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Real Estate, net
 12 Months Ended
Dec. 31, 2024
Real Estate, net [Abstract]  
Real Estate Disclosure [Text Block] REAL ESTATE, NET
Stratus’ consolidated balance sheets include the following net real estate assets (in thousands):
 December 31,
 20242023
Real estate held for sale:  
Developed lots and completed homes$11,211 $7,382 
Real estate under development:  
Acreage, multi-family units, commercial square footage and homes274,105 260,642 
Land available for development:  
Undeveloped acreage65,009 47,451 
Real estate held for investment:  
The Saint June50,974 50,827 
Kingwood Place37,426 37,166 
Lantana Place33,873 31,001 
Jones Crossing25,278 25,008 
West Killeen Market9,483 10,063 
Magnolia Place— 6,740 
Furniture, fixtures and equipment764 727 
Total157,798 161,532 
Accumulated depreciation(21,546)(17,420)
Total real estate held for investment, net136,252 144,112 
Total real estate, net$486,577 $459,587 

Real estate held for sale. Real estate held for sale includes developed lots and completed homes. Developed lots include individual tracts of land that have been developed and permitted for residential use. As of December 31, 2024, Stratus owned one developed lot and three completed Amarra Villas homes.

Real estate under development. Acreage under development includes real estate for which infrastructure work over the entire property has been completed, is currently being completed or is able to be completed and for which necessary permits have been obtained. Real estate under development also includes commercial and residential properties under construction. Stratus’ real estate under development as of December 31, 2024 increased from December 31, 2023, primarily as a result of the development costs for The Saint George and Barton Creek properties, particularly Holden Hills Phase 1 and Amarra Villas.

In November 2017, the City of Magnolia and the state of Texas approved the creation of a municipal utility district (MUD) which provides an opportunity for Stratus to recoup certain road and utility infrastructure costs incurred in connection with the development of Magnolia Place. Real estate under development as of December 31, 2024, includes approximately $12 million of costs eligible for reimbursement by the Magnolia MUD.

Land available for development. Undeveloped acreage includes real estate that can be sold “as is” (i.e., planning, infrastructure or development work is not currently in progress on such property). Stratus’ undeveloped acreage as of December 31, 2024 included land permitted for residential and commercial development and vacant pad sites at Jones Crossing and Kingwood Place.

Real estate held for investment. The Saint June is a luxury garden-style multi-family project consisting of 182 units. The Kingwood Place project includes 151,877 square-feet of retail space anchored by an H-E-B grocery store and leased pad sites. The Lantana Place project includes 99,377 square feet and a pad site ground-leased to a hotel for the retail phase of a mixed-use project. The Jones Crossing project includes 154,092 square-feet and leased pad sites for the first phase of the retail component of an H-E-B-anchored, mixed-use development. The West Killeen Market project includes 44,493 square-feet of retail space adjacent to a 90,000 square-foot H-E-B grocery store.
Capitalized interest. Stratus recorded capitalized interest of $15.7 million in 2024 and $12.5 million in 2023.