USTA Texas to Anchor $1.5B Cedar Park Project

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By Mar.
View this story on Community Impact website.
The United States Tennis Association Texas plans to bring its headquarters and facilities to the Indigo Ridge mixed-use development announced for Cedar Park, a city located just north of Austin, Texas. Currently, the USTA Texas is headquartered at 8105 Exchange Drive. Cedar Park’s City Council approved a resolution to authorize the agreement.

USTA Texas headquarters will serve as the anchor for this projected $1.5 billion urban oasis development, which will occupy 155 acres at the northwest corner of East Whitestone Boulevard and Sam Bass Road. Upon completion, Indigo Ridge will encompass more than 5 million square feet of retail, dining, urban living, corporate office, hotel, medical, sports and entertainment uses. The tennis campus will consist of approximately 40 outdoor tennis courts, six to eight indoor tennis courts, a stadium court and related amenities for training, development and competitions.

“The USTA is excited to be part of this development and looks forward to working with Indigo Ridge Development Partners to design and develop the facility,” Tom Hunt, president of USTA Texas, said in a prepared statement. The Tennis Center will be owned and operated by USTA Texas.

“With regional employment growth from companies like Dell, Google, Oracle and Emerson, and the massive nearby expansion by Apple, the USTA Tennis Center will be an added draw for future corporate relocations to Indigo Ridge,” added Michael Kennedy of Avison Young Dallas, the broker for the project.

Design firm Gensler created the masterplan for the project, which incorporated outdoor public gathering spaces and multigenerational healthy living communities that complement the USTA program. Construction is estimated to begin in six months and roll out in six phases.

Images courtesy of Avison Young

Treasured Earth Foods Picked Up by Snap Kitchen

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Whole Foods Market Vendor Picked Up by Snap Kitchen

Whole Foods Market Vendor, Treasured Earth Foods, is now available through Snap Kitchen. 

Treasured Earth Foods creates delicious baked goods that taste amazing and happen to be gluten-free, paleo, and, most importantly, diabetes-friendly. Ruth Noel, the creator of the family-run company, explained how the idea for healthy delicacies stemmed from her father’s inability to consume sweets due to his diabetes. Through much experimentation in the kitchen, Ruth’s mother created a truffle that her husband could enjoy without worrying about his blood sugar levels. Eventually and without any medication, Ruth’s father was no longer diabetic. Soon, that truffle, the Chocolate Kika Truffle (named after Ruth’s mother), became the first product Treasured Earth Foods sold at the Sunset Valley Farmer’s Market around 2009.

Ruth, a Texas A&M grad, had previously owned a state processing facility for meat on their ranch called Tesoro Terra Farms, which roughly translates into Treasured Earth Farms. She decided to change paths and started Treasured Earth Foods in 2009, modifying her mom’s truffle invention and creating new healthy desserts. After years of selling their products primarily at farmer’s markets and creating local buzz, the company finally got into Whole Foods Market in 2013 and was even asked to create a brand new product, specifically for the opening of the Whole Foods Market Domain location in 2014.  Later that same year, Whole Foods Market decided to put Treasured Earth Foods in its Southwest region that includes Texas, Oklahoma, Louisiana, and Arkansas. Besides Whole Foods Market and Snap Kitchen, you can find their products in Austin at Fresh Plus, People’s Pharmacy, Wheatsville Co-Op and online. 

Treasured Earth Foods currently operates out of their commercial kitchen just north of Austin. Ruth explained how it is a great location for their kitchen because it allows her to make her deliveries on time – especially when they are delivering to different cities and states. She plans on opening a brick-mortar store for her healthy baked goods one day. Learn more about Treasured Earth Foods on their website or their Facebook page

Round Rock poised for more economic growth in 2019

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By   Feb.
View this story on Community Impact website.
More economic growth is on the horizon for Round Rock and the Austin metro as a whole, according to Mark Sprague, director of information capital at Independence Title.“The demand, the desire to be in Round Rock, to be in the Austin area, is higher than any place else I’ve seen in the United States,” Sprague said during an annual economic overview at a Feb. 26 Round Rock Chamber lunch.

In light of a growing list of regulations in Austin and Travis County, Round Rock and Williamson County are increasingly viewed as friendlier to do business, he said.

“My biggest concern with Austin is regulations,” Sprague said. “For every other metro in Texas, the entitlement process is measured in weeks. In Austin, it’s measured in years. That will continue to be a bigger and bigger issue.”

Nationwide, key indicators of the economy—including job growth and gross domestic product—remain strong, he said. In fact, the country is in the midst of its second-longest period of economic growth ever.

