Port of Corpus Christi is at the center of this growth, with billions of dollars — foreign and domestic — being spent on projects throughout the Port and the area. National and regional tenants have moved into the area and several existing retailers expanded with multiple locations last year.

One of the biggest relocations came with the Sam’s Wholesale move. The company sold their location on Greenwood Dr. and moved their business to the intersection of South Padre Island Dr. and Everhart Rd.

The most prominent new project is the redevelopment of the former Staples Center into the prestigious Shops at La Palmera. Corpus Christi Bay Outlet Mall also broke ground in July 2013 on their new project.

The entertainment and tourism subsector is seeing growth as well. A $40 million Schlitterbahn water park is under construction on North Padre Island.

The strong 2013 market should remain strong in 2014 for new and existing retailers.

Read more at Texas Real Estate Business. Listen to Podcast 205 for more Small Towns, Big Deals.

Corpus Christi building permits Jan. 2014 

(2/13/2014)

CORPUS CHRISTI - Commercial and residential permits for January 2014 have been released by the City of Corpus Christi.

City of Corpus Christi Building Permits
  Jan. 2014 Jan. 2013
New residential permits 81 112
New residential valuations $13,926,350 $17,650,881
New commercial permits 15 14
New commercial valuations $25,860,814 $3,032,616


Source: City of Corpus Christi

Corpus Christi home prices surge with shale 

(2/11/2014 9:00:00 AM)

CORPUS CHRISTI - Rising demand for newly built homes in the Coastal Bend is fueling a surge in home prices, according to the “Annual Review of the South Texas Economy.”

Texas A&M University-Corpus Christi's College of Business released the report.

The median home price for the City of Corpus Christi appreciated more than 7 percent in 2013. This trend was due largely to the oil boom in the Eagle Ford Shale formation, according to a report by Dr. Jim Lee, university chief economist .

Growth is expected to continue, largely because as many as 10,000 jobs will be created in the area during the next five years.

The average home price in Corpus Christi stood at $180,700 last year, up from $152,300 in 2010, an 18.6 percent increase for that period. Historic low interest rates are keeping financing costs affordable and making homeownership attractive.

Corpus Christi Year-Over-Year Housing Statistics
Year No. of
Sales
Avg. Home
Price
Median Home
Price
2013 4,589 $180,700 $152,200
2012 4,058 $169,900 $142,300
2011 3,396 $157,500 $135,700
2010 3,445 $152,300 $136,500
2009 3,444 $155,500 $134,800
2008 3,773 $162,900 $138,900
2007 4,510 $162,000 $136,500


Read more at the Corpus Christi Caller-Times.

ALN Corpus Christi apartments Jan. 2014 

(2/10/2014)

CORPUS CHRISTI - ALN Apartment Data has released January 2014 apartment occupancy and effective rent data for apartments.

Corpus Christi Market Review
Corpus Christi Market Stabilized Market*
Jan. 
2014
Annual
Chg.
Occupancy rate 94.6 -0.7%
Units added -49 -
Units absorbed (annual) -195 -
Average size (SF) 847 -0.5%
Asking rent $831 7.0%
Effective rent $830 7.6%
Effective rent per SF $0.98 8.3%
Offering concessions 6% -64.8%
Avg. concession package 2.0% -131.0%

*Stabilized market is everything in a market except for apartments in initial lease-up. 

Floor Plan Breakdown - Corpus Christi
Plan Type Market Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 3.0% 468 $660 $660
1 BR 39.5% 665 $725 $724
1 DEN 0.7% 767 $881 $879
2 BR 44.8% 942 $898 $896
2 DEN 0.5% 1,152 $884 $866
3 BR 9.8% 1,189 $968 $967
>3 BR 1.6% 1,327 $2,014 $2,014


Read more at ALN Market News.

Corpus Christi shipped 400,000 bpd of Texas crude 

(2/7/2014 6:44:00 AM)

CORPUS CHRISTI - Crude oil shipments out of the Port of Corpus Christi hit 394,000 barrels per day (bpd) in November 2013 as several new docks came online, according to port records.

Outbound crude loadings from Corpus Christi reached a previous high of 370,000 bpd in September 2013.

Corpus Christi's port provides the main coastal outlet for the surging production of light sweet crude oil coming from the Eagle Ford shale play in South Texas. The crude is largely destined for refineries along the Gulf Coast or East Coast of the United States.

November 2013 saw the completion of several new docks, which allowed more frequent loadings of large coastal barges and tankers, according to John LaRue, the executive director of the Port of Corpus Christi.

"It's still moving by inland barge but there's even more activity with the larger ocean-going barges and Jones Act vessels," said LaRue, referring to a category of U.S.-flagged, U.S.-built and U.S.-crewed ships that are permitted to move between domestic ports.

Midstream companies Martin Midstream, Plains All American Pipeline LP and Nustar operate the recently completed docks.

Production from the Eagle Ford shale formation has averaged over 677,000 bpd from January 2013 through November 2013, according to the Texas Railroad Commission.

By comparison, nearly 65,000 bpd of Eagle Ford crude left the nearby Port of Victoria in December 2013, headed east on the Gulf Intracoastal Waterway, a manmade inland canal that stretches from the Texas border to Florida.

Read more at Reuters.

Student housing gig set for TAMU-CC Momentum Campus 

(2/7/2014)

CORPUS CHRISTI - A new student housing project is planned for Texas A&M University-Corpus Christi’s Momentum Campus to accommodate the school’s rapidly growing student population.

Planned for seven acres on Ennis Joslin Rd., the development could house 350 to 500 students and cost about $35 to $40 million to construct.

Student housing is in high demand at A&M-Corpus Christi, where enrollment has grown nearly 22 percent in the past five years to 10,913 students.

The housing project is the first such project for the Momentum Campus off Nile Dr. and Ennis Joslin Rd. It’s slated for completion in July 2015. American Campus Communities will develop and construct the housing. Once construction is complete, A&M will manage the student housing.

The Momentum Campus opened in 2011 on city-owned land and houses the university’s tennis center and the Dr. Jack Dugan Family Soccer & Track Stadium.

Read more at the Corpus Christi Caller-Times.

Eagle Ford play spurs growth in Corpus Christi 

(1/30/2014 11:10:00 AM)

CORPUS CHRISTI - The Corpus Christi regional economy has been pushed into overdrive with the South Texas oil boom, which is resulting mainly from the Eagle Ford Shale play. The main area of Eagle Ford is located about 90 miles to the north, but the impact to the Corpus Christi economy is tremendous.

The Port of Corpus Christi is at the center of this growth, with billions of dollars foreign and domestic being spent on projects throughout the Port and the area. Several projects are bringing workers and money into the economy.

With the industrial growth, retail growth is also expected, and 2013 was indeed a strong year for Corpus Christi. The most prominent new project is the redevelopment of the former Staples Center into the prestigious Shops at La Palmera.

Meanwhile, Corpus Christi Bay Outlet Mall broke ground in July 2013 on their new project, which will be located in Robstown at the fairgrounds area.

The entertainment and tourism subsector is seeing growth too. A $40 million Schlitterbahn water park is under construction on North Padre Island and is scheduled to open for this coming spring/summer season.

Throughout 2014 the market is expected to remain strong for new and existing retailers.

Read more at Texas Real Estate Business.

Valero pumps out $730M to Houston, Corpus Christi refineries 

(1/29/2014)

HOUSTON - Valero Energy Corp. is set to spend $730 million to upgrade a pair of its Texas refineries so they can process additional crude from the nearby Eagle Ford Shale.

Valero will pump $390 million into its Houston refinery and another $340 million into its Corpus Christi plant, equipping them to process more South Texas light sweet crude.

“We’re processing as much light sweet crude as we can at both of those facilities right now,” company spokesman Bill Day says. “Because our proximity to the Eagle Ford Shale, we’d like to be processing more.” Valero plans to complete the upgrades by the end of 2015. It has already received approval from state environmental regulators to begin the work.

The projects will allow Valero’s Houston refinery to process an additional 90,000 barrels per day (bpd) of light sweet crude and Corpus Christi an additional 70,000 bpd. The company’s Corpus Christi complex has a total capacity of 325,000 bpd, while the Houston refinery has a capacity of 160,000 bpd. Both produce a wide variety of petroleum products.

