Real estate roundup: Lower Heights adds new tenants | Real Estate
Phase 2 of a mixed-use and retail development in the Heights area is continuing to add new tenants for future move-ins, including two more earlier this month.
According to a March 7 news release from Gulf Coast Commercial Group, the company has added two new tenants to the Lower Heights development, a 24-acre, mixed-use project fronting Interstate 10 between Studemont and Sawyer streets. Coming soon to the development are Salon Lofts and Ideal Dental.
Salon Lofts is a deluxe hair salon that has leased 5,155 square feet on the second floor of the future two-story retail and office structure that will be across from Lower Heights’ luxury apartment midrise, 27Seventy Lower Heights.
Salon Lofts has five locations in the Houston area, according to its website, including one in the Heights at 1533 N. Shepherd Dr. Building delivery is anticipated this summer, and Salon Lofts is expected to open in early 2023, according to Gulf Coast Commercial.
Also on its way is Dallas-based Ideal Dental, which has executed a lease for 2,000 square feet for its full-service and neighborhood-centric dental facility at Lower Heights’ I-10 entry point. Gulf Coast Commercial said the one-story, 6,000-square foot building in which the company will sit is slated for delivery this summer, and Ideal Dental has tentatively scheduled its opening for October.
HCAD seeing increasing property values
Houston property owners who receive their property value notices in the near future might see an increased figure. The Harris County Appraisal District (HCAD) is seeing increasing property values as it prepares the residential and commercial property value notices, according to a March 17 news release from the organization.
According to the appraisal district, residential properties have gone up 15-30 percent in value, depending on where they are located, and 95 percent of residential properties will increase an overall average of more than 20 percent in value. Commercial properties, meanwhile, are following along the same lines with an average value increase of 18 percent.
“Value increases this year have been unprecedented,” HCAD chief appraiser Roland Altinger said. “In my almost 40 years in the real estate business, I have never, ever seen such large increases in market values.”
Property owners who receive their notices can begin the protest process immediately, the organization said, by filling out the form included in the mailed packet or by using HCAD’s online iFile program at www.hcad.org/iFile.
There is also a video explaining the increasing values and the measures homeowners can take to reduce their tax burden on HCAD’s website at hcad.org.
New mixed use project coming to Independence Heights
Per a report from the Houston Business Journal, Houston-based CJ Development has purchased a property at 124 Crosstimbers St. in Independence Heights, and has plans to build a mixed-use retail project that includes an apartment complex. The report said CJ Development has plans to break ground by the end of the year.
The purchase price of the site was not disclosed, according to the report. However, the 169,213-square foot property and its land – previously owned by Houston-based Gross Investments – has been valued at more than $3.7 million, according to the Harris County Appraisal District.