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Houston Business Journal
How local housing market bounces back after hurricanes
If a major hurricane were to hit Houston this year, the city’s housing market would likely take a hit. The question is: How big of a disruption should the city’s prospective homebuyers expect?<\p> The answer might surprise you.<\p>
Local offshore drilling cos. to combine in $1.6B deal
Sugar Land-based Noble Corporation PLC (NYSE: NE) and Houston-based Diamond Offshore Drilling Inc. (NYSE: DO) are the latest local companies to combine in a billion-dollar deal — this time focused on offshore drilling. <\p> Noble will acquire Diamond in an approximately $1.59 billion deal, which is expected to close by the first quarter of 2025.<\p>
Houston co. to build largest new US refinery in 50 years
Houston-based Element Fuels Holdings LLC is building a greenfield refinery to utilize the country's massive shale oil production.<\p> The facility, which is already fully permitted, will be located in South Texas' Port of Brownsville and is expected to produce more than 160,000 barrels per day of finished gasoline, diesel and jet fuel, which could make it the largest new refinery in the U.S. since the 1970s. <\p>
Check out this recently sold mansion (PHOTOS)
3263 Huntingdon Place was the biggest residential real estate sale for the week of May 26, according to the Houston Association of Realtors.<\p> The 8,189-square-foot home is right near the intersection of River Oaks Boulevard and San Felipe Street. According to the listing, it spent about a month on the market before being sold for between $5 million and $5.8 million. It was listed for $5.5 million. HAR doesn't disclose the sale price.<\p>
Rooftop cocktail bar to open soon in Montrose (PHOTOS)
A rooftop cocktail lounge inspired by the south of France is expected to open next month in the Montrose Collective space that was once home to the Houston location of Austin-based Idle Hands.<\p> Le Ciel Hospitality, the group behind Ciel Restaurant and Lounge near River Oaks District, partnered with hospitality veteran Ashley Muncie to open Sophie Cocktail & Terrace Bar in early July at 910 Westheimer Road, near Marmo and Uchi.<\p>
Major credit union to build new HQ
Wellby Financial, Houston’s second-largest credit union, will build a new headquarters after closing a deal for a piece of land near Baybrook Mall.<\p> The credit union's acquisition of 9.5 acres of land off of Interstate 45 and Gulfbrook Drive closed June 7. The land is a “premier site” given the access to Gulf Freeway and development around the burgeoning Bay Area, President and CEO Marty Pell told the Houston Business Journal. It’s about 3 miles from the credit union’s current headquarters at 1330 Gemini St., right by NASA's Johnson Space Center.<\p>
Jobs cut with Southwest's IAH exit
When Southwest Airlines Co. (NYSE: LUV) ceases operations at Houston’s George Bush Intercontinental Airport (IAH), 97 jobs will be eliminated, according to a Worker Adjustment and Retraining Notification Act letter sent to the Texas Workforce Commission.<\p> All affected employees have been offered the opportunity to relocate to other Southwest stations.<\p>
How Saint Arnold has achieved 30 years of success
When Brock Wagner founded Saint Arnold Brewing Co. 30 years ago, there was little for him to model the company on. <\p> His company was the first craft brewery in Texas, and at the time, few people had any idea of what separated a craft beer from mass-produced national brands. Saint Arnold also had to battle restrictive beer production and sales laws to find its footing. <\p>
CEO: Lawsuit won’t change grant plans
As lawsuits targeting minority-focused grants intensify, one Houston-based company scored a victory, and its CEO said its plans to support small businesses won't change.<\p> Fintech platform Hello Alice and Progressive Insurance were named in a suit filed by plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck Dispatch LLC, and the nonprofit America First Legal in August 2023. The U.S. District Court of Northern Ohio dismissed the suit in late May, noting Roberts lacked standing to sue.<\p>
High-profile Vietnamese restaurant closing
Xin Chao, the Vietnamese restaurant founded by chefs Christine Ha and Tony J. Nguyen, will close this weekend.<\p> June 8 is the last day of service for the restaurant at 2310 Decatur St. in the Washington Avenue Corridor, according to social media posts. <\p>
Houston company's carbon storage plan hits important milestone