Read more at the San Antonio Business Journal.

Helicopter lands $43.2M for Corpus crown jewel 

(1/27/2014)

CORPUS CHRISTI - There's a greener future, with improved safety for U.S. military personnel around the world, after a more than $34.2 million investment in Corpus Christi Army Depot's (CCAD) helicopter maintenance facility.

Groundbreaking has been held for the planned 77,240-sf Aircraft Corrosion Control Facility. The facility will house the depot's helicopter blade cleaning, surface treatment and painting operations.

"It's a national treasure, and CCAD is its crown jewel," said John B. Nerger, deputy commanding general of Army Materiel Command.

The Aircraft Corrosion Control Facility will enable the depot to revamp the Army's largest helicopters with decreased energy use and more environmental safety.

It also will help the depot continue meeting the state's air permit requirements, while consolidating operations under one roof. A single location will minimize downtime previously caused by moving aircraft among maintenance facilities.

Construction is expected to be complete by February 2016.

Source: Corpus Christi Army Depot

Rockport Jan.–Dec. 2013 home sales: Swearingen 

(1/21/2014)

ROCKPORT - The Swearingen Report for residential homes has been released for January through December 2013 by Coldwell Banker The Ron Brown Company.

The average sales price for residential homes was $243,638 for January through December 2013, up 2.8 percent versus the same period 2012 when it was $237,067. The average days on market for residential homes for the year 2013 was 182 — 16.5 percent shorter than 2012.

Rockport MLS Single-Family, Condo-Townhome
Residential Sales
All Categories* Jan.–Dec.
2012
Jan.–Dec.
2013
Change
Residential property sales 428 515 20.3%
Residential total dollar volume $101,464,733 $125,473,403 23.7%
Average residential sales price $237,067 $243,638 2.8%
Median residential sales price $179,500 $178,000 -0.8%
Total active listings end of month 409 331 -19.1%
Months inventory 13.3 9.0 -32.3%

*Figures refer to the single-family and condo/townhome market.

See the full report at Coldwell Banker The Ron Brown Company.

Corpus master's in nursing ranks in top online programs 

(1/21/2014)

CORPUS CHRISTI - Texas A&M-Corpus Christi's Master of Science in Nursing was ranked in the top ten for 2014 Best Online Education Programs by U.S. News & World Report, up from its ranking of 31st on the list last year.

The university was awarded the No. 10 spot of 130 online programs, which were evaluated for factors such as student engagement, faculty credentials and training, student services and technology, peer reputation and admissions selectivity.

The university offers three specialties through its online nursing master’s programs. One is as a family nurse practitioner, which allows registered nurses to work in clinical settings to treat acute illnesses and under-control chronic conditions.

The university also offers a leadership program for nurses, preparing them for serving in roles ranging from clinical administrator to head nurse on a hospital floor. Lastly, the program offers a degree in nursing education, which allows nurses to work in a variety of educational areas, including teaching nursing at colleges and universities.

The program offers a variety of ways for professors and students to interact with students long distance. The program also provides online case studies, which the students analyze and discuss via Internet forums.

Read more at the Corpus Christi Caller-Times.

Apartment rent, occupancy soar in Corpus Christi 

(1/16/2014)

CORPUS CHRISTI - Rental industry officials say 2013 was one of its tightest rental years ever for Corpus Christi, a trend they believe is related to exploration of the Eagle Ford Shale formation and other swift job growth. Apartment occupancy rates in Corpus Christi hovered at 95.2 percent in December, according to ALN Apartment Data.

Average rent in the area is about $830 a month, though it is not unusual for units in higher-end complexes to fetch between $1,100 and $1,500 for one-bedroom homes.

In comparison, in January 2010, occupancy was 89 percent and average rent was about $700. Thousands of job seekers have in the past couple years converged on Corpus Christi, which enjoyed a 5.5 percent unemployment rate in November.

Nearly 40 percent of Corpus Christi’s rentals are one-bedroom apartments. Two- and three-bedroom units — which together account for roughly 55 percent of the city’s rental market — also have become attractive to families.

The trend will not let up anytime soon, according to Hendricks-Berkadia. Businesses in Corpus Christi are expected to create 5,800 jobs this year, further fueling rental demand.

Read more at the Corpus Christi Caller-Times.

Corpus Christi apartment forecast 2014: Hendricks-Berkadia 

(1/14/2014)

CORPUS CHRISTI - In 2014, 440 units are forecast to be absorbed, up from the 120 units absorbed in 2013. Leasing activity should increase again in 2014 with the absorption of 520 units.

Deliveries are skyrocketing as 980 apartments are scheduled to come online during the next 12 months, a four-fold surge in deliveries from 2013. Deliveries will ease in 2015 as 450 units are completed.

Multifamily permit submissions are expected to increase 60.3 percent with 590 units over the upcoming four quarters. Following two years of increased permitting activity, developers should pull back requests to 270 units in 2015.

The influx of new apartments will exceed demand, pushing up vacancy 130 basis points to 5.5 percent by December 2014. Vacancy will drop 30 basis points to 5.2 percent in 2015 as fewer apartments come online.

Average asking rent will advance 3.2 percent during the next 12 months to $861 per month. With increased competition, operators will raise concessions 140 basis points to 2.2 percent of asking rents. Asking rents will grow 1.7 percent in 2015 to $876 per month. Concessions will again rise, ascending 40 basis points to 2.6 percent of asking rents.

Employment will continue to grow at a healthy clip as businesses create 5,800 positions in 2014, rising 3 percent and supporting rental demand.

Construction of TPCO America's $1 billion seamless pipe mill is scheduled to complete in the second half of 2014 across from the Port of Corpus Christi's La Quinta terminal site. This project will support 600 to 800 new permanent jobs once operational.

The Schlitterbahn's Waterpark and Resort is scheduled to open in spring 2014, and will support 400 jobs directly and indirectly. The hiring of mostly lower-wage workers will support demand among Class B/C apartment properties in the southern portions of the metro.

View the full report and see the 2013 overview at Hendricks-Berkadia. Registration is free.

Corpus Christi building permits: year-end 2013  

(1/14/2014)

CORPUS CHRISTI - The City of Corpus Christi has released building permit data for year-over-year 2011 to 2013.

  New Residential New Commercial Totals
Corpus Christi Y-O-Y Building Permits
Year Permits Cost Permits Cost Permits Cost
2013 1,255 $240,582,240 255 $141,869,121 6,134 $535,977,807
2012 951 $178,097,897 198 $155,968,117 6,163 $459,530,282
2011 659 $118,003,701 214 $172,797,903 5,712 $407,871,853


Source: City of Corpus Christi

ALN Corpus Christi apartments Dec. 2013 

(1/13/2014)

CORPUS CHRISTI - ALN Apartment Data has released December 2013 apartment occupancy and effective rent data for apartments in the Corpus Christi market.

Corpus Christi Market Review
Corpus Christi Market Stabilized Market*
Dec. 
2013
Annual
Change
Occupancy rate 95.2 -0.3%
Units added -57 -
Units absorbed (annual) -118 -
Average size (SF) 847 -0.8%
Asking rent $830 6.9%
Effective rent $827 7.5%
Effective rent per SF $0.98 8.5%
Offering concessions 10% -42.2%
Avg. concession package 2.9% -68.3%

*Stabilized market is everything in a market except for apartments in initial lease-up. 

Floor Plan Breakdown - Corpus Christi
Plan Type % of
Market
Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 3.0% 468 $640 $640
1 BR 39.5% 665 $719 $716
1 DEN 0.7% 767 $881 $879
2 BR 44.8% 943 $896 $892
2 DEN 0.5% 1,152 $878 $861
3 BR 9.8% 1,188 $960 $959
>3 BR 1.6% 1,327 $1,950 $1,950


Read more at ALN Market News.

You're the tops! Corpus Christi construction jobs 

(1/10/2014 10:00:00 AM)

CORPUS CHRISTI - The local market added 3,800 new construction jobs in 2013 for a total of 28,700 jobs, or a 15 percent gain over 2012, according to the Associated General Contractors of America (AGC).

