I recently got a press release about a “master-planned community” in Texas.
I usually just refer Texas emails to our bureau there (txnews@therealdeal.com) and then delete them. But I was curious about how communities are planned in Texas. The press release said:
“Spanning a 318-acre tract in Harris County, along the Grand Parkway (Highway 99), the new master-planned community will feature more than 1,000 homes and 11 acres of recreational and amenity space upon completion.”
I decided to be annoying.
“What kind of homes are you building?” I wrote back. “Single-family detached homes? A walkable neighborhood with apartments, stores and sidewalks? Cookie-cutter tract homes in cul de sacs? Is there a school?”
The PR person, ever perky and polite, wrote back, “Johnson Development Services confirmed that the development will consist of only single-family detached homes.”
I’m sorry, but that does not sound like a “master-planned community” to me.
A masterfully planned community should be comprehensive — with efficient housing, retail, schools, transportation, recreation, energy generation, water and whatever else people need to live well and sustainably.
By sustainable, I mean able to provide for one’s own needs without harming future generations’ ability to do the same. Building a thousand isolated homes that import their energy and require a car to get anywhere does not qualify.
Texas is great at building inexpensive housing, but there are costs borne by buyers and others that are not included in the sale price. There is nothing masterful about suburban sprawl.
What we’re thinking about: Who is to blame for unsustainable development? The real estate industry or government policies that make such development the most profitable option? Email me at eengquist@therealdeal.com.
A thing we’ve learned: Domain Companies and Vorea Group claim their development at 420 Carroll Street is the first one built through the 2021 Gowanus rezoning.
Elsewhere…
— Investment sales in Brooklyn totaled $3.2 billion in the first half of the year, according to TerraCRG — a 20 percent increase from the same period last year. The gain was driven by distress sales, according to CEO Dan Marks. The biggest was the $672 million takeover of Michael Stern’s Brooklyn Tower by its creditor, Silverstein Properties. While dollar volume increased, total transactions fell by 2 percent.
— Environmentalists and the Riders Alliance sued Gov. Kathy Hochul for pausing congestion pricing. Meanwhile, various lawsuits demanding she cancel congestion pricing are still pending. That means the state’s lawyers are now simultaneously arguing for and against the policy.
— Giant mats of water chestnuts are clogging up parts of the Hudson River in upstate New York, the Times Union reports. The invasive plant can grow so thick that it chokes off fish and crab populations and destroys boat motors. The species was introduced to the river at the end of the 19th century but has exploded in the past 20 years, possibly aided by global warming.
CLOSING TIME
Residential: The priciest residential sale Wednesday was $22.1 million for a 5,678-square-foot townhouse at 1 Sidney Place in Brooklyn Heights. The Real Deal reported in April that the deal was brokered by Lindsay Barton Barrett of Douglas Elliman and Abigail Palanca of Serhant.
Commercial: The largest commercial sale of the day was $12.98 million for a 101,100-square-foot, 104-unit apartment building at 3100 Brighton 2nd Street in Brighton Beach.
New to the Market: The highest price for a residential property hitting the market was $16.5 million for a 4,730-square-foot condominium at 20 West 53rd Street, unit 42A, in Midtown. Charlie Attias of Compass has the listing.
Breaking Ground: The largest new building application filed was for a 26,021-square-foot house of worship at 345 Ocean Parkway in Flatbush. Maurice Friedman filed the permit. — Matthew Elo