Monday, June 21, 2010

Houston Tops Forbes Ranking for Young Professionals Relocation

From Forbes.com via the Houston Business Journal:

Houston topped this year’s Forbes list of best cities where a recent college graduate can get a strong start on a high-powered career. The magazine placed the Bayou City at No. 1 for its “business-friendly environment and abundance of oil money,” considering it is home to 14 of the country’s largest companies. Only New York City, fourth on the list, had more big employers, according to Forbes.

Houston also had high average incomes and a concentration of graduates from elite colleges — and not just from local Rice University — but from across the country. Texas fared very well in the studdy, both Austin and Dallas also securing a spot in the Top 10 — Dallas at No. 6 and Austin rounding out the list at No. 10.

To come up with the list, Forbes looked at all of the Metropolitan Statistical Areas across the U.S., and then eliminated cities with fewer than 1 million people, and cities where Moody’s Economy.com predicts job growth will be negative over the next year. Next, each city was ranked based on its current unemployment rate, then criteria was factored in such as what people earn, the ability to stretch a dollar in the city and how many public companies called that city home. Then Forbes counted how many members of the Class of 2000 at Princeton University, Harvard University, Stanford University, Duke University, Rice University and Northwestern University were currently living in each city.

Cities rounding out the list included Washington D.C. at No. 2 followed by Minneapolis-St. Paul, Boston, Seattle, Denver and Atlanta.

Wednesday, June 16, 2010

Carnival Cruise Line Selects Galveston Port for Carnival Magic

this from CruiseCritic.com:

It was big news when Carnival Cruise Lines first announced that the 130,000-ton, 3,690-passenger Carnival Magic -- the second in its brand-new Dream class -- would debut in May 2011 with a series of Mediterranean sailings. But cruisers wondered: When and where would the ship arrive Stateside?

All signs today point to Galveston, a move that would provide a massive boost to the mid-size Texas port, best known for homeporting "mature" hardware with a minimum of 10 years service at sea.

Word first came via the Cruise Critic's message boards, with readers posting actual booking confirmations -- minus personal details, of course -- for a 16-night transatlantic cruise departing Barcelona on October 28, 2011, and arriving in Galveston on November 13. Travel agents have confirmed to Cruise Critic that the ship will indeed arrive in Galveston on November 13, and, further, that space is being held for a Caribbean cruise departing out of Galveston on that date. Cruise Critic was unable to confirm additional details beyond the November 13 departure.

The port of Galveston's Web site cruise calendar has yet to include the dates, and a representative from the port was unavailable for comment. A spokesperson for Carnival told Cruise Critic, "We expect to announce her North American homeport and her itineraries in the next couple of weeks."

John Heald, Carnival's Senior Cruise Director and mischievous blogger, also teased at a forthcoming announcement from the line. "I have been promising that PA 007 our super spy would be breaking the news on where your Carnival Magic will make her home port. Well...I think this week....may well be the week..." It was Heald who first revealed Magic's European itineraries when he posted a video of himself in January reading aloud a copy of a press release said to be obtained "from a spy."

Interestingly, a Carnival cruise vacation specialist told Cruise Critic that the transatlantic cruise was initially opened up in error -- they intended to serve only a group booking, but briefly opened the channel to public traffic. As of now, the mistake has been "corrected," and the line has nothing in the system (for booking) beyond October 16, 2011, when the ship sails into Barcelona to conclude a Mediterranean cruise.

Tuesday, June 15, 2010

Texas Wealth on the Move...But to Where?

This from Forbes.com (http://www.forbes.com/)

Where America's Money Is Moving
Written by Jon Bruner (edited here for length)

Low taxes, warm sunshine and deep discounts on real estate. No wonder IRS data shows the wealthiest among us are headed south. Surprise: America's wealthy like warm weather and low taxes. That's the takeaway from IRS data, analyzed by Forbes, on moves between counties. We looked for counties that the rich are moving to in big numbers.

The dominance of the list by Florida and Texas--the former has eight of the top 20 counties, the latter four-- makes sense to Robert Shrum, manager of state affairs at the Tax Foundation in Washington, D.C., since neither state has an income tax. "If you're a high-income earner, then that, from a tax perspective, is going to be a driving decider if you're going to move to one of those two states," Shrum says.

After accounting for property taxes, Shrum's analysis shows that Texas has the fourth-lowest personal tax burden in the country, and Florida has the eighth lowest. Shrum also points to eight states that have targeted wealthy households with extra-high tax brackets: California, New Jersey, New York, Maryland, Hawaii, Oregon, Connecticut and Wisconsin. Six of the top 10 counties the rich are fleeing are located in those states.