The region, including the City of Corpus Christi, Port Aransas, Kingsville, Alice and other towns, is the number 11 top market in the country by percentage for construction job growth.

Houston and Austin each added a greater volume of construction jobs in 2013, with growth rates at 2 percent and 6 percent respectively.

The AGC report included construction of all kinds — from road building to mining to logging — home building is likely where the region made its mark.

The number of permits issued for single-family homes in the Corpus Christi area, where the unemployment rate stood at 5.7 percent in October 2013, has steadily risen in recent years, according to The Real Estate Center at Texas A&M University.

In all, 1,271 permits for single-family homes were issued from January 2013 to November 2013, compared with 1,273 in all of 2012, 884 in 2011 and 925 in 2010.

The upswing in construction is also proof the region is positioning itself for more economic growth as exploration of the Eagle Ford Shale ramps up, said Bart Braselton, executive vice president of Braselton Homes in Corpus Christi .

“Our proximity to a cheap and abundant energy source is creating interest from all over the state and all over the world,” said Braselton.

Area Nov.
2012
Y-O-Y
Nov.
2013
Y-O-Y

12-mo.
Chg.

Top Texas Construction Employment*
Corpus Christi 24,900 28,700 15%
Longview 16,800 19,100 14%
Midland 23,200 25,900 12%
Odessa 18,500 20,800 12%
Abilene 5,200 5,500 12%

*ranked by % change, not seasonally adjusted

Read more at the Corpus Christi Caller-Times and the Associated General Contractors of America.

For more, see Corpus Christi NewsTalk Texas along with the Texas Workforce Commission.

Corpus Christi apartments 2013: Hendricks-Berkadia 

(1/10/2014)

CORPUS CHRISTI - In 2013, 120 units were absorbed, down from the 580 units absorbed in 2012 and the historic average of 280 units. In 2014, 440 units are forecast to be absorbed, and 520 units are projected to be absorbed in 2015.

Vacancy shifted from 4.0 percent in 2012 to 4.2 percent in 2013, and Class C vacancy tightened to 4.9 percent by December 2013 from 5.3 percent in 2012.

During the second half of 2013, 200 units came online, but the only deliveries were a part of two apartment communities located near the South Side area. Construction has started on an additional 630 units that are scheduled to be complete by the end of 2014.

Average asking rent reached $834 per month in 2013, up from $816 in 2012. Class A rents had the largest rent gain last year, up 9.2 percent to $1,073 per month.

Average asking rent will advance 3.2 percent during the next 12 months to $861 per month, and concessions will rise to 2.2 percent of asking rents.

Hiring accelerated with 7,000 new jobs to support rising rental demand. Leisure and hospitality businesses provided 1,700 of the new positions.

With 900 new jobs each, the educational and health services and the trade, transportation and utilities sectors also registered healthy gains.

Year Jobs
Gained
Jobs Gained in Corpus Christi
2011 4,500
2012 6,900
2013* 7,000
2014* 5,800
2015* 5,400

* Year-end projection

View the full report at Hendricks-Berkadia.

See the Center's Corpus Christi Market Data Sources for more great data.

Kittyhawk moment: Aerial drone to TAMU-Corpus Christi 

(1/3/2014 10:00:00 AM)

CORPUS CHRISTI - The Federal Aviation Administration named Texas a test site for aerial drones thanks to a statewide proposal spearheaded by Texas A&M University-Corpus Christi. See Prime Air octocopter video for a look.

"This is a Kittyhawk moment," said Ron George, Senior Research and Development Officer at Texas A&M Corpus Christi. "The integration of unmanned aircraft is the next big step. And Texas A&M University Corpus Christi is going to be right there in the middle of it."

The university, which partnered with the Texas Engineering Experiment Station in College Station, or TEES, is one of six entities nationwide selected for the designation that could help usher in a multibillion-dollar industry.

Texas A&M has access to 6,000 square miles of approved airspace near Corpus Christi and submitted the only proposal from Texas.

A&M-Corpus Christi partnered with TEES, San Antonio-based Southwest Research Institute, the Camber Corp., American Aerospace Advisors Inc. and faculty at the University of Texas at Arlington and Texas Tech.

Texas A&M University-Corpus Christi drafted a statewide proposal to bid on becoming a test site. Texas A&M-Corpus Christi has been involved in researching unmanned aerial systems technologies for about two years.

The university has been looking at ways to use these technologies for mapping sea grass, detecting oil spills and wildfires, hurricane monitoring and even counting herds for ranchers.

Read more at the Corpus Christi-Caller Times, The Eagle and the San Antonio Business Journal.

Rockport Nov. 2013 home sales: Swearingen 

(12/20/2013 6:30:00 AM)

ROCKPORT - The Swearingen Report for residential homes has been released for the 12 months ending November 2013 by Coldwell Banker The Ron Brown Company.

The average sales price for residential homes was $249,106 for the 12 months ending November 2013 — up 6.9 percent versus the same period last year when it was $233,116.

Rockport MLS Single-Family, Condo-Townhome
Residential Sales
All Categories* 12 Months Ending
  Nov. 2012
12 Months Ending
  Nov. 2013
Change
Residential property sales 431 509 18.1%
Residential total dollar volume $100,472,968 $126,795,192 26.2%
Average residential sales price $233,116 $249,106 6.9%
Median residential sales price $184,000 $178,500 -3.0%
Total active listings end of month 447 374 -16.3%
Months inventory 13.4 9.6 -28.4%

*Figures refer to the single-family and condo/townhome market.

See the full report at Coldwell Banker The Ron Brown Company.

Corpus Christi building permit activity Nov. 2013 

(12/11/2013)

CORPUS CHRISTI - The City of Corpus Christi has released building permit data for November 2013. The November 2013 total value of permit activity was $225,940,648 with 1,177 permits issued.

Corpus Christi 2013 Building Permit Report
Month New Residential New Commercial
Permits Project Cost Permits Project Cost
July 93 $14,836,113 12 $4,098,037
Aug. 136 $31,301,520 28 $20,633,547
Sept. 88 $14,999,463 9 $4,501,391
Oct. 91 $14,944,316 16 $7,456,819
Nov. 201 $32,583,773 27 $7,489,245
Total 1,177 $225,940,648 223 $113,395,398


Source: City of Corpus Christi

Customs and Border Protection opens in Corpus Christi 

(12/11/2013)

CORPUS CHRISTI - A new joint U.S. Customs and Border Protection facility has been opened by the government. The 70,000-sf complex just west of Corpus Christi International Airport is nearly 12 times larger than the old one on Leopard St.

The new facility can hold about 100 Border Patrol and 19 customs agents plus support staff. It has detention, kennel, office and warehouse space, plus vehicle maintenance and washing stations. It can hold about 90 people for short-term detention.

The facility is unique because it is the only one in Texas to house both Border Patrol and the Office of Field Operations — the customs agents who in Corpus Christi are focused largely on clearing passengers and cargoes through the seaport and airport.

Though Corpus Christi is 120 miles from the U.S.-Mexico border, the Border Patrol agents stationed here actually cover a much larger land area than their counterparts deeper in the Rio Grande Valley.

Read more at the Corpus Christi Caller-Times.

Corpus Christi hits growth spurt in 2013 

(12/2/2013)

CORPUS CHRISTI - The city is expected to secure its position with a 3.8 percent growth rate in gross metropolitan product in 2013, ranking it No. 10 out of 363 cities studied as part of the U.S. Metro Economies: Outlook — Gross Metropolitan Product with Metro Employment Projections report, prepared by IHS Global Insight.

Gross metropolitan product (GMP) represents all goods and products made in a particular area. It is used by economists as a measurement of growth. According to the report, it is expected Corpus Christi will see another 3.1 percent growth increase in 2014.

Topping the list for the largest percentage of growth in gross metropolitan product is Midland, with an expected 7.3 percent annual increase, while Odessa takes second place with a 6.4 percent increase predicted in 2013.

In 2012, Corpus Christi saw a 6.9 percent growth — amounting to $21.9 billion in GMP — while the national average was 2.5 percent, according to the report.

