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Houston Business Journal
Chuy's Tex-Mex chain sold for $605M
One of Austin's largest public companies and most iconic brands has agreed to be bought in a $605 million deal by the parent company of Olive Garden and LongHorn Steakhouse.<\p> Orlando-based Darden Restaurants Inc. (NYSE: DRI) has agreed to buy all outstanding shares of Tex-Mex restaurant chain Chuy's Holdings Inc. (Nasdaq: CHUY) for $37.50 per share in an all-cash deal, according to a July 17 news release. The deal represents a significant premium over recent trading prices. <\p>
Local co. boosts electrical services with $1.5B deal
Houston-based Quanta Services Inc. (NYSE: PWR) has acquired San Jose, California-based Cupertino Electric Inc. in a $1.54 billion deal.<\p> The deal was announced and closed on July 17, with Quanta paying about $1.3 billion in cash and around 883,000 shares of its common stock, valued at approximately $225 million. Depending on whether certain financial performance targets are achieved, there is the potential for Quanta to make an earnout payment of up to $200 million. <\p>
Despite storm fatigue, Houston still attractive to businesses
Despite the devastating storms of the past few months, which have businesses considering Houston asking additional questions, the city and its resilience remain attractive to those considering the area.<\p> That's according to Steve Kean, Greater Houston Partnership CEO and president, as other regions of the country struggle with weather disruptions and Houston continues to learn from each major weather event.<\p>
Court puts pause on LNG co.'s permit
A federal appeals court has ordered the Federal Energy Regulatory Commission to review its authorization of Houston-based Commonwealth LNG LLC’s liquefied natural gas facility in Cameron, Louisiana. <\p> In the case Healthy Gulf v. FERC, the U.S. Court of Appeals for the District of Columbia Circuit ruled that FERC did not adequately assess the effects of the facility’s greenhouse gas emissions. <\p>
Local unicorn raises more funding
More investors are investing in a Houston-founded unicorn as it approaches a year since its return to the Bayou City.<\p> Cart.com said on July 17 that it secured a $105 million term loan facility provided by funds and accounts managed by New York-based BlackRock. The loan facility consolidates the company’s venture debt at “competitive terms,” Cart.com said in its news release.<\p>
The ghost effect: Another sign the job market has dramatically shifted
Three years ago, many employers reported the phenomenon of being "ghosted" by job candidates.<\p> In yet another sign of the shifting labor market, the shoe is now on the other foot, with companies now abruptly ceasing communication with candidates. <\p>
Real estate vet secures planning director role
The Houston City Council approved the appointment of Vonn Tran as planning and development director on July 17.<\p> Tran is succeeding longtime city employee Margaret Wallace Brown, who had been in the role since 2019 and was one of the Houston Business Journal's Women Who Mean Business honorees in 2023. She retired from the position in February during a period when many city staff members resigned or retired in the first few months of Mayor John Whitmire's term.<\p>
Midtown to add new fusion restaurant
Houston’s Midtown area is set to welcome a new boutique restaurant that aims to blend Southern cuisine with an Asian flair.<\p> Doves Restaurant is scheduled to open later this month at 3101 Main St., a 2,700-square-foot space that was once home to Saigon House, which closed in 2019 after two years, and Rosalie & Main, which closed a few years ago. <\p>
Port Houston OK'd for more imports
The Port of Houston is broadening its offerings with a new approval by the federal government. <\p> The Port of Houston Authority — which owns, manages and operates the eight public terminals on the Houston Ship Channel, including its two container terminals — has received approval by the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service to handle cold treatment cargo. <\p>
Meet the new CEO safeguarding your health secrets
For most people, sending their medical records from one provider to another might not provoke much thought, besides wondering how long it’s taking. <\p> But as technology advances and the cost of care rises, patient data and its usage are becoming an increasing area of focus for businesses and policymakers alike. The new CEO of one of the nation’s largest health information exchanges has a roadmap for the next few years.<\p>
LNG permitting pause a plus for this company
