🌆 Sky’s the Limit in Austin – $10M & 575-ft Towers Transforming the City! 💸

Austin Archuleta

February 23, 2024

Here’s what you need to know about Austin Real Estate today:

  • UT students champion Austin’s first permanent supportive housing, Espero Rutland. 🏡
  • $10M from PNC banks on Austin’s affordable housing fix. 💰
  • Texans grapple with soaring property taxes despite an $18B relief package. 📈
  • Austin eyes growth with 5-tower, 575-ft skyscraper proposal downtown. 🌆

    Housing and Real Estate Development in Austin

    UT students help open Austin’s first permanent supportive housing community

    Source: The Daily Texan

    Summary: Austin, Texas has inaugurated its first permanent supportive housing community, Espero Rutland, aimed at providing affordable housing for low-income households and those experiencing chronic homelessness. The city, in partnership with Caritas of Austin and the Vecino Group, facilitated this initiative with the aid of students from the University of Texas via Project Advance Austin. In addition to long-term housing, the community offers on-site support for residents as they rebuild their lives, with some students performing community outreach and collecting feedback to help the project best serve Austin’s unhoused population.

    Why this matters: This development underlines the growing focus on affordable and supportive housing in Central Texas and may influence future housing projects and policies, vital information for real estate professionals to consider when advising clients or planning developments.

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    City Announces Request for Qualifications for Central Austin Multifamily Housing Development Opportunity

    Source: AustinTexas.gov

    Summary: The Austin Housing Finance Corporation (AHFC) has issued a Request for Qualifications (RFQ) for the development of a 300-unit multifamily apartment complex in central Austin’s Crestview neighborhood. The RFQ process grew out of community engagement efforts, with the local community highlighting the need for affordable housing, park spaces, and transit connectivity. The AHFC-owned property, where the development is to take place, spans 5.5 acres at 6909 Ryan Drive. Complete responses to the RFQ must be submitted by March 20, 2024.

    Why this matters: The RFQ for the large-scale multifamily development is a prime opportunity for residential real estate companies and developers to contribute to Austin’s affordable housing initiative while expanding their portfolio in a highly sought-after area.

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    PNC commits $10M to affordable housing in Austin

    Source: BizJournals

    Summary: PNC, a well-known banking institution, has pledged $10 million specifically for the development of affordable housing in Austin. This forms part of PNC’s broader $88 billion Community Benefits Plan, which commenced in 2022. The aim of this significant investment is to address the growing issue of housing affordability in the region, a move that could potentially stimulate the local real estate market.

    Why this matters: The PNC’s substantial investment in affordable housing in Austin could lead to increased activity in the local real estate market. Real estate professionals can leverage this information to anticipate potential opportunities in the affordable housing sector and advise their clients accordingly. Additionally, this development could indicate a promising trend of financial institutions investing in local real estate, which could be beneficial for career growth.

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    Austin | 400 S. Congress | 5 Towers | Tallest is 575 Feet & 50 Floors | Proposed

    Source: Austin Business Journal

    Summary: A New York-based real estate development firm, The Related Cos., plans to dramatically reshape an area of downtown Austin with the construction of five high-rise towers at the intersection of South Congress Avenue and West Riverside Drive. The proposal includes a planned unit development with a maximum building height of 575 feet, making it one of the tallest structures in the city. The multi-tower project will include about 800 residential units, a hotel, substantial office and retail space, restaurants, a grocery store, and an underground parking garage. This development is a clear sign of downtown Austin’s continued expansion and growth.

    Why this matters: This article highlights the relentless pace of Austin’s real estate development, offering real estate professionals an opportunity to secure early interests in a potentially transformative project that could present high-value residential, commercial, and retail opportunities for their clients.

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    Texas Economic and Policy Initiatives

      Seasonality pushes Texas new home sales lower, “Spring will see a rebound,” Ben Caballero says

      Source: Central Texas Realty Review

      Summary: Central Texas is experiencing a notable boom in its real estate market, with a surge in demand across all sectors, from residential to industrial. Several factors have contributed to this growth, including a stable economy, a vibrant job market, and a steady influx of new residents attracted by the region’s quality of life. Concurrently, the commercial real estate sector is undergoing significant transformation, driven by changing consumer behaviors and technological advancements. Industrial real estate is also flourishing, fueled by e-commerce expansion and logistical needs. This dynamic market offers promising opportunities, but also presents challenges, particularly affordability and inventory concerns for the residential sector. Industry professionals must keep abreast of these trends to navigate the market successfully and capitalize on the opportunities presented.

