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Dallas Business Journal
Architecture firm to expand HQ in downtown Dallas
Architecture and design firm Corgan Associates Inc. plans to expand its headquarters in downtown Dallas as it continues to grow.<\p> Corgan will add 11,000 square feet on the fifth floor at the Luminary, located at 401 N. Houston St., according to a filing with the Texas Department of Licensing and Regulation. Corgan, which designed the 169,000-square-foot building, has been the anchor tenant since it opened in 2019.<\p>
NexPoint advances bid to take over UDF fund board
NexPoint, a Dallas-based alternative investment firm founded by noted hedge fund manager James Dondero, has nominated four trustees in its push to take control of a Grapevine-based real estate investment trust.<\p> NexPoint, the largest shareholder in United Development Funding IV, announced June 20 four nominees for the REIT's five-member board of trustees.<\p>
American Airlines flight attendants 'one step closer' to strike
Contract negotiations between American Airlines Group Inc. and the union representing its flight attendants ended June 20 without a new labor agreement, setting the stage for a possible strike.<\p> The latest impasse moves roughly 28,000 flight attendants "one step closer to a strike," according to an announcement from the Association of Professional Flight Attendants. Julie Hendrick, APFA national president, said American (Nasdaq: AAL) did not come to the table with an offer that "adequately compensates" flight attendants and that her organization was pushing for "overdue economic improvements." The union said flight attendants have gone five years without raises.<\p>
Dallas housing market faces tough reality
The extra monthly costs associated with buying a home instead of renting won't fall back to pre-pandemic levels until the end of 2028 — another measure of how drastically the residential real estate market has shifted in recent years.<\p> That’s according to a March analysis by real estate giant CBRE Group Inc., which calculated that it cost 115% more to buy than rent in Dallas at the end of 2023.<\p>
Minimum wage increase considered for Fort Worth city workers
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> Several Fort Worth City Council members are pushing for a significantly higher minimum wage for all city employees.<\p>
EY Entrepreneur Of The Year regional honors handed out
Nineteen winners were crowned over the weekend for the Southwest region of EY's Entrepreneur Of The Year Award.<\p> Winners, chosen by an independent judging panel, "are exceptional business leaders fueling innovation within their industries and growth within their companies,” stated Rex Alexander, partner and Southwest program director at EY.<\p>
T.D. Jakes pitch contest awards $500K to entrepreneurs
Four winners emerged this past weekend from the Seed Capital Pitch Competition in Dallas, part of the Good Soil Forum created by megachurch pastor T.D. Jakes. The competition partnered with Well Fargo to award a total of $500,000 in grants.<\p> The pitch competition was just one component of the Good Soil Forum, an annual conference connecting entrepreneurs and business leaders to network and share resources. This year, the forum was held June 13-15 at AT&T Performing Arts Center and saw more than 2,000 Black entrepreneurs and leaders from North Texas, according to an announcement.<\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Dumont reflects on 'fairy tale' first season as Mavericks owner
For Patrick Dumont, the first six months of his family's ownership of the Dallas Mavericks have seemed almost too good to be true. <\p> The Adelson and Dumont families purchased a majority stake in the NBA franchise from longtime owner Mark Cuban on Dec. 27 for nearly $4 billion. Since then, the Mavericks surged in the second half of the NBA season following a couple of trades and rolled through the playoffs to make it to the NBA Finals for the third time in franchise history.<\p>
This Collin County city is working on getting a new, walkable downtown
A Frisco-based firm has plans to develop a downtown from the ground up for the small northeastern suburb of Dallas called Sachse. <\p> City council members recently authorized its city manager to negotiate a master developer agreement with Nack Development at a meeting held June 3, bringing the project closer to fruition. <\p>
Which DFW universities pay the most?
The University of Texas at Dallas had the highest average faculty pay among DFW colleges and universities last year, with full-time instructional staff earning $125,185 per year on average.<\p> That’s according to a recent Business Journals analysis of fiscal year 2023 U.S. Department of Education data for public and private schools.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
Major real estate firm unveils new kind of Texas project
Prologis Inc., an industrial real estate heavyweight with annual revenue of more than $8 billion, recently achieved a significant energy milestone in Texas.<\p> The company turned on its first battery storage unit in the state near a warehouse it owns in Arlington — the first of several battery projects the company is pursuing.<\p>
Opal Lee on a righting a historic wrong
In her 97 years, Opal Lee has seen a lot.<\p> The civil rights activist has marched across the country, served as an honored guest at the White House and even been nominated for a Nobel Peace Prize. She earned the nickname “Grandmother of Juneteenth” for her tireless efforts to turn the day commemorating Black freedom from slavery into a national holiday.<\p>
Real estate developers deliver millions of square feet in DFW
Dallas-Forth Worth is home to one of the country’s most dynamic real estate markets, thanks in large part to a deep and experienced roster of developers.<\p> More evidence of that can be found in Dallas Business Journal’s new list of commercial real estate developers. Dallas-based Crow Holdings took the No. 1 spot by developing 4.53 million square feet across various asset classes in 2023.<\p>
Fort Worth's future is in their hands
Fort Worth is in an enviable position. Robust population growth and an elevated national reputation point toward a bright future.<\p> But the future is never guaranteed and what shape it might take is always unclear. Business, government and education leaders are making decisions right now that will have direct bearing on the economy, housing market and workforce for years to come.<\p>
Bitcoin mining in crosshairs of some Texas lawmakers
This story is available as part of a content partnership with WFAA-TV. For more of the latest local news, visit WFAA.com.<\p> Texas has long embraced the cryptocurrency mining industry, even taking steps to incentivize the operation.<\p>
Another Topgolf teed up in DFW
Grand Prairie is set to get its own Topgolf, which will mark the Dallas-based company’s fifth location in North Texas. It is expected to open near the end of 2025.<\p> Grand Prairie City Council approved site plans for the sports entertainment venue at their regularly held meeting on June 4.<\p>
NexPoint takes another swing at UDF REIT
Dallas-based alternative investment firm NexPoint, a large shareholder in an embattled Grapevine-based real estate investment trust, has sent a letter to fellow shareholders urging them to replace four of the REIT’s five trustees.<\p> The letter is the latest in a push by leaders at NexPoint Advisors LP for leadership change and more accountability by the REIT, United Development Funding IV. It comes in the wake of criminal convictions against the CEO and other top executives of UDF IV's parent company, Grapevine-based United Development Funding.<\p>
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