If trends continue—and Sprague said he believes they will—in six months, this could be the longest economic expansion in history.

“We will continue to see growth,” he said. “We’re ten years into this, and I’m telling you I think we have five more good years. We’re in a phenomenal place.”

In 2019, Sprague predicts employment growth in the Austin-Round Rock Metropolitan Statistical Area between 1 percent and 2 percent. Real estate sales will mirror or exceed 2018, he said, with home values continuing to rise.

 

Photo: Mark Sprague, director of information capital at Independence Title, shared a 2019 economic outlook with the Round Rock Chamber on Feb. 26. (Taylor Jackson Buchanan/Community Impact Newspaper)

Artist rendering of The District development.

City Council approves development agreement for dynamic mixed use project

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City entered into MOU with owners of The District in 2017

The Round Rock City Council voted unanimously Thursday, Feb. 14, to approve an agreement with the developers of The District, a 65-acre mixed-use project planned for SH 45 just east of IH 35. The City Council approved a memorandum of understanding with Mark IV Capital for the project in November 2017. 

In return for the company building 1 million square feet of Class A office, retail and residential space, the City will contribute $12.56 million toward public infrastructure such as streets, sidewalks and utilities. The City projects the development will generate over $1.5 million per year in tax revenues to the City when it is completed.  

The development is also expected to create 5,000 jobs when it is fully developed. 

“We are excited to partner with Mark IV on the development of The District in Round Rock,” Round Rock Mayor Craig Morgan said. “This is exactly the type of unique project we need in this high-growth area.” 

Mark IV manages the Summit I and recently completed construction on Summit II office projects in La Frontera.* 

“We are very excited about our continued partnership with the City of Round Rock on The District, which is our third project within the community,” said Justin Basie, Regional Vice President, Mark IV Capital. “The District is a dynamic mixed-used development that will combine working, living and retail in one prime location. This is a great opportunity to bring an unmet need to the city and one that will have long-term benefits for the region. We look forward to breaking ground on this unique project, and we are proud to be involved in what will soon be a landmark in Round Rock.” 

According to the agreement, Mark IV would have to reach the following performance milestones: 120,000 square feet completed by 2022; 250,000 square feet by 2029; and 1 million square feet by 2039. Mark IV would be required to repay the City if it fails to meet those performance measures. 

The City will fund the infrastructure improvements with its half-cent, Type B sales tax revenues. Type B funds are limited specifically for economic development projects, including transportation improvements.

“We’re thrilled about this development project, which along with other projects recently completed or breaking ground this year, will unlock opportunity for our growing community,” said Nichole Vance, Director of Business Attraction, Round Rock Chamber. “The District will transform the southern area of Round Rock and will be an ideal location for the types of companies looking for high-end office space in Round Rock.” 

Originally posted by City of Round Rock on February 14, 2019.

View the original article here.

*Links Edited

 

 

Mark IV Expands La Frontera Office Campus

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The new building will be adjacent to the 87,186-square-foot Summit I, purchased by Mark IV in 2013 from Moore & Associates. The asset is the largest office building under construction in the Austin submarket.

by Razvan Cimpean | Jul 21, 2017

Mark IV Capital broke ground on Summit II at La Frontera, a 95,000-square-foot office building in Round Rock, Texas. The asset is the largest office building under construction in the Austin submarket.

PLANS FOR LEED CERTIFICATION

Located at 710 Hesters Crossing Road, the two-story asset offers convenient access to Interstate 35 and State Highway 45. The new building will also be adjacent to the 87,186-square-foot Summit I, purchased by Mark IV in 2013 from Moore & Associates. The project will aim for LEED certification and will include a 10,000-square-foot courtyard with shaded seating areas and parking for local food trucks. Another LEED-proposed development in the Austin area includes Austin Community College’s Leander campus, which was recently topped out last month. Additionally, Summit II will also feature a fitness center and flexible floor plans. 

“The development of Summit II at La Frontera is another opportunity for us to expand our portfolio in the Austin market through the addition of high-quality assets in targeted growth areas,” said Mark IV CEO Paul Cate, in a prepared statement.

Mark IV selected Don Quick & Associates to be in charge of leasing for the upcoming office building.

View the story on Commercial Property Executive

SBA Paycheck Protection Program

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Paycheck Protection Loan Program Q&A


Loan Details and Forgiveness

Webpage: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-8

Link to Form: https://www.sba.gov/document/sba-form–paycheck-protection-program-loan-forgiveness-application


Paycheck Protection Program – Loan Forgiveness

https://www.cnbanktexas.com/paycheck-protection-program.html


What is the Paycheck Protection Program(PPP)?

