In this my “maiden voyage” into the world of blogging about real estate, I started thinking about significant events which have influenced the course of real estate in Lubbock over the years. My friend George McMahan sent me a copy of a letter written by Paul Horn, the first President of Texas Technological College (now Texas Tech University), to the first student body in 1926.
Not only is this letter inspirational and very well written, but it reminded me of the impact Texas Tech has had on real estate in Lubbock. Since the 1926 letter, Tech has grown to more than 30,000 students with plans to grow to 40,000 or more students in the near future.
Tech students buy goods and services in Lubbock, and the sum of their purchasing activity has immensely contributed to the growth and health of the Lubbock economy. Students, faculty and staff create demand for housing and retail real estate. The redevelopment of the North Overton area by McDougal Companies is the largest privately funded redevelopment project in the United States. It was driven by the area’s proximity to Tech and downtown Lubbock. The redevelopment has reinvigorated real estate and retail in an area that was not thriving a few years before. Now the tree-lined streets, thriving businesses and a high-rise, 5-star hotel complement the manicured campus across the street.
Overton Park Redevelopment
Pedestrian Walkways in Overton Park Redevelopment
Retail in Overton Park Redevelopment
Lubbock is blessed to have a thriving university which benefits us all — including a major impact on real estate values.