There’s no question the Eagle Ford Shale is the major driver behind the growth, said Roland Mower, CEO of the Corpus Christi Regional Economic Development Corporation.

Read more at the Corpus Christi Caller-Times.

Burbach & Associates: Corpus Christi cap rates 

(11/22/2013)

CORPUS CHRISTI - Burbach & Associates Inc. has released its Real Estate Investment Summary for summer 2013.

Respondents of the survey report on cap rates for various property types. The chart below shows caps rates in Corpus Christi, according to a valuation/consulting company in Corpus Christi.

Property Type Stabilized
Cap Rate
Corpus Christi Cap Rates by Property Type
Hotels / motels 8.5–9.0%
Multifamily apartments 8.0%
Suburban / low rise office 8.5–9.0%
Neighborhood / community retail 8.0–8.5%
Industrial / warehouse 9.0–10.0%
Mini warehouse / self sorage 8.0–8.5%
Mobile home / RV parks 9.0–9.5%

Source: Burbach & Associates Inc.

Corpus Christi: 120-unit Palms at Leopard underway 

(11/20/2013 6:35:00 AM)

CORPUS CHRISTI - Local leaders along with northside residents have broken ground on a new 120-unit residential complex called the Palms at Leopard. The $17.5 million affordable-housing project is located at Leopard St. and Palm Dr.

The low-income housing complex is the area's first new construction project in decades. The complex will replace the aging North Side Manor Apartments. Those residents at Northside Manor will be offered the opportunity to move into the new complex.

The Palms at Leopard will consist of ten buildings, nine of them residential and a clubhouse.

The project will bring 120 families to the area and is expected to be complete in summer 2014.

Read more at KIIITV and The Nueces County Record Star.

TAMU-CC sets record military enrollment 

(11/14/2013 7:00:00 AM)

CORPUS CHRISTI - A record number of active duty military, veterans, and their dependents are currently enrolled at Texas A&M University-Corpus Christi. A total of 1,009 students, nearly 10 percent of the University’s student population, are categorized as military.

This total includes students who are enrolled in the ROTC Islander Battalion, are active duty service members, veterans, or military dependents. For the past five years, the University has been designated as “Military Friendly School” for 2014 by G.I. Jobs magazine.

Colleges, universities and trade schools named as “Military Friendly” must rank in the top 15 percent of all colleges, universities, and trade schools nationwide for efforts and results in recruiting and retaining military and veteran students to increase diversity among the student body, faculty, and staff.

The University is also leading the way for veterans through its eLine Military Nursing program (ELM), a one-of-a-kind program that gives college credit to members of the military and veterans for their medical experience in the service.

Read more at Texas A&M University-Corpus Christi.

TAMU-CC steps by degrees to Doctor of Nursing Practice 

(11/14/2013)

CORPUS CHRISTI - Texas A&M University-Corpus Christi is one step closer to offering a Doctor of Nursing Practice Degree (DNP). The Texas A&M System Board of Regents approved a new online DNP degree for the University and the proposal now goes before the Texas Higher Education Coordinating Board.

Students would do the majority of their course work online, but would also have to complete 1,000 hours of clinical work.

If approved by the Texas Higher Education Coordinating Board, the Island University DNP will be the only one south of San Antonio and only the second one in the Texas A&M System.

According to the Association of American Medical Colleges, the United States is short 20,000 doctors now, and is expected to face even larger shortages as nearly half of the nation's physicians near retirement.

South Texas has the highest incidence in Texas of several preventable diseases like diabetes and infectious diseases such as tuberculosis, listeriosis, and dengue fever. To make matters worse, of all South Texas counties, 16 have a shortage of primary care clinicians, while others have areas that are medically underserved.

Read more at Texas A&M University-Corpus Christi.

Eagle Ford Shale plays in Port of Corpus Christi 

(11/12/2013)

CORPUS CHRISTI - Corpus Christi is reaping the benefit of the 24-county oil-and-gas play. More than $3.8 billion in projects are now under construction at the Port of Corpus Christi and another $12 billion are in permitting phase, according to port officials.

“Corpus Christi is about 70 miles out from the shale play,” says Eddie Martinez, the port’s business development director. That means many companies that once sought port facilities in Houston are now locating in Corpus for its proximity to the shale.

In the past year, the port has shifted from being an import facility into a net exporter as the supply of Eagle Ford crude has outstripped local refining capacity.

The largest project currently on the drawing board at the Port of Corpus Christi is a $10 billion Cheniere Energy Inc. natural-gas liquefaction plant. Additionally, logistics giant Trafigura is undergoing a $500 million expansion of its crude oil terminal to handle additional petroleum exports.

The port itself is constructing a $46 million rail yard to handle shipments of everything from Eagle Ford crude to pipe and frac sand destined for the oil fields.

Read more at the San Antonio Business Journal.

Corpus Christi Hyundai heads to South Padre Island Dr. 

(11/6/2013)

CORPUS CHRISTI - AutoNation Hyundai has announced the construction of a new $4 million Hyundai dealership. The approximately 32,000-sf service and sales showroom will move between the Toyota and Honda lots in the South Padre Island Drive AutoNation multiplex near Nile Rd.

AutoNation Hyundai is currently located at 3115 South Padre Island Dr.

Read more at the Corpus Christi Caller-Times.

Corpus Christi Bank of America Tower sold 

(10/29/2013)

CORPUS CHRISTI - The Class A Bank of America Tower at 5370 S. Staples St. has a new owner. The 350,000-sf building was listed for $16.5 million. The seller was Lake Street Corpus Christi Holdings Inc.

The 12-story office building has a two-story atrium and detached parking garage with more than 770 parking spaces.

The building is leased to Bank of America through August 31, 2015 for $2,058,233 a year, according to Colliers’ property listing. The bank subleases about 183,000 sf to other tenants.

Read more at the Corpus Christi Caller-Times.

Corpus Christi breaks ground on new middle school 

(10/24/2013)

CORPUS CHRISTI - Corpus Christi Independent School District has broken ground on the new Dorothy Adkins Middle School at 2402 Ennis Joslin Rd. The project, estimated at $30 million, totals 180,000 sf.

The school will feature specialized classrooms, athletic facilities, science and computer labs, a cafeteria, fine arts areas and a library.

Completion of the new Dorothy Adkins Middle School is scheduled for May 2014.

Source: Corpus Christi ISD

Read more at the Corpus Christi Caller-Times. See more news under Corpus Christi NewsTalk Texas.

Sam's Club opens doors in Corpus Christi 

(10/23/2013 9:10:00 AM)

CORPUS CHRISTI - The new Sam’s Club is officially open. The new 136,000-sf membership warehouse club is located at 4833 S. Padre Island Dr. Construction cost is estimated at $8.3 million, according to state licensing.

The project included demolishing the existing 20-year-old Walmart store on the 12-acre site.

Read more at the Corpus Christi Caller-Times.

Rockport Sept. 2013 home sales: Swearingen 

(10/23/2013 8:10:00 AM)

ROCKPORT - The Swearingen Report for residential homes has been released for the 12 months ending September 2013 by Coldwell Banker The Ron Brown Company.

The average sales price for residential homes was $244,524 for the 12 months ending September 2013 — up 6 percent versus the same period last year when it was $230,743.

Rockport MLS Single-Family, Condo-Townhome
Residential Sales
All Categories* 12 Months Ending
  Sept. 2012
12 Months Ending
  Sept. 2013
Change
Residential property sales 424 496 17.0%
Residential total dollar volume $97,835,196 $121,284,036 24.0%
Average residential sales price $230,743 $244,524 6.0%
Median residential sales price $180,000 $178,250 -1.0%
Total active listings end of month 443 396 -10.6%
Months inventory 10.5 8.0 -23.8%

*Figures refer to the single-family and condo/townhome market.

See the full report at Coldwell Banker The Ron Brown Company.

Corpus' $93M salute to Veterans Memorial High School 

(10/18/2013 7:06:00 AM)

CORPUS CHRISTI - The $93 million Southside high school, now named Veterans Memorial, is underway. The 430,000-sf school is being built on a 75.98-acre site at 3750 Cimarron Blvd.