Houston-based Caliche Development Partners II CO2 Sequestration LLC is one step closer to storing carbon dioxide in Beaumont, Texas, for the first time. <\p> Caliche has officially finished its completeness review of its permit application for three Class VI wells, which are dedicated to permanently storing carbon dioxide underground. The company is the latest to join the growing list of companies in Texas awaiting approval for their Class VI permits by the Environmental Protection Agency. <\p>
Rental neighborhood opens near future Katy lagoon
A new rental neighborhood in Starwood Land’s master-planned community Sunterra is now open for leasing.<\p> Eden at Sunterra, located near Schlipf Road on the southwestern side of the Katy-area community, will have a total of 266 single-family and townhomes for rent.<\p>
Hurricane prep top of mind at TMC
As winds comparable to a Category 1 hurricane ripped through Houston in May, the Texas Medical Center was one of several major institutions reporting no major damage, either from those winds or the accompanying flooding and power loss.<\p> But then, the TMC must withstand those storms because it’s the last resort for Houston’s considerable inpatient population, according to COO Isaac Middleton.<\p>
Local sports network names new GM
Houston’s regional sports network has named a new leader.<\p> Space City Home Network has promoted Jim Colasanto to the role of general manager effective June 6, the network told the Houston Business Journal. Colasanto has worked in the regional sports networks business since 1999 and has been in Houston since 2005. He most recently served as vice president and general sales manager with SCHN.<\p>
Houston universities landed patents galore in 2023
Four Texas university systems with Houston-area campuses have been honored by the National Academy of Inventors for the patents they received last year.<\p> The NAI’s latest Top 100 Universities List ranks American university systems by the number of utility patents approved in 2023. Utility patents are issued by the U.S. Patent and Trademark Office for inventions of new and useful processes, machines, compositions of matter or new improvements to those categories.<\p>
University OKs $60M budget for new building
Houston Christian University is moving forward on a long-planned building.<\p> The university’s board of trustees approved the $60 million budget for construction of the Sherry and Jim Smith Engineering, Science and Nursing Complex late last month. The building is named in recognition of the Smiths’ lead gift of $20 million to the project, the university’s single largest gift ever. <\p>
2-year-old bank fills C-suite
A Houston-based bank has officially filled its C-suite team with the addition of two new executives.<\p> Agility Bank NA, the women-owned bank that first opened its doors in May 2022, named Harold Johnson CFO, while Lisa Kerschner was appointed as the bank's first-ever chief credit officer. Both changes were announced June 5, but they began their roles in April, Agility Bank said. <\p>
Family Dollar up for sale again?
Family Dollar faces the possibility of another sale less than a decade after being purchased by Virginia-based discount retail giant Dollar Tree Inc. (Nasdaq: DLTR).<\p> Dollar Tree announced June 5 it has started a formal review of strategic alternatives for its Family Dollar segment. That includes a potential sale or spinoff, among other alternatives, it said in a news release.<\p>
How local lenders respond after major storms
As seen following the May 16 storm that destroyed parts of downtown Houston, major storms have the potential to put a big dent in a business’s bottom line.<\p> The bulk of the lending activity following a major storm comes from the U.S. Small Business Administration. The Houston district office — which encompasses 32 counties in Southeast Texas — has seen a significant uptick in lending following major storms the past two decades, said district director Mark Winchester.<\p>
The National Observer: Sign of reversal seen amid loan delinquencies
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today we've got stories on a decline in asking prices in the housing market, a shift in consumer-spending habits and changes coming to Cracker Barrel restaurants. But first, we go inside the numbers on still-rising delinquencies among loans backed by commercial real estate.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
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