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πŸŒ† Paseo Rises High, Affordable Housing Gets Real in Austin! πŸ› οΈ

Austin Archuleta

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January 25, 2024

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

    • Seabrook Square’s groundbreaking: 204 affordable homes in East Austin 🏘️
    • Paseo tower ascends: 48 floors reshaping Austin’s skyline on Rainey St πŸŒ†
    • Carmen Llanes Pulido shakes up Austin’s mayoral race with housing focus πŸ—³οΈ
    • Brookfield’s Park 290: 800K sq ft industrial space boosts East Austin economy 🏭

Real Estate Developments and Construction Projects in Austin

Ground broken on new affordable housing development in east Austin

Source: KXAN

Summary: The groundbreaking of the Seabrook Square affordable housing project in East Austin has been announced, with completion set to provide 204 units, all available to households earning at or below 60% of the Median Family Income. The project, approved by the Austin Housing Finance Corporation board in 2022, will include a five-story and a four-story building and ten “”live-work-residence-studios”” for local artists. The Seabrook Square project is financed by a mix of city bonds, tax credits, and debt financing.

Why this matters: This new development in East Austin offers residential real estate professionals the chance to guide clients interested in affordable housing options and incentives, as well as those looking to invest in artist-focused living spaces.

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AUSTIN | Paseo | 172m | 567ft | 48 fl | U/C

Source: austin.towers.net

Summary: Austin’s fastest-growing entertainment district is set to welcome a new addition in 2023. LV Collective’s “”Paseo,”” a 48-floor residential tower, has officially secured financing for its construction at 80 Rainey Street. The apartment tower, designed by Pappageorge Haymes Partners, is another significant addition to Austin’s evolving skyline.

Why this matters: The information about the new “”Paseo”” residential tower is crucial for our readers as it signals the ongoing growth in Austin’s real estate market, specifically in high-rise residential properties, a potential niche for investment or clientele expansion.

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Brookfield Breaks Ground on Industrial Property in East Austin, Texas

Source: CoStar

Summary: Brookfield Properties has initiated a new development project, Park 290, in East Austin, Texas. The industrial park will offer close to 800,000 square feet of space, adding a significant amount to the current industrial property market in the area. The project signifies a growing interest in industrial development in East Austin and could potentially influence future real estate trends in the region.

Why this matters: With the groundbreaking of Park 290, real estate professionals should consider the potential increase in demand for industrial properties in East Austin, allowing them to advise clients and adjust their market strategies accordingly.

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Plans announced for 338-unit Lirica East Austin multifamily

Source: Real Estate Center at Texas A&M University

Summary: CSW Development and Blueprint Local have revealed plans for Lirica East Austin, a 338-unit multifamily project. The property will comprise a variety of units from studios to three-bedroom apartments, averaging 799 square feet. Residents will have access to a range of amenities, including a pool, clubroom, fitness center, leasing office, coworking space, and sky lounge. JLL has arranged the loan for this development scheduled to be completed by early 2026.

Why this matters: This new development, Lirica East Austin, can provide an array of opportunities for residential real estate professionals to tailor their service offerings to a diverse clientele looking for modern housing options with superior amenities in the vibrant Central Texas market.

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Easton Hills apartment complex in South Austin targeted for redevelopment

Source: BizJournals

Summary: The Easton Hills apartment complex in South Austin, originally built in 1972, is targeted for a potential redevelopment. The project could pave the way for denser multifamily housing and offer new opportunities for office and retail space. However, to proceed, certain zoning changes need to be approved for taller constructions in the area.

Why this matters: This redevelopment project in South Austin presents an opportunity for real estate professionals and investors to tap into the potential growth of residential, commercial, and retail properties, highlighting the importance of staying updated with zoning regulations and city planning activities.

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Landsea (LSEA) Expands Texas Footprint With 45 Manor Homesites

Source: Zacks Investment Research

Summary: Landsea Homes Corporation has expanded its Texas portfolio with the acquisition of 45 finished homesites in Manor, marking a continued effort to grow its presence in the state. The new community, The Village at Manor Commons, is located near major employers and is positioned as an affordable choice for young professionals. The homes, which will begin construction in Spring, will range from 1,400-2,400 square feet with prices starting in the low-$300ks. This move comes as part of Landsea’s strategic expansion efforts, including recent acquisitions in Dallas-Fort Worth and Colorado.

Why this matters: The expansion of Landsea Homes into the Manor area presents a valuable opportunity for real estate professionals to cater to the increasing demand for affordable housing options among young professionals in Central Texas.

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Local Politics and Mayoral Race in Austin

Carmen Llanes Pulido joins Austin mayoral race

Source: KUT.org

Summary: Carmen Llanes Pulido, head of advocacy group Go Austin/Vamos Austin, has joined the Austin mayoral race, running against former city council member Kathie Tovo. Llanes Pulido, a vocal advocate for housing equity and disaster preparedness, has opposed the city’s HOME initiative, arguing it doesn’t provide affordable housing and may cause displacement. She promises a community-focused approach to governance with a commitment to honest representation and transparency.

Why this matters: Understanding the direction of local political leadership, especially those with a focus on housing and community development, allows residential real estate professionals to strategize future investments and advise clients on potential market changes.

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Austin Real Estate Market and Property Listings

Austin’s most-expensive listing takes $6.5 million price cut

Source: The Real Deal

Summary: Austin’s luxury property at 1404 Rockcliff Road, once tied for the most-expensive listing in the city, has taken a significant price cut from $19.5 million to $13 million. The lakefront property features a 3,200-square-foot house near Lake Austin and comes with approved plans for a 7,400-square-foot primary residence. Despite the drop, it remains one of Austin’s priciest listings. Austin’s luxury market has seen substantial growth in recent years, but high-interest rates and market uncertainty have introduced some cooling across residential price levels.

Why this matters: This article underlines the fluctuating nature of Austin’s luxury real estate market, emphasizing that while the demand for high-end properties remains strong, market dynamics such as interest rates can influence listing prices and selling strategies.

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