Austin developer Stratus Properties Inc. plans to build yet another H-E-B-anchored shopping center.
The latest project, to be called Jones Crossing, will be in College Station. The 106,000-square-foot grocery store is expected to open in mid-2018, Stratus said, on a 72-acre site about three miles south of the main Texas A&M University campus.
Stratus said it has secured a 99-year ground lease for the site.
Other H-E-B-anchored shopping centers Stratus has either developed or is in the process of developing include ones in Austin, Killeen, Lakeway and Magnolia, just north of Houston. The Lakeway center, Oaks at Lakeway, sold this year for $114 million.
“We are excited to announce the Jones Crossing project in College Station,” Stratus President and CEO Beau Armstrong said. “It will combine upscale shopping, dining, entertainment and student-focused multi-family residential units in one of the fastest-growing metropolitan areas in Texas.
“This project, along with our similar Magnolia, Texas, multi-use project, are good examples of our vision for longer-term growth. We look forward to enhancing the value of these properties and creating value for shareholders.”
Stratus announced Jones Crossing on Wednesday, the same day it released earnings for the second quarter of 2017. The developer, whose other holdings including the W Austin Hotel and Residences, Austin City Limits Live at the Moody Theater and several residential projects in Southwest Austin, reported a net loss attributable to common stockholders of $900,000, or 11 cents per share.
That compares with a net loss attributable to common stockholders of $2.5 million, or 31 cents per share, during the same quarter last year.
The increased revenue, Armstrong said, was due in part to the sales of a 6-acre piece of land and “higher-priced developed properties.”
The company’s entertainment holdings, such as ACL Live and sister venue 3Ten ACL Live, helped, as well, with revenue increasing to $5.9 million compared to $5 million in the second quarter of 2016.
“Our results reflect a notable increase in Austin-area residential real estate sales activity and entertainment spending during the quarter, and we continued to advance development projects according to our strategy,” he said.
The W Austin Hotel, though, saw a bit of a dip in revenue, which Stratus attributed to increased competition in Austin, where several new properties have opened and more are on the way, such as the 1,048-room Fairmont Austin. The hotel saw revenue of $9.8 million during the second quarter of 2017, compared to $10.7 million a year ago.