The name of the school will honor those who have served in the military, fallen heroes and their families. Veterans Memorial is set to open by August 2015.

Corpus Christi Independent School District (CCISD) base plan includes instructional classrooms, science labs, business labs, multimedia/library, fine arts, athletics, ROTC and AG program areas and an auxiliary gym and a 1,500-seat competition gym.

In July, the CC ISD school board added an 1,000 seat UIL compliant performing arts auditorium and a dozen additional classrooms to the new high school at an added cost of just over $14 million bringing the total construction value to $93M.

Veterans Memorial marks the first new high school since 1967.

Read more at the Corpus Christi Caller-Times, KRISTV. A special thanks to Scott Meares of CCISD.

Corpus Christi apartments 3Q 2013: Hendricks-Berkadia 

(10/10/2013 10:00:00 AM)

CORPUS CHRISTI - Builders added 40 units in the third quarter, the first this year, while construction continued on 990 units in the metropolitan area, according to the third quarter 2013 report from Hendricks-Berkadia.

Rental demand remained positive with the net absorption of 60 units in 3Q 2013. The leasing activity slowed from the 110 units absorbed in the previous quarter.

Average asking rent ascended 2.6 percent to $872 per month in September from June. Asking rents in 3Q 2013 were up 7.3 percent from 12 months ago.

The median existing single-family home price increased 10.1 percent to $159,890 in the last six months. It was the largest half-year increase in more than two decades.

Corpus Christi Multifamily 3Q 2013 / 3Q 2012 Comparison
Area Vacancy Average Rent Average Rent Increase
3Q 2013 3Q 2012 3Q 2013 3Q 2012 3Q 2013 3Q 2012
Corpus Christi 3.9% 4.1% $872 $813 7.3% 6.0%


View the full report at Hendricks-Berkadia.

See the Center’s free Corpus Christi Market Data Sources. Stats and facts galore!

Corpus Christi ALN apartments Sept. 2013 

(10/10/2013)

CORPUS CHRISTI - ALN Apartment Data has released the September 2013 apartment occupancy, effective rent data and more for apartments in the Corpus Christi market.

Corpus Christi Market Review
Corpus Christi Market Stabilized Market*
Sept.
2013
Annual
Change
Occupancy rate 95.5 -0.6%
Units added -61 -
Units absorbed (annual) -188 -
Average size (SF) 848 -0.7%
Asking rent $822 6.5%
Effective rent $821 7.0%
Effective rent per SF $0.97 7.9%
Offering concessions 5% -65.6%
Avg. concession package 4.2% -23.0%

*Stabilized market is everything in a market except for apartments in initial lease-up.

Floor Plan Breakdown - Corpus Christi
Plan Type % of
Market
Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 3.0% 468 $631 $631
1 BR 39.6% 663 $716 $715
1 DEN 0.7% 767 $851 $851
2 BR 44.8% 943 $878 $876
2 DEN 0.5% 1,152 $868 $868
3 BR 9.8% 1,197 $961 $961
>3 BR 1.7% 1,326 $1,952 $1,952


Read more at ALN Market News. Check Corpus Christi NewsTalk Texas that's FREE and NO ADVERTISING.

APAC adds 150 new jobs in Corpus Christi 

(10/3/2013)

CORPUS CHRISTI - APAC Customer Services Inc., a leader in global customer care outsourced services and solutions, announced that it will add 150 jobs in its Corpus Christi service center between now and December.

These new positions will provide customer service support via phone for a major health care client.

David Flores, General Manager of APAC Customer Services' Corpus Christi location, stated, "Corpus Christi is such a great place to live and work! It feels really good to bring great jobs in an excellent company to our community. I'm excited about the opportunity to expand our business here in Corpus Christi and am confident that we will continue to deliver exceptional service to our new client."

Read more at the Digital Journal.

Normandy Village sold in Corpus Christi 

(10/2/2013)

CORPUS CHRISTI - Normandy Village, a 180-unit multifamily property located at 4848 South Alameda St., has been sold. The property was purchased by a California-based partnership.

The complex offers apartments in efficiency, one-, two- and three-bedroom layouts, as well as amenities such as covered parking and three swimming pools. Size of the apartments range from 733 to 1,600 sf.

Read more at Texas Real Estate Business.

CBBI reopens; looks to create Coastal Bend jobs 

(10/1/2013)

CORPUS CHRISTI - After more than $1.4 million in renovations to the Coastal Bend Business Innovation Center (CBBIC), the center is officially open. The Center is located at 10201 South Padre Island Dr.

"With this remodeling, we can increase our resident base to 30-35 clients," said Bill Cone, Director of the CBBIC.

Cone states that they have averaged 100 new jobs a year into the local market. “That's somewhere between $14-15 million in annual payrolls,” Cone said.

The Center is partnered with Texas A&M University-Corpus Christi.

Read more at the Nueces County Record Star.

Staples Street Center project breaks ground 

(10/1/2013)

CORPUS CHRISTI - Regional Transportation Authority officials broke ground on the new Staples Street Center project. The $29 million project is located at Waco St. and Leopard St.

The project includes a new customer service center across from City Hall, a parking lot and the renovation of the nearby bus transfer station. The 79,251-sf building will have space for other governmental entities to lease and renovate the nearby bus transfer station.

The project is expected to bring nearly $40 million into our economy each year, along with 233 jobs.

Construction on the new complex is scheduled for a completion date of December 2014.

Read more at KIIITV.

Rockport August 2013 home sales: Swearingen 

(9/27/2013)

ROCKPORT - The average sales price for August 2013 single-family homes was $297,229, up 22.0 percent over August 2012 when it was $243,636, according to Lee Swearingen, Coldwell Banker The Ron Brown Company.

The average days on market for single-family homes for August 2013 was 154, 33.6 percent shorter than August 2012.

Residential Homes Rockport MLS
All Categories* Aug. 2012   Aug. 2013 Change
Residential property sales 34 48 41.2%
Residential total dollar volume $8,283,625 $14,266,996 72.2%
Average residential sales price $243,636 $297,229 22.0%
Median residential sales price $155,000 $242,500 56.5%
Total active listings end of month 355 338 -4.8%
Months inventory 9.5 8.1 -14.7%

*Figures refer to the single-family home market.

See the full report at Coldwell Banker The Ron Brown Company.

Listen to Podcast 189...for this story and more!

Pipeline expansion to supply Corpus, Three Rivers 

(9/25/2013)

CORPUS CHRISTI, SOUTH TEXAS - Plains All American Pipeline (PAA) and Enterprise Products Partners have agreed to expand their Eagle Ford joint venture crude oil pipeline.

The expansion will set the pipeline’s capacity to 470,000 barrels per day of light and medium crude oil grades to accommodate additional volumes expected from PAA’s Cactus pipeline which is currently under construction. The Cactus Pipeline is being constructed by PAA from McCamey, Texas, in the Permian Basin area to Gardendale in La Salle County.

The Eagle Ford expansion is expected to cost approximately $120 million and is expected to be in service in second quarter 2015.

It serves the Three Rivers and Corpus Christi refineries and other markets via marine transport facilities at Corpus Christi.

The pipeline supplies the Houston-area market through a connection to the Enterprise Crude Pipeline terminal at Lyssy in Wilson County, Texas.

The expansion also includes constructing an additional 2.3 million barrels of operational storage capacity in Gardendale, Tilden and Corpus Christi.

Source: Industrial Distribution

Corpus Christi apartments 2Q 2013: Hendricks-Berkadia 

(9/20/2013 6:00:00 AM)

CORPUS CHRISTI - Multifamily developers requested permits for 130 units in first half 2013. During the same period in 2012, permits were issued for 260 units.

Leasing activity turned positive with the net absorption of 200 units in second quarter 2013.

The improving economy is supporting development. Builders completed 110 rental units in third quarter 2013. Metro-area vacancy rate was 4.2 percent in second quarter 2012. The rate has remained in the 4 percent range for 2013.

Marketwide asking rent reached $839 per month in June 2013. Since June 2012, asking rent has seen a 7.0 percent jump.