      Why this matters: Understanding the shifts and trends in Central Texas’ real estate market can equip real estate professionals with the knowledge to identify potential opportunities, devise effective strategies, and ultimately, provide value-added services to both their residential and commercial clients.

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      Bakke Development, BCDC Expand Texas Portfolio

      Source: Multi-Housing News

      Summary: Bakke Development and BCDC have jointly initiated the construction of a 104,875-square-foot self-storage facility in New Braunfels, Texas. This development, funded by a $10.1 million loan from Frost Bank, will be completed in the first quarter of 2025 and will feature 987 climate-controlled units. The facility is strategically located less than 50 miles from Austin and will cater to the region’s growing population. This marks the fifth project for the partnership, with another self storage project underway in San Antonio and six in the McAllen market.

      Why this matters: This article highlights the ongoing growth of the property development sector in Central Texas, offering readers insights into potential growth areas and underscoring the increasing demand for storage facilities in growing communities near Austin.

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      CRE Firm Franklin Street Opens Austin Office

      Source: Connect CRE

      Summary: Tampa-based commercial real estate brokerage, Franklin Street, has established a regional headquarters in Austin, marking their debut in Texas. This is the third office opening in the last 18 months, with Austin joining Nashville and Charlotte as their latest expansion locations. The firm offers a wide range of services, including investment sales, capital markets, leasing, tenant representation, property, and project management. The Austin team comprises 11 people, bringing the total company headcount to 400. The firm also plans to expand in other major Texas metros.

      Why this matters: Franklin Street’s arrival in Austin signifies increased competition in the commercial real estate market, offering new brokerage and advisory options for clients as well as potential job opportunities for real estate professionals in Central Texas.

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      Community and Infrastructure Development

        St. David’s plans to quadruple size of Texas medical office building

        Source: Becker’s ASC Review

        Summary: St. David’s HealthCare, based in Austin, Texas, has received approval from the planning commission to expand its medical office building nearly four times its current size, from 58,205 square feet to an additional 136,000 square feet. The property, of which St. David’s owns 51%, houses several specialists, including the Southwest Regional Cancer Center and Texas Heart and Vascular. Although the expansion received unanimous approval, concerns have been raised by local residents about the potential increase in homeless patients being discharged into nearby neighborhoods, as the facility offers respite care for homeless patients at below-market rents. This announcement follows St. David’s 2022 plans to spend $1 billion on renovations in and around Austin.

        Why this matters: The expansion of St. David’s HealthCare’s medical office building in Austin signifies potential growth in the local commercial real estate sector, offering real estate professionals opportunities to engage with clients interested in healthcare-related properties and anticipate potential impacts on residential real estate in the surrounding neighborhoods.

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        Penfold Permanent Home in Round Rock

        Source: Round the Rock

        Summary: The Round Rock City Council has approved an arts grant that will allow Penfold Theatre Company (Penfold) to establish a permanent venue in Round Rock, Texas. The grant of $326,330, funded by hotel occupancy tax, will cover the venue’s rent for 18 months post-rent commencement. The venue will be located in Rock Creek Plaza and is projected to open in Fall 2024. The establishment of this cultural hub is in sync with the city’s goal to nurture creative enterprises and expand entertainment choices, as revealed in the city’s 2023 Arts & Culture Plan. In addition to the city grant, Penfold has also received $35,000 from the Next Act Foundation for capital expenses, representing 35% of its $100,000 goal. The theatre company hopes to raise the remaining amount to finalize its new venue.

        Why this matters: This development is crucial for real estate professionals as it not only indicates the active role of the city in promoting arts and culture but also implies potential residential and commercial growth around the new venue, creating investment opportunities.

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        Commercial, Construction, Real Estate & Construction, Residential

        The Future Is Now: Williamson Tech Hub’s Massive Expansion 🚀

        Discover the transformative expansion of the Williamson Tech Hub in Round Rock, TX, a project set to bolster the local tech scene with an additional 25,000 sq ft for startups, promising job creation, and cementing Williamson County's status as a burgeoning global tech hotspot. This massive development, backed by a $2,500,000 investment, aligns with the county's wider tech boom, including Samsung's $17 billion chip factory and new ventures by CelLink and Google, signaling unprecedented economic and community growth. Dive deeper into how this expansion and the broader tech wave are set to reshape the local economy and opportunities, making now the ideal time to get involved or invest in one of the country's fastest-growing tech hubs.