The Biden administration’s temporary pause on permitting new liquefied natural gas projects has caused uncertainty, especially with recent litigation against it, and one Houston-area project is feeling the positive — perhaps unintended — consequences. <\p> Houston-based Texas LNG Brownsville LLC hopes to reach a final investment decision by the end of the year, with just 1 million tonnes per annum of LNG still to contract out and advanced conversations taking place for those volumes. Its owner, Houston- and New York-based Glenfarne Energy Transition, has been focused on marketing the fully permitted project, rather than its larger, non-permitted Magnolia LNG project. <\p>
Builder pessimism grows with rising interest rates, added inventory
Homebuilders continue to offer a bevy of incentives to remain competitive, but sustained higher mortgage rates and an increase in the number of homes for sale is dampening their overall sentiment about market conditions. <\p> Major homebuilders like Lennar Corp. (NYSE: LEN) and D.R. Horton Inc. (NYSE: DHI), among others, have been offering various concessions to prospective buyers at a time of much-higher mortgage rates than a few years ago and record home-price appreciation. Among the more popular offerings is a mortgage-rate buydown, in which a builder will put points down to reduce a buyer's mortgage rate.<\p>
Big change at Greenway Plaza
Less than a year after Greenway Plaza’s court-appointed receiver brought in Cushman & Wakefield to handle leasing, a new company instead is now seeking tenants for the financially troubled property — just as it is being put up for sale.<\p> Dallas-based Lincoln Property Co. has been tapped to oversee leasing for Greenway Plaza, adding to its role as property manager for the mixed-use development.<\p>
Local hospital to build $277.5M tower
Update: Additional comments from Memorial Hermann Health System have been added to this story.<\p> Memorial Hermann Health System has approved the latest expansion to one of its regional campuses, bringing even more hospital growth to northwest Houston.<\p>
Houston Methodist No. 1 in Texas. See where other area hospitals rank.
Many Houston hospitals were once again rated highly in the 2024-2025 U.S. News & World Report Best Hospitals, with some claiming top positions for their specialties.<\p> Houston Methodist Hospital in the Texas Medical Center was named among the top 20 U.S. hospitals for adults for the sixth year in a row and eighth time total. The U.S. News and World Report Honor Roll was previously ranked “on excellence,” but beginning last year, the 20 best hospitals are now ranked alphabetically. Houston Methodist is the only hospital in the city or even the state of Texas to make the top-20 ranking.<\p>
Redevelopment of former Randalls into library begins
Howard Hughes Holdings Inc. (NYSE: HHH) started construction July 15 on the redevelopment of the Grogan’s Mill Village Center in The Woodlands, which will include turning a former Randalls into a new county library and community center.<\p> The project is a partnership with Montgomery County, which will take ownership of the 7.8-acre library and parking lot property upon completion, expected next summer.<\p>
Alamo Drafthouse vet hired for River Oaks Theatre
As Houston-based Culinary Khancepts prepares to reopen the iconic River Oaks Theatre this fall, the company has hired Robert Saucedo as the artistic director.<\p> Saucedo has spent the past 13 years working for the Alamo Drafthouse Cinema, first as programming director for Houston-based franchise operator Triple Tap Ventures. Most recently, he has been a senior film buyer for the Austin-based company’s national programming and events team since August 2022, according to his LinkedIn profile. <\p>
Houston traffic lights nearly fully restored
After Hurricane Beryl and the delay in getting power back from CenterPoint Energy Inc. (NYSE: CNP), Houston is close to having its traffic lights fully restored.<\p> As of July 14, more than 90% of all traffic lights had been restored and operational, said Houston Public Works spokesperson Katelynn Burns. <\p>
Houston's traffic congestion worsens, ranking improves
Houston's post-pandemic traffic is getting worse, but the Bayou City's rank improved slightly in a recent report. <\p> Transportation data and analytics company Inrix Inc. released its 2023 Global Traffic Scorecard on June 25. The scorecard ranks congestion in nearly 1,000 cities across 37 countries.<\p>
Major LNG facility prepares phased reopening
Over a week after Hurricane Beryl took out power for over 2.2 million customers in the Greater Houston area, Houston-based Freeport LNG has announced it is preparing to restart production at its natural gas liquefaction facility in Freeport. <\p> Given its location on the coast and proximity to Matagorda, where Hurricane Beryl made landfall on July 8, Freeport LNG ramped down its production ahead of the storm. The local company said it implemented its hurricane response plan and intended “to resume operations once it is safe to do so after this weather event.”<\p>
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