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🚀 East Austin’s Housing Surge & Texas’s Tax Breaks Unveiled! 💸

Austin Archuleta

February 26, 2024

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

  • $1,000 monthly lifeline transforms lives in Austin’s Basic Income Pilot. 💸
  • Austin’s $250M bond fully funds 8,363 affordable homes, stretching dollars further. 🏡
  • East Austin welcomes 348 new homes by Taurus and AOG Living. 🚀
  • Texas’s new tax break program promises jobs and innovation growth. 💼

    Real Estate Development and Housing Market Trends

    Austin gave low-income residents $1,000 a month with no strings attached. One participant said the payments helped her get her first permanent apartment.

    Source: Central Texas Real Estate Journal

    Summary: This article explores the current trends in Central Texas’s real estate market, noting a significant increase in both residential and commercial property demands. Driven by a thriving economy, major tech influx, and population growth, the region is witnessing a real estate boom like never before. The rising interest in farmland and industrial real estate is also emphasized, showing an exciting new direction for investors. The report suggests that these trends are expected to persist, creating numerous opportunities for stakeholders in the real estate sector.

    Why this matters: Understanding these dynamics in Central Texas’s real estate market can help our readers create strategic investment plans, cater to their clients’ needs more effectively, and capitalize on the region’s growth for their career advancement.

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    2018 affordable housing bond dollars now spent. Here’s what Austin got for them

    Source: KXAN

    Summary: Austin has successfully spent all of its 2018 affordable housing bond dollars, totaling $250 million. Over this period, according to HousingWorks Austin, 8,363 homes were built, with nearly 4,500 designed for very low-income families. The focus now shifts to the 2022 bond, which is expected to last until approximately 2028. Importantly, the city has been able to stretch these funds by leveraging each dollar of bond money to raise $6.50 from other sources, including the federal government, philanthropy, and other investors.

    Why this matters: Understanding the impact of Austin’s bond programs on affordable housing provides insights into the city’s real estate market dynamics, enabling readers to better serve low-income clients and anticipate future housing market trends.

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    Taurus, AOG Living Break Ground on 348-Unit Multifamily Project in East Austin

    Source: REBusinessOnline

    Summary: Taurus Investment Holdings and AOG Living have commenced construction on The Evergreen at Whisper Valley, a significant 348-unit multifamily project located in East Austin. This development, designed by The Sage Group, is part of the Whisper Valley master-planned community which spans 2,670-acres. The property will incorporate one, two, and three-bedroom units alongside amenities such as a pool, fitness center, resident clubhouse, business center, beer garden, dog park, and nature trails. Furthermore, residents will have access to a vast 600-acre public park. The project’s completion is expected in spring 2025.

    Why this matters: This article is particularly relevant as it highlights a significant new development in East Austin that real estate professionals can leverage to attract prospective clients. Furthermore, the insight into the variety of amenities and access to green spaces can serve as a selling point for those catering to clients looking for residential properties offering a comprehensive lifestyle experience.

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    Related Hoping to Go 50-Stories in Austin

    Source: Connect CRE

    Summary: The Related Cos. plans to construct a significant multi-tower project across from Ladybird Lake in Austin’s South Central Waterfront District, an area expected to transform into a dense, walkable neighborhood in the coming years. The development is projected to reach heights of 575 feet, or around 50 stories, offering approximately 800 residential units, a 225-room hotel, and considerable retail and office space. This endeavor will be funded partly through a Tax Increment Reinvestment Zone (TIRZ), a financing tool supporting redevelopment in specific regions.

    Why this matters: This noteworthy development project in Austin’s South Central Waterfront District will be a key catalyst in the area’s transformation, and understanding its scale, purpose, and financing can provide real estate agents with valuable insights for advising clients on potential investment and residential opportunities.

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    Socioeconomic Initiatives and Community Impact

      Texas launches new property tax break program to replace Chapter 313

      Source: Community Impact Newspaper

      Summary: The state of Texas is launching a new property tax break program aimed at attracting businesses to the state. This initiative, known as the Jobs, Energy, Technology and Innovation program, is a replacement for Chapter 313, which expired in 2022. The new program offers eligible manufacturing, research, and development companies a 10-year reduction in property taxes. To qualify, projects must create new jobs with health benefits and competitive wages. Unlike the previous program, the new initiative includes a 50% tax reduction, and projects in federally designated “”opportunity zones”” will be eligible for a 75% tax abatement. The program is set to expire at the end of 2033.

      Why this matters: The launch of Texas’ new tax break program underscores the state’s continued commitment to attract businesses, offering real estate professionals a unique opportunity to market properties towards these qualifying companies, ultimately fueling economic growth and creating new jobs in the region.

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      Cultural and Social Highlights

        Beloved theatre company gets first permanent home in 16 years in Austin suburb

        Source: Austin Culture Map

        Summary: Penfold Theatre Company, after operating transiently for 16 years in Austin, has received a $326,330 Arts Grant from the Round Rock City Council to establish a permanent home at Rock Creek Plaza. The grant, funded by the hotel occupancy tax, will cover 18 months of rent for the theatre company, which expects to open its venue in fall 2024. Penfold’s new space will be used not only for its award-winning productions but will also provide affordable rental space for other local arts organizations. The theatre company is still seeking $65,000 in funds for additional rennovations.

        Why this matters: The establishment of Penfold Theatre’s permanent space in Round Rock represents an exciting opportunity for real estate professionals in the area, as increased cultural activity can enhance neighborhood attractiveness and potentially boost property values, which they can leverage to deliver value to their clients.

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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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