The Paycheck Protection Program (PPP) is a brand-new loan program structured around the SBA’s existing 7(a) loan program and will fund loans to qualifying small businesses.


Who is eligible for the Paycheck Protection Program?

A business, including a qualifying nonprofit organization, is eligible for PPP loans if it (a) meets the applicable North American Industry Classification System (NAICS) Code-based size standard or other applicable 7(a) loan size standard, both alone and together with its affiliates; or (b) has an employee headcount that is lower than the greater of (i) 500 employees or (ii) the employee size standard, if any, under the applicable NAICS Code. Businesses that fall within NAICS Code 72, which applies to accommodations and food services, are also eligible if they employ no more than 500 people per physical location. Sole proprietorships, independent contractors, and self-employed individuals are also eligible.


How do business affiliates affect borrower eligibility for PPP loans?

Applicants typically must include their affiliates when applying size tests to determine eligibility. However, the CARES Act waives the affiliation requirement for the following applicants:
• Businesses within NAICS Code 72 with no more than 500 employees;
• Franchises with codes assigned by the SBA, as reflected on the SBA franchise registry; and
• Businesses that receive financial assistance from one or more small business investment companies (SBIC).


Who can make PPP loans?

Banks that are currently approved SBA 7(a) lenders and other banks that get approved by the SBA and the Treasury Department to specifically become PPP lenders. PPP lenders will be delegated authority to make and approve PPP loans, with no additional SBA approval required. 2 Rev: 03.27.2020


What underwriting standards will PPP lenders use?

PPP lenders will only be required to consider whether an applicant was in operation on February 15, 2020, and either had employees for whom it paid salaries and payroll taxes or paid independent contractors. Applicants will not be required to demonstrate repayment ability.


What is the maximum loan amount for a PPP loan?

The maximum PPP loan available to any business is 2.5 times the average monthly payroll costs of the business over the year prior to the date of the PPP loan, excluding the prorated portion of any annual compensation above $100,000 for any person. There are some adjustments for seasonal employers and an overall maximum loan amount of $10 million.


How can PPP loan proceeds be used?

PPP loan proceeds can be used for:
• Payroll costs;
• Group healthcare benefit costs and insurance premiums;
• Mortgage interest (but not prepayments or principal payments) and rent payments; and
• Interest on debt that existed as of February 15, 2020.


What is considered a payroll cost for PPP loan purposes?

“Payroll costs” include vacation, parental, family, medical and sick leave; allowances for dismissal or separation; payments for group health care benefits, including insurance premiums; and retirement benefits. Calculations vary slightly for seasonal businesses and businesses that were not in operation between February 15 and June 30, 2019.


Will PPP loans be forgiven?

PPP loans can be forgiven to the extent that the loan proceeds have been used for payroll costs and the following:
• Certain utilities, including electricity, gas, water, transportation, and phone and Internet access for service that began before February 15, 2020; and
• Additional wages paid to tipped employees.
These costs must be incurred and paid during the eight weeks after the loan is made. The amount forgiven will be reduced based on failure to maintain the average number of full-time equivalent employees versus the period from either February 15, 2019, through June 30, 2019, or January 1, 2020, through February 29, 2020, as selected by the borrower. The amount forgiven is also reduced to the extent that compensation for any individual making less than $100,000 per year is reduced by more than 25 percent measured against the most recent full quarter. 3 Rev: 03.27.2020 Reductions in the number of employees or compensation occurring between February 15, 2020, and 30 days after enactment of the CARES Act will generally be ignored if the action (layoff or salary reduction) is reversed by June 30, 2020. Forgiven amounts will not be considered cancellation of indebtedness income for federal tax purposes.


What are the primary terms of the PPP loans?

Any amount not forgiven as described above will bear interest at a maximum rate of 4 percent and mature no later than 10 years after the amount of forgiveness is applied.

 
When will payments begin on PPP loans?

Payments on PPP loans will be deferred for 6 to 12 months.

 
What are the terms of the deferral on PPP loans?

SBA will issue guidance on the terms of the deferral period.


Do PPP loans have collateral or personal guaranty requirements?

PPP loans have no collateral or personal-guarantee requirements. There will be no recourse to owners of borrowers for nonpayment, except to the extent proceeds are used for an unauthorized purpose.

 
Are PPP loans guaranteed by the government?

PPP loans are backed by a 100 percent guaranty from SBA.


What fees will have to be paid to the SBA on PPP loans?

The SBA has waived prepayment penalties, guaranty fees and the annual fee applicable to other 7(a) loans.

 
How do I apply for the PPP loans?