        The hero image for the article titled "The Future Is Now: Williamson Tech Hub's Massive Expansion 🚀" could capture the essence of innovation, community growth, and technological advancement in Round Rock, Texas. Picture this: The scene is set during the golden hour, casting a warm glow over the Williamson Tech Hub. The building stands prominently at the forefront, its glass facade reflecting the sunset, symbolizing transparency and the future of tech in Round Rock. The hub is buzzing with activity; people of various backgrounds are entering and exiting, highlighting the diversity and inclusivity of the tech community. In the foreground, a large banner with the text "Grand Expansion - The Future Starts Here" is draped across the construction fencing, signifying the ongoing work and the anticipation for what's to come. Behind it, construction cranes and scaffolding are visible, representing progress and the physical growth of the tech hub. To the right, a group of tech professionals is engaged in animated discussion, perhaps sharing ideas or collaborating on a project, showcasing the hub as a place for innovation and networking. In the background, the skyline of Round Rock is starting to light up, with digital overlays indicating other key tech players in the area, such as Samsung and Google, connecting the expansion to the broader tech boom in Williamson County. On the left, an interactive digital display shows plans for the new floors and a countdown to the completion date, inviting community interaction and interest. This display also features a QR code that passersby can scan to learn more about the expansion project, job opportunities, and how to get involved, blending the physical and digital worlds. The image is dynamic and forward-looking, capturing the excitement and potential of the Williamson Tech Hub's expansion. It communicates not just the physical growth of the tech hub but also its role as a catalyst for job creation, innovation, and community development in Round Rock and beyond.
        Daily Brief, Events, Local News, Stuff to do

        News & Events Update for April 22 2024

        Discover the latest Austin hot spot, Malone Specialty Coffee, where unique single-origin brews meet a quirky, retro vibe, promising a coffee experience infused with local pride. Meanwhile, if you're navigating the Austin real estate market, Smart Austin Realty is ready to expertly guide you through buying, selling, or exploring your housing options with insider knowledge and personalized services. Click through for the full scoop on Austin's vibrant coffee scene and real estate insights that could help you call this dynamic city home.

        Create a detailed watercolor & ink image of a stimulating event in the heart of Texas, Austin. The picture should depict the grand opening of Malone Specialty Coffee, a local favorite that has recently opened a storefront - Malone Coffee Roastery and Cafe. Focusing on single-origin coffees and blends with a local twist, all named after Austin's treasured parks, the coffee shop represents an amalgamation of Austin's character. The setting should reflect a blend of modern-day Austin infused with a retro feel that draws inspiration from vintage Austin postcards and significant landmarks. Consider the cheery weather forecast for Austin on the particular day, with a high of 74°F perfect for an outdoor setting, to portray the weather accurately. Ensure the image is clear, layered, and consistent, fulfilling the nuances of watercolor style, and is exported in high resolution suitable for both web and print.
        Commercial, Construction, Daily Brief, Developments, Local News, Real Estate & Construction, Residential

        Construction & Real Estate Update for April 22 2024

        Discover the latest twists in Austin's real estate and construction sectors, from the quieting of new permits to the nuanced dance of fluctuating property values amidst Texas' unique tax laws. Learn how these dynamics are influencing both the Austin-Round Rock housing market and homeowners in Central Texas, and why staying informed is crucial for making savvy decisions in this ever-changing landscape. Dive deeper with Smart Austin Realty, your guide to navigating the complexities of buying, selling, and living in Austin's vibrant community. [Read the full article for insights and guidance.](https://smartaustinrealty.com/#form)

        Discover the latest twists in Austin's real estate and construction sectors, from the quieting of new permits to the nuanced dance of fluctuating property values amidst Texas' unique tax laws. Learn how these dynamics are influencing both the Austin-Round Rock housing market and homeowners in Central Texas, and why staying informed is crucial for making savvy decisions in this ever-changing landscape. Dive deeper with Smart Austin Realty, your guide to navigating the complexities of buying, selling, and living in Austin's vibrant community. [Read the full article for insights and guidance.](https://smartaustinrealty.com/#form)
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