Dallas July 2023 Key Take Aways!
Speaker Robert Ikard, Vice President of Property Management and Leasing with Jim Lake Adaptive Urban Redevelopment. Robert is also the CEO of the Real Estate Podcast with Robert Ikard. Robert shared the following information on his employer, the Jim Lake Companies, their current “Cedar Hill Redevelopment Project” as well as his Real Estate Podcast:
Jim Lake Companies state that they are “not developers, they are redevelopers”. To prove their point, they have developed an expertise in “Adaptive Urban Redevelopment” with the following successful projects:
Bishop Arts District
Dallas Design District, Trinity Loft & numerous other projects in that District
Converted an old abandoned warehouse into a new award winning Design Center named International on Turtle Creek (IOTC)
Downtown Waxahachie
Oak Cliff Tower
Jefferson Tower
Now that they have begun the redevelopment of the Ambassador Hotel and the Mayor’s House, their current project is in Downtown Cedar Hill (longtime residents may remember the area as the old Philips lumber yard and hardware store). They feel strongly that this project will make a lasting impression on their company and in Cedar Hill for years to come. The project is slated to include the following:
includes the redevelopment of 40,000 square feet located at W. Belt Line Road and Broad Street.
The downtown project will transform these historic buildings into a mix of restaurant, retail, and office spaces creating a magnet for entertainment and investment opportunities.
Building 14 “tiny homes” that will provide living space on the top, and workspace on the bottom.
Leaning towards “mom and pop” and entrepreneur type restaurants and boutiques.
There will also be a residential component to the project to make it an all-in-one place.
The new concepts and designs will give both visitors and residents a taste of urban redevelopment while maintaining the authenticity of the historic downtown area.
Robert also has a monthly Podcast focusing on real estate, where he interviews various experienced professionals with different focuses in the various real estate markets. Robert stated that his Podcast is here to “inform and entertain you about real estate news and current events but mostly to chat with real estate leaders around the world about trends, statistics, their business and tips for success.
Robert also has a Real Estate Investing Blog that share even more content about real estate.
James Smith, Managing Director at Smith, Jackson, Boyer & Bovard shared the following updates on the Texas Legislature finally approved a record tax relief package that increases the no-tax-due threshold for franchise tax and provides more than $18 billion in tax cuts for property owners. Jim shared the following details:
Senate Bill 2 lowers the school property tax rate for all homeowners and business properties.
Homeowners homestead exemption will increase from $40,000 to $100,000. Homeowners over 65 and disabled homeowners will see their homestead exemption rise to $110,000.
There is also a “circuit breaker” provision for non-homesteaded properties, both residential and commercial. This will limit the annual growth of tax bills for all such properties worth $5 million or less to no more than 20 percent under a three-year pilot project. And the bill contains a provision that will let voters in counties of more than 75,000 people elect three members of their countywide appraisal boards, starting in May 2024.
Senate Bill 3 will provide franchise tax relief for small business owners.
Both the House and Senate approved House Joint Resolution 2, which will put a constitutional amendment to enact the property tax cuts on the November ballot.
Stephen Potts, President Potts Law Group, shared that one of his clients, Rooftop Cinema Clubs, have locations across the U.S. and has now opened a location in Fort Worth. The concept is unique in that they offer rooftop movies, like the drive-in theatre experience, but on a rooftop. The outdoor cinema is located in downtown Fort Worth at the top of Worthington Renaissance Hotel.
Kyle McCullah, Partner, 5G Studio Architecture Firm, shared that Pickle Ball locations/courts have become a “hot item” and it is a “different animal”. Most of their Pickle Ball projects are in and around downtown locations. Most are approximately 20,000 sf, approximately 3 acres on sight. The builds include the courts as well as reception, bar and restaurant areas.
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