Here are Texas' entries in the Top 20, which all happen to be in the San Antonio region:

No. 4: Llano County, Texas, North of San Antonio
Arriving average income per capita: $44,324
Departing average income per capita: $22,541
Stationary household average income per capita: $26,201
Total arriving people: 1,192
Total departing people: 1,018
Top origin: Burnet County, Texas (312 people)

No. 6: Bandera County, Texas, West of San Antonio
Arriving average income per capita: $37,849
Departing average income per capita: $18,092
Stationary household average income per capita: $24,536
Total arriving people: 1,396
Total departing people: 1,192
Top origin: Bexar County, Texas (458 people)

No. 8: Kendall County, Texas, Northwest of San Antonio
Arriving average income per capita: $51,713
Departing average income per capita: $29,013
Stationary household average income per capita: $41,590
Total arriving people: 2,987
Total departing people: 1,711
Top origin: Bexar County, Texas (1,131 people)

No. 20: Gillespie County, Texas, Northwest of San Antonio
Arriving average income per capita: $35,890
Departing average income per capita: $22,572
Stationary household average income per capita: $30,350
Total arriving people: 1,232
Total departing people: 893
Top origin: Kerr County, Texas (170 people)

Thursday, June 10, 2010

Astrodome to Learn Future Shortly

as reported by the Houston Chronicle (www.chron.com)

Harris County officials plan next week to unveil three scenarios for the Astrodome — ranging from demolition to a multi-purpose redesign that could accommodate a planetarium, a movie soundstage and other attractions — and a revised master plan for Reliant Park that could include a new arena and hotel.

Willie Loston, executive director of the Harris County Sports and Convention Corporation, which operates the county-owned Reliant Park complex, said price tags for the Astrodome could range from $100 million to demolish the Dome and replace it with green space to $500 million for a full-fledged, bells-and-whistles revamped Dome, financed in part with non-public money, that could offer entertainment and technology options for tenants.

“We're not making recommendations, we're not making proposals,” Loston said. “We're saying that one of these three things could happen to the (Astrodome) building.”

The master plan for Reliant Park will include demolition of Reliant Arena, which would be replaced by a new arena attached to Reliant Center on the north end of the Reliant Park and augmented, if development partners can be lined up, with a hotel and parking garage attached to Reliant Center.

The master plan, and the three options for the Astrodome, would be in keeping with Harris County Judge Ed Emmett's charge that the county should adopt a plan for the Astrodome's future by the end of the year. How that plan would be put into action, however, is still undetermined.

“What I can tell you is that it is an almost unanimous feeling among the commissioners' court that this need to be a public decision,” Loston said.

If the Dome is demolished, it would be replaced by a park-like setting rather than parking spaces, Loston said. And demolition, he said, would be more complicated than it was for Texas Stadium in Irving, the Dallas Cowboys' former stadium, which was ringed by three freeways with no other buildings nearby.

“This (the Astrodome) is in the middle of an operating complex,” Loston said. “I've got football games I'm getting ready for (at Reliant Stadium) in two months.”

The other options start with the same premise: The Dome's outer shell would remain standing, but the interior would be gutted, removing seats, concourses and skyboxes, and a 300,000- to 400,000-square-foot floor would be installed at street level above the current Dome floor, which is 32 feet below street level.

“When you walked into the Dome, you would walk right onto this new floor surface,” Loston said. “We would be getting rid of the hole in the ground and rehabbing the building.”

Potential uses in a basic reconfiguration could include a planetarium and a institute for science, technology, education and mathematics, established through non-public funding. With portable seats, the Dome also could accommodate sports events, indoor festivals or events in conjunction with the Houston Livestock Show and Rodeo.

The third option — “the second option on steroids,” as Loston described it — would include space for meeting rooms, conference rooms and laboratories, built on what are now the Dome's fifth and seventh levels, plus a collection of museums and a movie soundstage.

Loston said the Sport and Convention Corporation will not recommend to county commissioners which plan, if any, to approve.

“We don't prefer anything,” he said. “We are stewards who are trying to give decision-makers a range of options.”

The proposal to demolish the dilapidated Reliant Arena, which in recent years has housed rodeo events, the last season of the Houston Comets WNBA team and the USA Gymnastics national championships, came as county officials discussed the master plan for the entire park area, not just the Dome.

“The master plan will include a plan to add space to Reliant Center to replace what was lost (with the arena's demolition),” Loston said.