Corpus Christi Multifamily 2Q 2013 / 2Q 2012 Comparison
Area Vacancy Average Rent Average Rent Increase
2Q 2013 2Q 2012 2Q 2013 2Q 2012 2Q 2013 2Q 2012
Corpus Christi 4.20% 4.30% $839 $784 7.00% 7.30%


View the full report at Hendricks-Berkadia.

See the Center’s free Corpus Christi Market Data Sources. Stats and facts galore!

Texas A&M-Corpus Christi dining hall groundbreaking 

(9/12/2013)

CORPUS CHRISTI - Texas A&M University-Corpus Christi has broken ground on the new dining hall on campus, which will be located adjacent to the new residence halls.

The 18,700-sf dining hall will help accommodate a growing student body that is expected to be close to 11,000 this fall.

The facility will include indoor and outdoor seating for up to 400 students and will become the seventh dining facility on campus. Cost of construction is estimated at $7 million, according to state filing.

The expected opening date of the single-story dining hall is August 2014.

Read more at The Nueces County Record Star.

TAMU-CC University Center expansion underway 

(9/12/2013)

CORPUS CHRISTI - Texas A&M University-Corpus Christi has broken ground on a multimillion dollar expansion project to the school's University Center. The 35,000-sf expansion will total $27.5 million.

The expansion will include lounge area, ballroom and even a convenience store. The addition will also double the existing kitchen and dining areas. The project is planned to be complete by summer 2015.

The University Center expansion is part of a new master plan for the future expansion in coming years. The growth of student enrollment is leading the need for the major expansion.

The Master Planners predict that by fall 2020, more than 18,000 students will be enrolled; by 2025, 22,000 students will be enrolled.

The plan makes room on the Island Campus for 39 new buildings and four new parking garages. Many of these new buildings will be used for research, as the University plans to triple its research expenditures as it strives to obtain “emerging research status.”

Read more at KRIS TV.

Corpus Christi Baypoint Resort sold to Austin investor 

(9/10/2013)

CORPUS CHRISTI - The 350-unit Baypoint Resort Apartments on Oso Bay has been purchased by Sendera Investment Group. The 29-acre property at 1802 Ennis Joslin Rd. includes 1,800 feet of shoreline. Sendera plans to make $2.8 million in upgrades to the acquisition.

The property’s previous owner was Apartment REIT Bay Point Resort LLC. The property is appraised at $25.8 million, according to Nueces County Appraisal District.

Corpus Christi is one of the strongest markets in the south with an apartment occupancy rate of 96.9 percent, second only to Miami with 97.1 percent occupancy, according to trade publication Property Management Insider.

The publication also shows that rental rates have climbed for nine consecutive quarters.

Read more at Austin Business Journal.

DSW walks footwear to Corpus Christi 

(9/4/2013)

CORPUS CHRISTI - DSW Designer Shoe Warehouse will open at The Shops at La Palmera, according to Fort Worth-based real estate development, investments, and services firm, Trademark Property Company. Construction has begun on the 18,000-sf DSW, which is located adjacent to Catherine’s.

This is the first Corpus Christi location for DSW Inc., which is scheduled to open in early 2014.

The Shops at La Palmera is a 200,000-sf outdoor shopping center in Corpus Christi.

Source: The Shops at La Palmera

Port Royal's $4M upgrade to aquatic complex 

(9/3/2013)

PORT ARANSAS - South Texas’ largest swimming pool just got bigger at Port Royal Ocean Resorts & Conference Center in Port Aransas. The aquatic complex, located at 6317 SH 361, received upgrades totaling $4 million.

The complex has added a heated lap pool, children’s splash park called Royal Reef, rental cabanas and revamped the swim-up bar. The newly enhanced swim and splash areas collectively hold nearly a million gallons of water, with capacity for hundreds of swimmers at once.

The 25-acre, 250 condominium resort was built in 1984 and has become known for its large pool complex.

Read more at the Corpus Christi Caller-Times.

Coastal Bend unemployment drops in July 

(9/3/2013)

CORPUS CHRISTI - Coastal Bend unemployment dropped in July to 6.2 percent — a drop of two-tenths of a percent compared to June, according to the July job and employment report. This means 8,233 more people have jobs than a year ago, netting an unemployment decrease of six-tenths of a percent from July 2012.

The Corpus Christi Metropolitan Statistical Area increased by about 6,800 jobs from July 2012, with about 3,400 new mining, logging and construction jobs; about 2,100 new leisure and hospitality jobs and about 1,000 jobs in education and health services.

The greatest job growth was seen in Bee and Refugio counties, with an unemployment decrease of four-tenths of a percent for June.

Read more at the Corpus Christi Caller-Times.

Corpus Christi unemployment rate falls in July 

(8/22/2013)

CORPUS CHRISTI - The Coastal Bend region’s not seasonally adjusted unemployment rate for July 2013 crept down to 6.2 percent, two-tenths of a percent lower than the month of June. This decrease is a 0.6 percent change from July 2012, with 8,233 more people employed in the Coastal Bend.

Bee County (7.1 percent) and Refugio County (4.5 percent) experienced the greatest monthly unemployment decrease of 0.4 percent from June. Nueces County (6.0 percent) and Refugio County (4.5 percent) saw the greatest drop over the year, with changes of 0.8 percent and 0.6 percent, respectively.

The Corpus Christi MSA employment by industry increased by 6,800 jobs from July 2012, with the Mining, Logging, and Construction (3,400), Leisure & Hospitality (2,100), and Education & Health Services (1,000) industry super sectors adding the largest number of jobs over last year.

Read more at the Nueces County Record Star. See more at Texas LMCI Tracer.

Rockport July 2013 home sales: Swearingen 

(8/22/2013)

ROCKPORT - The average sales price for residential homes was $238,577 for the 12 months ending July 2013 — up 5 percent versus the same period last year when it was $227,212, according to Lee Swearingen of Coldwell Banker The Ron Brown Company.

Days on Market for residential homes for the 12 months ending July 2013 was 188, 16.4 percent shorter than the same period last year.

Residential Homes Rockport MLS
All Categories* 12 Months Ending
  July 2012
12 Months Ending
  July 2013
Change
Residential property sales 409 479 17.1%
Residential total dollar volume $92,929,868 $114,278,431 23.0%
Average residential sales price $227,212 $238,577 5.0%
Median residential sales price $184,000 $175,000 -4.9%
Total active listings end of month 474 425 -10.3%
Months inventory 11.2 8.7 -22.3%

*Figures refer to the single-family and condo/townhouse market.

See the full report at Coldwell Banker The Ron Brown Company.

Corpus Christi ALN apartments July 2013 

(8/7/2013 7:48:00 AM)

CORPUS CHRISTI - ALN Apartment Data has released the July 2013 apartment occupancy, effective rent data and more for apartments in the Corpus Christi market.

Corpus Christi Market Review
Corpus Christi Market Stabilized Market*
July 2013 Annual
Change
Occupancy rate 95.5 0%
Units added -61 -
Units absorbed (annual) -51 -
Average size (SF) 850 -0.4%
Asking rent $810 6.2%
Effective rent $808 7.0%
Effective rent per SF $0.95 7.6%
Offering concessions 6% -69.3%
Avg. concession package 4.6% -12.9%

*Stabilized market is everything in a market except for apartments in initial lease-up.


Floor Plan Breakdown - Corpus Christi
Plan Type % of
Market
Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 3.0% 468 $629 $626
1 BR 39.6% 663 $697 $695
1 DEN 0.7% 767 $856 $856
2 BR 44.8% 943 $868 $866
2 DEN 0.5% 1,152 $862 $841
3 BR 9.8% 1,197 $953 $951
>3 BR 1.7% 1,326 $1,952 $1,952


Read more at ALN Market News. Check Corpus Christi NewsTalk Texas that's FREE and NO ADVERTISING.

Apartments to be doppelgänger of Lichtenstein Corpus Christi 

(8/5/2013 7:45:00 AM)

CORPUS CHRISTI - The iconic Lichtenstein building in downtown will make way for a five-story mixed-use apartment complex modeled after the building’s signature curved facade at the corner of Chaparral and Lawrence streets.

