Luby’s Inc. to buy Fuddruckers' assets for $61 million

SAN ANTONIO (San Antonio Express-News) – Luby’s Inc. is purchasing all of Fuddruckers’ assets — as well as Fuddruckers parent, Magic Brands LLC — for $61 million.

Houston-based Luby’s and Austin-based Fuddruckers were founded in the Alamo City in 1947 and 1980, respectively.

Magic Brands LLC filed for bankruptcy on April 21 and operates 62 Fuddruckers locations in 11 states. An additional 135 restaurants are operated by franchisees.

The transaction is scheduled to close on or before July 9.

Developer to invest millions in housing infrastructure in Reynosa

June 18, 2010

McAllen Economic Development Corporation Blog

Reynosa, a city of about 1 million and an industrial hub in Northeast Mexico, will receive a boom in housing thanks to new jobs and a new housing developer.

Uribi, the leading housing developer in Mexico, will expand its operations throughout the state of Tamaulipas and in Reynosa, the state’s largest city. The McAllen Economic Development Corporation works closely with the City of Reynosa to attract industry and manufacturing to both sides of the border.

To read the full release, click here.

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Commercial recovery up ahead, Realtors predict

Commercial recovery up ahead, Realtors predict
ICSC SCTWeek June 18th, 2010

U.S. commercial real estate values could start to recover next year, says the National Association of Realtors. Values will keep declining and vacancies rising across all property types through the rest of this year, though moderating somewhat, the group says.

Multifamily property will lead, the association says, pointing out that the vacancy rate for apartments eased from 7.4 percent in the fourth quarter of 2009 to 7.3 percent in this first quarter. The group says this will drop even further in the second quarter, to 6.9 percent. Some 413,000 square feet of retail space will be vacated during the second quarter, the association says, compared to 8.1 million square feet of office space and 30.3 million square feet of industrial properties. In percentage terms, second-quarter vacancy rates will be about 17.3 percent for office space, 14.6 percent for industrial and 12.7 percent for retail.

McAllen ranks in top 11 cities for beating the recession; longest period of job growth

McAllen ranks in top 11 cities for beating the recession; longest period of job growth
June 17th, 2010
McAllen Economic Corporation Blog

McAllen, TX ranked No. 11 in the United States for beating the recession, according to the June 2010 MetroMonitor released by the Brookings Institute. The report indicates: “Of all the cities in the ranking, McAllen has experienced the longest period of job growth, gaining jobs over the last four quarters.”

Click here to read article.

Officials unite to discuss cross-border development

Officials unite to discuss cross-border development

June 16, 2010 9:56 PM
By ILDEFONSO ORTIZ, The Brownsville Herald

Cameron County officials met with Matamoros city leaders Wednesday to discuss some of the area’s regional development issues.

Officials reviewed a range of projects, including the Brownsville West Rail Relocation Project and the expansion of the Brownsville Veteran’s International Bridge.

“These projects have been around for some time,” said Cameron County Judge Carlos Cascos. “We have a great working relationship with our friends in Matamoros and thanks to our combined efforts have been able to close the deal.”

The bridge expansion calls for the addition of lanes to the port of entry that will help ease the flow of traffic to both cities, Matamoros Mayor Erick Silva said.

Cascos said construction for the project is slated to begin ... Click here to read more

San Juan breaks ground for Mercedes-Benz dealership

San Juan breaks ground for Mercedes-Benz dealership
June 15, 2010 7:46 PM
Naxiely Lopez - The Monitor

SAN JUAN — A groundbreaking ceremony took place Tuesday morning here for a new Mercedes-Benz dealership.

The business is expected to generate $50,000 in local sales tax each year.

City leaders hope the dealership at 411 Expressway 83 — on the north side of the expressway — will bring new customers to the area.

The San Juan Economic Development Corp. said in 2009 that the business would create ... Click here to read more

Mexico ranked most cost competitive for industry; McAllen takes top spot in the U.S. market

Mexico ranked most cost competitive for industry; McAllen takes top spot in the U.S. market
June 14th, 2010
McAllen Economic Development Corporation Blog

Leave a comment Based on the low costs of doing business and business’ ability to compete on the global scale, Mexico ranked No. 1 in overall competitiveness according to a recent report released by KMPG. This organization is a “global network of professionals in the audit, tax and advisory business. The study found that Mexico represents the lowest cost country for companies. The McAllen Economic Development Corporation has a team of industrial specialists focused on recruiting and expanding manufacturing, warehousing, logistics operations in Mexico, specifically Reynosa.

For the U.S., KMPG ranked McAllen as the most competitive city in the United States and Canada, based on low cost of business. There are hundreds of companies on the U.S. side that supply the manufacturing sector in Reynosa, Mexico. Click here to read the full report.

San Benito to build $7.8M ‘green' elementary

San Benito to build $7.8M ‘green' elementary
June 13, 2010 1:00 AM
By FERNANDO DEL VALLE/Valley Morning Star

LA PALOMA — School’s going green in the fastest growing part of the San Benito school district, officials said.

The district will build a $7.8 million elementary school whose solar panels and “green” design will make it a model campus in the Rio Grande Valley, said Oscar Medrano, the school board’s president.

“This is a first for us,” Medrano said. “It will be a magnet for other districts in the Valley.”

A $37 million bond issue passed in 2007 will pay for construction of the school to be built on FM 732, about three miles north of La Paloma, officials said.

The 70,000-square-foot school will relieve overcrowding at La Paloma Elementary School in the district’s fastest growing area, Medrano said.

“It’s going to be ... Click here to read more