That could include a new arena attached to Reliant Center along with a parking garage and a hotel tower, located on the Fannin Street side of the complex, to accommodate conventions and other events at the center.

Wednesday, June 9, 2010

AstroWorld Site Sold to Developer

AstroWorld, the old Six Flags amusement park site on the South Loop, sold to The Mallick Group of Fort Worth, TX. The site had been vacant since Six Flags Inc. shuttered AstroWorld in October 2005. The new owner bought the 104-acre tract across the freeway from Reliant Stadium in May for an undisclosed amount. The local seller was Angel/McIver Interests LP, of Conroe, TX, which paid $77 million for the dirt in 2006. Mike McIver and David Angel gained quite a bit of local notoriety for themselves when they acquired the "prime" property.

However, they local consortium never unveiled plans for the property, which is linked by light rail to the Texas Medical Center. Speculation was rampant that a mixed-use development that included retail stores, medical space, commercial offices, a hotel and apartments would be a good fit. Access to restaurants and stores for Texans home games was thought to generate a large amount of interest from regional retailers and commercial developments along the South Loop have had good success.

Michael Mallick, the new owner, says he would be just fine if no one knew his group owned the old AstroWorld site. But the cat got out of the bag. His phone has been ringing for the past two weeks since the deal was completed. “We have a few groups that have come to us that have proposals that want portions of it,” says Mallick. The Mallick Group acquired the site as an investment because, as Mallick says, Houston is a great place to invest. He’s not sure what will become of the land, but he says a decision will probably be made around the end of the year.

The group might hold the property for three to five years; sell it in its entirety once the market turns around; or sell it off in pieces. “We’re just going to sit back and see what happens,” says Mallick.

The Mallick Group invests in all commercial property types except industrial. It also develops real estate, such as the Horseshoe Bay Resort Marriott Hotel northwest of Austin. The group has also developed single-family homes in Fort Worth in public/private partnership with the City of Fort Worth.

Wednesday, June 2, 2010

Houstonians Spend Far Less on Designer Coffee

From notes and quotes in the Houston Business Journal and the Denver Business Journal:

It seems that Houstonians are fooled by all the hype surrounding designer coffee beverages from Starbucks and other national coffee retailers. Mint.com, an online personal finance website, has posted it's lists of cities that spend the most and the least on designer coffee. Houston made the Top 10 list for Least Amount spent yearly on coffee, coming in at an average of $310/year per person in 2009 and around $27/month thus far in 2010. San Antonio made the spend the most list at an expenditure of $377/year per average person.

"Now, this will come as no great surprise, but Seattle -- Starbucks world headquarters -- tops the list, at $674 spent per person per year. In Seattle in the wintertime, you drive to work in the dark and come home in the dark, so you need something to keep you from running off the road into Puget Sound. Also not surprisingly, Las Vegas comes in at No. 2, with $391 spent on java in a year. After a long night of dissipation, it's a safe bet you'll need a strong slug of coffee."

Rounding out the Top 10 in yearly expenditure(s) comes :Portland, Ore. ($388); San Antonio, Texas ($377); St. Louis ($376); San Jose, Calif. ($366); Tucson, Ariz. ($362; must be iced coffee); San Francisco ($358), tied with New York; Denver; and Phoenix ($352)."

Tuesday, June 1, 2010

Cypress, TX Cinemark Gets XD Theater

Reported by the Houston Business Journal via Cinemark:

As part of its ongoing strategy to revamp theaters and equip them with next-generation technology, Cinemark Holdings Inc. said Friday it's opened two new XD auditoriums - one in Lakewood, Colo., and one in Cypress. The auditoriums allow the Plano-based movie theater company to bring 2D and D-3D movies to audiences through high-tech JBL sound systems and digital projectors. The theaters feature wall-to-wall, ceiling-to-floor screens, plush seats and a surround sound system with 30 speakers. The company already has two XD auditoriums in Texas, including one in Plano.

The new Cinemark 12 XD auditorium in Cypress opened May 28 at 25720 Northwest Freeway. Lakewood’s auditorium has been open for about two weeks. The new auditoriums are surfacing at a time when moviegoers and concession sales are buoying Cinemark’s revenue. Cinemark saw its first-quarter revenue jump 21.3 percent due to stronger attendance and higher ticket prices and concession revenue per patron.

For the first three-month period ending March 31, admission sales jumped 22.5 percent to $343 million. That was due to an 8.1 percent jump in moviegoer attendance and a 13.3 percent increase in average ticket prices.
 
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