What happened with Majestic Realty Company’s Fort Worth leadership?
That’s the question buzzing around town after two executives left the California-based firm, which is a major player behind a planned $1 billion expansion of the Fort Worth Stockyards.
First, Craig Cavileer, the longtime Texas face of Majestic’s Stockyards ventures, exited the firm amid a lawsuit filed by Majestic, accusing him of failing to repay loans and breaching his contract; the lawsuit is seeking $76 million plus interest.
A couple of weeks later, Kayla Wilkie, formerly Majestic’s director of design and development for lifestyle and hospitality, left the firm. No reason has been given for her exit.
Cavileer and Wilkie helped develop the Stockyards’ Mule Alley shopping district and the Hotel Drover in partnership with Hickman Companies and M2G Ventures. Those same partners are in on the next expansion, where 300,000 square feet of commercial development, 295 residential units and three hotels are planned.
Here’s what else happened in Texas real estate this week
- Benefit Street Partners is taking to LinkedIn to sell a distressed suburban apartment complex. The firm is planning to foreclose on the 268-unit the Avenues at Carrollton, at 4689 Mustang Parkway, which Noel Management bought for an undisclosed price in 2019. An auction is set for June 3, but it would rather sell, hence the social media “experiment.”
- Howard Hughes Holdings added to its office assets in The Woodlands, buying 207,000-square-foot 10101 Woodloch Forest Drive for $16.3 million, or $79 per square foot.
- Local developers Hanover Company and Local scored a construction loan to build an office building in Houston’s Autry Park, adding to the city’s thin office pipeline. The loan amount wasn’t disclosed.
- The Texas Legislature is winding down its session, addressing the “traveling” affordable housing tax loophole last week and giving multifamily developers a win with a measure to undermine local zoning rules in large Texas cities and suburbs this week.
- The Houston suburb Magnolia is growing so fast that the city had to put a moratorium on development while it worked out some infrastructure needs.Tannos Development Group’s $1 billion mixed-use development is set to be the first project in the pipeline when the building ban is lifted in August.
- In downtown Dallas, heavy-hitter Ray Washburne bought the Greyhound bus station in October, and the prime downtown site is about to be unlocked for development. Greyhound owner Flix North America is set to move its terminal to North Dallas in late September.
—Rachel Stone
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