The Cosmopolitan — a $29 million project planned at the center of two blocks of public improvement in downtown — will take its place.

Plans to begin razing the Lichtenstein are set for mid-September, said John Schleider, vice president of development for Realtex Development Corp.

In its place will be 165 apartments with 3,800 sf of ground-floor retail space. Construction to build the foundation of The Cosmopolitan could begin as early as Nov. 1 with the apartments beginning to take shape about Feb. 1.

There will be one-bedroom, one-bath and two-bedroom, two-bath apartments. Lease prices will range from $1,100 a month to $1,800 a month. Preleasing will begin next summer.

Read more at the Corpus Christi Caller-Times.

TAMU-Corpus Christi new student housing, Ocean view 

(8/1/2013 6:45:00 AM)

CORPUS CHRISTI - Camden Miramar Phase IX — an $8 million project with 75 apartments for student housing — is open. There are two buildings — Tarpon Hall with 87 beds and Anchor with 62 beds.

Camden has exclusive rights for housing at Texas A&M University Corpus Christi. Camden Miramar is at 6515 Ocean Drive.

Also see Camden 2Q activity H-Town, Austin-Round Rock, Corpus.

Source: Camden Miramar

Listen to Podcast 181 for this story...and more! (Updated Sept. 2, 2013 KRIS-TV)

Corpus Christi waves to 284-unit Springs 

(7/12/2013 7:45:00 AM)

CORPUS CHRISTI - The 284-unit Springs at Corpus Christi moved one step forward. McShane Construction was awarded the contract by Continental Properties Co. Inc. The $21 million structure will offer studio, two- and three-bedroom units with ground level private entries.

The community, at 5702 Timbergate Drive, will consist of 13 two-story apartment buildings. The development will feature units with attached garages together with four detached garages and five carport areas.

The development is expected to be complete in fall 2014.

Source: Multi-Housing News, state filings

No small mall for Robstown 

(7/12/2013 6:59:00 AM)

ROBSTOWN - It has been in the works since 2007 but the Outlets at Corpus Christi Bay in Robstown has broken ground.

Phase 1 of the development includes 300,000 sf of retail space with another 30 acres for further development. Up to 70 retail stores are expected to be opened in the first phase.

The mall will be located near the Richard M. Borchard Fairgrounds. Stores, such as Guess, Puma and Brooks Brothers are expected to start opening their doors to shoppers in spring 2014. The mall previously was estimated to cost $62 million.

Developers hope the outlet mall’s location along US Hwy. 77 will make it a stop for travelers en route to or from the Rio Grande Valley, South Padre Island and Mexico.

The location also means a steady stream of visitors to the fairgrounds in January, February and March for rodeos, livestock shows and more, when sales typically slump at stores.

Read more at Corpus Christi Caller-Times and KIIITV.

Listen to Podcast 179 for this story...and more!

DPS crime lab unveiled in Corpus Christi 

(6/28/2013 6:45:00 AM)

CORPUS CHRISTI - A new $6 million crime lab has opened marking what may be the end of delays for backlogged law enforcement and prosecutors. The 18,000-sf facility replaces a 40-year old building with only 4,000 sf.

Nueces County First Assistant District Attorney Gail Loeb said her office has been helping campaign for state funding to build the new lab, located next to the Department of Public Safety (DPS) headquarters.

The new lab will employ 14 chemists to help with crime investigations involving chemical and compound testing. Currently, such tests are done by the DPS crime lab in Austin, but Loeb said the backlog has been enormous.

"Today they made an announcement that they thought the drug testing was six months behind. It's eight or nine months behind," Loeb said. "It's more than that, so it's a big problem."

"Drug analysis, blood and alcohol analysis, serology and also DNA testing, and we have the capabilities for firearm testing here also," DPS Sgt. Johnny Hernandez said.

DPS Director Steve McCraw said the new facility has plenty of room for expansion to keep up with population growth. The 14 chemists are already hard at work. The new lab, one of 13 statewide, has been accepting test orders since March.

The facility is next to the Department of Public Safety headquarters along North SPID.

Read more at KIIITV.

Nemo finds resort near Corpus Schlitterbahn 

(6/25/2013)

CORPUS CHRISTI - The $9 million, 44-unit Nemo Cay Resort, adjacent to the Schlitterbahn water park, will break ground in July 2013. The townhouses are planned on Nemo Ct., a small cul-de-sac off Park Rd. 22, on 2.5 acres. An opening date is set for spring break 2014.

The town houses are priced between $179,900 and $259,900 per unit and range from 1,110  sf to 1,800 sf. Floor plans include the smallest — a two-bedroom, three-bathroom option — and the largest — a five-bedroom, four-bathroom option.

Builder Alex Harris has already collected $5,000 worth of earnest money.

The Nemo Court property is the only land tract outside of the Schlitterbahn development adjacent to the water park.

Read more at the Corpus Christi Caller-Times.

Rockport May 2013 home sales: Swearingen 

(6/24/2013)

ROCKPORT - The average sales price for residential homes was $229,140 for the 12 months ending May 2013 — up 3 percent versus the same period last year when it was $222,458, according to Lee Swearingen of Coldwell Banker The Ron Brown Company.

Residential Homes Rockport MLS
All Categories* 12 Months Ending
  May 2012
12 Months Ending
  May 2013
Change
Residential property sales 387 475 22.7%
Residential total dollar volume $86,091,116 $108,841,346 26.4%
Average residential sales price $222,458 $229,140 3.0%
Median residential sales price $180,000 $174,000 -3.3%
Total active listings end of month 485 455 -6.2%
Months inventory 12.9 9.0 -30.2%

*Figures refer to the single-family and condo/townhouse market.

See the full report at Coldwell Banker The Ron Brown Company.

Rents increase 275 percent in Live Oak County 

(6/24/2013)

THREE RIVERS, LIVE OAK COUNTY - Rent in Live Oak County increased by 275 percent since 2005. Locals and newcomers alike looking for rental houses, mobile homes and apartments have all seen an increase over the last eight years. Houses are leading the trend.

Monthly rental prices for mobile homes and houses taken from the mid-June editions of The Progress' classifieds section show how prices have changed compared to the price controlled apartments at Live Oak Apartments.

“Last year I helped a young coach who came to town and had to be to work by June 15 with a wife and kids; they ended up paying $1,200 for a two-bedroom, two-bathroom mobile home,” Executive Director Murrell Foster of the Three Rivers Chamber of Commerce said.

“That’s not unusual, I tell people who complain about the rent it is a matter of supply and demand. People can get it, so that is what they charge.”

Foster also said the same is true with hotel rates. He estimated a hotel room in 2005 would go for about $70. According to the Holiday Inn Express’ website, a standard hotel room in George West for a weekday stay now costs $174.42 per night.

“The biggest shift is in RV parks,” Three Rivers Chamber of Commerce volunteer Mike Pierson said. “I’ve met families who live in RVs because they can’t afford housing.”

Janet Turner, a four-year resident of Tips Park, said the park is almost always full of people living in tents or RVs but it wasn’t always like this.

“As fast as they pull out there’s somebody willing to take it,” Turner said. “It’s crazy.”

Three Rivers’ official population is about 2,000 but there are 3,500 water connections. Foster said cities often use water connections to estimate populations between census years.

Pierson added that one connection can sometimes serve a few hundred people at a time such as at the man camps or Tips Park, both of which run on just one water connection.

“You will find few people that want to rent to a family; they want to rent to oil workers because they pay in cash and don’t mind being gouged,” Pierson said. “They get $100-150 per diem; for them to have a bed and a place to shower is great so they are way ahead under those conditions and the people aren’t declaring this on their taxes.”

Because the communities in Live Oak and McMullen counties are small, statistical data were unavailable. However, the classifieds section of The Progress is kept on archive.

Read more at The Progress.

Big D jet set flies to Corpus 'til Aug. 

(6/19/2013)

CORPUS CHRISTI - American Airline MD-80 planes will be coming and going from Corpus Christi to Dallas.

"For the first time in at least ten years, we have first class seats flying out of this airport," said Kim Bridger, the Corpus Christi International Airport's marketing coordinator. Business travelers represent 70 percent of customers that fly out of Corpus Christi.