Contact your local lender. All current SBA 7(a) lenders are eligible for PPP.

It is encouraged to have last year’s and this year’s “payroll cost” information available for application.

If you need a reference please email Ryan@DonQuick.com


Additional Resources and Overview

US Department of Treasury – PPP and APPLICATION (applications begin April 3rd)
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

SBA: Small Business Guidance & Loan Resources: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-0

Small Business Owner’s Guide to the CARES ACT: https://www.nase.org/sf-docs/default-source/advocacy-documents/the-small-business-owner-s-guide-to-the-cares-act-nase).pdf

 

Sanchez brothers discover real estate success — even when competing with each other

By | Don Quick News, Uncategorized | No Comments
By Jan Buchholz     February 23, 2017

View the story on the Austin Business Journal website

Two brothers from a large Round Rock family have found their career niche competing — and sometimes collaborating — with each other on commercial real estate deals in the retail sector.

Michael Sanchez, 34, of Don Quick & Associates Inc. and Gabe Sanchez, 31, of Weitzman never expected to be in the same business let alone have ample opportunity to work together. But that’s how the plot unfolded.

“We try to do as much business as we can together,” Michael Sanchez said. “Even though we work with competing firms what we do is very complementary.”

They both know the restaurant business inside and out. Michael even attended Le Cordon Bleu College of Culinary Arts. Their parents operated a Round Rock eatery for years.

“(My parent’s) restaurant was Michael’s Tacos,” Michael said. “I am the first-born so I had the honor of having it named after me.”

When their parents retired, Michael opened his own iteration of Michael’s Tacos in February 2010, but sold it in March 2012 after the death of his mother. After the emotional loss of the family matriarch, Michael took some time off.

Continue reading…

Article photo by ARNOLD WELLS

Don Quick & Associates, Inc. Brokers 237 Acre Land Deal with the City of Pflugerville

By | Don Quick News, Uncategorized | No Comments

Sports complex planning kicks off following land acquisition

Pflugerville approves nearly $4.3 million for facility site

By Emilie Shaughnessy      September 30, 2015

View the story on the Community Impact Website

The city of Pflugerville approved the purchase a 238-acre property in August for a new athletic complex that could include up to 24 fields. The purchase comes nearly two years after a study determined the city needed to build such a facility to accommodate its growing youth sports leagues.

City Council approved the acquisition of the $4.276 million Rosa Pfluger Tract off Cameron Road on Aug. 25 and is requesting bids from architecture and engineering firms interested in designing the sports complex. The site is large enough to also include a community park and nature areas, Mayor Jeff Coleman said.

“This gives us a lot of acres to grow into,” Coleman said. “The topography is beautiful. It has elevation changes, and it has a creek running through it. It gives the planners a lot of possibilities.”

Coleman said he hopes to see final design plans for the site by early next summer. The city will begin developing the southern portion of the property into athletic fields and spend the next decade turning the rest of the land into a recreation destination, he said.

The land purchase is funded through an $11 million bond voters approved in November for a sports complex, according to city officials. At the time of the bond, the city was considering several locations for the complex but had not selected a site, officials said.

Jesse Pedraza, president of the Pflugerville Area Youth Soccer League, said the new complex cannot come soon enough. Currently the league only has dedicated practice space for its competitive teams and has to share public park space with other organizations.

“I don’t know what it is, but [the Pflugerville area] is a magnet for soccer clubs,” he said. “We’re pretty much on top of each other trying to find practice space.”

Pedraza said PAYSL enrolls about 1,400 children and has been growing by about 9 percent each season.

“If we grow more we just don’t have anywhere to put more teams,” he said. “It’s a good problem to have, I guess.”

In addition to the soccer clubs, there are baseball, football and other sports leagues vying for practice space at Pflugerville’s city parks, middle schools and elementary schools.

Pflugerville Little League President Michael Owens said his organization is in a challenging position because its complex is not city property. Although PLL is also short on practice space and in need of several facility improvements, it must rely on participant fees and concessions to fund the program.

Owens said he hopes the new complex will allow PLL to relax its fees and take some of the burden off board members, who Owens said spent Labor Day fixing plumbing issues in the complex’s restrooms.

“It’s all stuff we are responsible for maintaining,” he said. “The new complex will be great, but [the time span] from purchasing to actually breaking ground still puts us off for years.”

Coleman said a new sports complex was his top priority when running for re-election and that the city will continue to make it a primary goal.

“We promised citizens we would create a sports complex because we are in desperate need of [practice and game space],” he said. “I’m very pleased it’s going to be well on the road while I’m mayor, and we’ll be able to enjoy it after I’m mayor.”

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