Inside the American Airlines jets are 135 regular seats and 16 first class chairs available. The company has committed to this service through August 2013.

Read more at KRIS TV.

Listen to Podcast 177 for this story...and more!

Move It packs 300 units in Corpus Christi 

(6/17/2013 8:00:00 AM)

CORPUS CHRISTI - Bay Area Mini Storage, located at 2317 Rodd Field Rd., has been sold to Move It Management LLC of Dallas. The 63,694-sf, 300-unit self-storage facility will be added to the buyer's national portfolio of more than 30 self-storage properties.

It includes boat/RV-storage spaces and 13 fully leased office spaces.

Move It is a full-service self-storage management company that recently purchased storage facilities in Fulshear and Mission, according to watsontaylorselfstorage.com.

Read more at Inside Self-Storage.

Corpus Christi ALN apartments May 2013 

(6/13/2013 6:55:00 AM)

CORPUS CHRISTI - ALN Apartment Data has released the May 2013 apartment occupancy, effective rent data and more for apartments in the Corpus Christi market. 

Corpus Christi Market Review
Corpus Christi Market Stabilized Market*
May 2013 Annual
Change
Occupancy rate 96.1 0.7%
Units added -61 -
Units absorbed (annual) 85 -
Average size (SF) 853 -1.0%
Asking rent $794 5.1%
Effective rent $789 6.0%
Effective rent per SF $0.93 7.1%
Offering concessions 12% -55.6%
Avg. concession package 4.7% -17.9%

*Stabilized market is everything in a market except for apartments in initial lease-up.


Floor Plan Breakdown - Corpus Christi
Plan Type % of
Market
Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 3.0% 468 $616 $614
1 BR 39.8% 663 $681 $677
1 DEN 0.7% 767 $855 $855
2 BR 44.7% 943 $857 $853
2 DEN 0.5% 1,152 $851 $832
3 BR 9.7% 1,198 $950 $944
>3 BR 1.7% 1,326 $1,902 $1,896


Read more at ALN Market News.

Corpus Christi Village at Oso Bay's assisted-living facility 

(6/4/2013)

CORPUS CHRISTI - SQN Realty Finance LLC of Grapevine and Atlanta-based Thrive Senior Living LLC have acquired 3.4 acres on which to build the Village at Oso Bay, a 56-unit memory-care and assisted-living facility. Construction will launch in July 2013, with completion scheduled for first quarter 2014.

In addition to developing the property, Thrive Senior Living will manage it. Corpus Christi-based Ewing Construction Co. is the general contractor.

According to SQN principal Elizabeth Roll, the location was selected because of demand and its location near the 322-bed Corpus Christi Bay Area Medical Center on South Padre Island Dr.

"The demand in 2013 is 396 beds,” said SQN principal Elizabeth Roll. "There are only four dementia care facilities consisting of 90 beds located within the PMA [Primary Market Area]." Furthermore, the dementia facilities within the PMA are an average of 90 percent occupied.

Village at Oso Bay will be Thrive Senior Living's 14th property to develop or manage.

Read more at Globe St.

Corpus Christi: 836 units in five properties sold 

(6/3/2013)

CORPUS CHRISTI - Five multifamily properties totaling 836 units have been sold to a Texas-based limited partnership.

The five properties include:

  • Briarcroft and Sky Harbor Apartments — 299 units, 23.3 acres, located at 7218 South Padre Island Dr.
  • Carmel Manor Apartments — 74 units, 72,549 sf, located at 1001 Carmel Pkwy.
  • Churchill Square Apartments — 107 units, 5.6 acres, located at 302 Western Dr.
  • Fairway Apartments — 149 units, 5.5 acres, located at 6440 Everhart Rd.
  • Harper’s Corner — 207 units, located at 6602 Everhart Rd.

The sale completes the disposition of an 11-property, 1,773-unit apartment portfolio. The other six assets in the portfolio were sold previously to multiple buyers.

Read more at Marcus & Millichap Real Estate Investment Services.

Hampton Hotels opens in Port Aransas 

(5/28/2013)

PORT ARANSAS - Hampton Hotels has opened its newest property located at 2208 Highway 361.

The property includes 78 rooms, a fitness facility, outdoor swimming pool with hot tub, and 2,100 sf of meeting space.

There are 27 more Hampton hotels slated to be opened in Texas.

The estimated construction cost was $4,500,000, according to state filings.

Read more at the World Interior Design Network.

Rockport Apr. 2013 home sales: Swearingen 

(5/22/2013)

ROCKPORT - The average sales price for residential homes was $226,130 for the 12 months ending April 2013 — up 1.2 percent versus the same period last year when it was $223,539, according to Lee Swearingen of Coldwell Banker The Ron Brown Company.

Residential Homes Rockport MLS
All Categories* 12 Months Ending
  Apr. 2012
12 Months Ending
  Apr. 2013
Change
Residential property sales 379 458 20.8%
Residential total dollar volume $84,721,233 $103,567,521 22.2%
Average residential sales price $223,539 $226,130 1.2%
Median residential sales price $184,000 $166,815 -9.3%
Total active listings end of month 472 445 -5.7%
Months inventory 13.6 10.1 -25.7%

*Figures refer to the single-family and condo/townhouse market.

See the full report at Coldwell Banker The Ron Brown Company.

Portland, Corpus sport new Academy and redo 

(5/21/2013)

CORPUS CHRISTI, PORTLAND - Academy Sports + Outdoors is building a new 58,000-sf store in Portland at Northshore Blvd. and the US 181 access road, with a planned opening in spring 2014.

The retailer is expected to spur more than 100 jobs in Portland. Construction costs are estimated at $4 million, according to state filings.

Academy is also renovating its 110,000-sf store on South Padre Island Dr. in Corpus Christi. Renovations have already begun to expand the sales floors and update an archery lane and digital golf simulator, among other updates. The store is expected to host its reopening July 13, 2013.

The Katy Texas-based sports, outdoor and lifestyle retailer operates 161 stores throughout 13 states.

Read more at ABCnews4.com

Coastal Bend employment on the rise 

(5/20/2013)

COASTAL BEND - The unemployment rate for the Coastal Bend region dropped slightly to 5.6 percent for the month of April 2013, a decrease of .4 percent from April 2012.

The Corpus Christi Metropolitan Statistical Area saw its unemployment rate fall .2 percent during April 2013, a .5 percent decrease compared to April 2012.

Seven of the 12 Coastal Bend counties saw decreases in their unemployment rates, with Brooks County seeing the greatest change of .4 percent since March 2013 and Duval County dropping .7 percent since the start of 2013.

Kenedy, McMullen and Live Oak counties have the lowest unemployment rates throughout the region at 2.6, 2.9 and 3.7 percent respectively.

The Coastal Bend’s civilian labor force grew to 301,064, as did the number of employed to 284,355 in April 2013, the highest labor force and employment totals recorded for the region.

“The Coastal Bend region has added 7,164 jobs over the year, and our civilian labor force is at an all-time high,” said Ken Trevino, President/CEO, Workforce Solutions of the Coastal Bend.

Read more at the Nueces County Record Star.

Kingsville's $40M Border Patrol opens 

(5/14/2013)

KINGSVILLE, KLEBERG COUNTY - The U.S. Army Corps of Engineers Galveston District has completed the $39.9 million U.S. Border Patrol Station project.

The approximately 88,000-sf facility is built on nearly 63 acres in accordance with LEED Silver standards, and will support the work of more than 300 Border Patrol agents in South Texas.

The facility includes a 50,000-sf station, a 28,000-sf vehicle maintenance facility, an 8,400-sf warehouse, a 10,000-sf impound lot, 3,600 sf of kennel space, a vehicle fueling area and a four-bay vehicle washing station.

The Kingsville Station’s area of responsibility encompasses nearly 2,000 square miles of Kenedy and Kleberg counties. The station’s primary responsibility is the operation of the Border Patrol checkpoint on US 77 North in Sarita.

Prior to the construction of the new station, the facility was located on the Naval Air Station in Kingsville and was approximately 13,000 sf.

Source: U.S. Army Corps of Engineers Galveston District

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