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๐ŸŒ† Austin’s New Horizon: Skybox Data Center & Seniors’ Haven! ๐Ÿ—๏ธ

Austin Archuleta

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November 22, 2023

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Hereโ€™s what you need to know about Austin Real Estate today:

  • Austin tackles homelessness, funds hotel transformations for shelter ๐Ÿจ
  • Downtown’s Salvation Army shelter bought by City for $15M makeover ๐Ÿ™๏ธ
  • Skybox & Prologis’s mega 30MW data center boost in Pflugerville ๐Ÿ’ป
  • Senior living redefined: Ryan Cos’ 213-unit project tops out ๐Ÿ—๏ธ

Real Estate and Development Projects in Austin

Austin City Council to vote on additional funding for two hotels meant to house the homeless

Source: KXAN News

Article Summary: Austin City Council is set to vote on funding and extending contracts for two hotels purchased to provide housing for the chronically homeless. The former Candlewood Suites hotel, now known as Pecan Gardens, and the former Texas Bungalows Hotel and Suites, now Bungalows at Century Park, are undergoing significant renovations due to discovered structural issues. Both properties aim to begin operations in 2024.

Key Takeaways: This article is relevant as it provides insights into the city’s approach to affordable housing, which can have implications on residential property values and community development in Central Texas.

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City of Austin buys downtown Salvation Army shelter

Source: Newstalk Texas

Article Summary: The City of Austin has completed the purchase of the downtown Salvation Army homeless shelter, including an adjacent parking lot and retail space, for $15 million. The funding will come from Austin’s Housing Trust Fund, federal Community Development Block Grant program funds, and projected lease savings from another civic purchase. Urban Alchemy, a nonprofit, will manage the city’s shelter and plans to provide 120 beds by the end of the year, in addition to adding a park. The acquisition paves the way for a $3 million, five-year renovation plan.

Key Takeaways: This acquisition and the subsequent development plan highlight the city’s ongoing commitment to revitalization and urban development, an understanding of which can potentially help residential real estate clients make informed decisions about investment and property values in the downtown area.

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Ryan Cos. Tops Out 213-Unit Seniors Housing Project in Austin

Source: REBusinessOnline

Article Summary: Ryan Cos., a developer based in Minneapolis, has reached a significant point in the construction of a 213-unit senior housing project named Grand Living at The Grove, located in Central Austin. This five-story building encompasses 348,353 square feet, and it will house 177 independent and assisted living apartments along with 36 memory care apartments. The project, co-developed with Grand Living and Castletop Capital, was financed by PACE Loan Group and Bankers Trust. Its delivery is expected in early 2025.

Key Takeaways: This article highlights the rising trend and investment opportunities in senior housing in Central Austin, enabling real estate professionals to utilize this information for strategic planning and client advice.

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Skybox, Prologis Plan New Data Center Campus in Austin

Source: Inside Towers

Skybox Datacenters and Prologis are combining forces to create a 30-megawatt, 141,240 square-foot data center in Pflugerville, a northern suburb of Austin, Texas. The facility, Skybox Austin I, is part of a broader trend of large technology companies, such as Oracle, Tesla, and Digital Realty, moving their headquarters to Austin, enhancing its well-known reputation as a tech hub. The data center, to be supported by two substations and supplied by ONCOR, may receive up to $1.5 million in incentives over ten years from the Pflugerville Community Development Corporation, as long as certain investment thresholds are met. These incentives will be offered to tenants as rent credits or tenant improvement allowances.

Key Takeaways: This article highlights the growing demand in the Austin area for commercial real estate development that serves the tech industry, underlining the opportunity for real estate professionals to focus on this highly profitable sector.

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New Texas State residence hall to open doors in fall 2024

Source: Newstalk Texas

Article Summary: The new student housing project at Texas State University, Hilltop Hall, is nearing completion. The $125 million investment will result in an eight-story building with 1,006 beds, including amenities such as a main lobby, kitchen, seminar hall, gaming rooms, and laundry room, and is set to open for student housing in fall 2024.

Key Takeaways: The completion of Hilltop Hall could cause a shift in the local housing demand, potentially creating opportunities for residential real estate professionals to serve an increased student population in San Marcos.

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Urban Planning and Public Policy in Austin

Austin could tap private developers to help fill public safety gaps

Source: KXAN News

Article Summary: Austin City Council plans to vote on a resolution to incentivize private developers to build public safety facilities into their projects. This comes after the temporary shutdown of a Fire and EMS station, highlighting a need for more public safety spaces. This proposal could lead to developers receiving city breaks similar to those currently offered for providing community benefits like affordable housing and parkland.

Key Takeaway: The potential for Austin to incentivize public safety facilities in private developments presents a strategic opportunity for real estate developers to add value to their projects while addressing a significant community need.

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Business and Economic Trends in Austin

Why so many Californians are moving to Texas

Source: Los Angeles Times

Article Summary: The article focuses on the continuing migration trend from California to Texas, with approximately 60,000 more individuals moving from the Golden State to the Lone Star State in 2022. Experts attribute this shift to factors such as more affordable housing, lower taxes, and differing political views.

Key Takeaway: Texas real estate professionals can leverage this influx of Californians by understanding their needs and preferences, potentially growing their client base and expanding their business in the process.

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Daily Brief, Events, Local News, Stuff to do

Discover Your Perfect Friday in Austin: Events, Weather, and Real Estate Insights!

Dive into the heart of Austin this Friday, June 14, 2024, with a lineup of events and the latest real estate insights that promise to make your day unforgettable. From the Hot Girl Summer Bash with Megan Thee Stallion to groundbreaking partnerships revitalizing downtown, Austin is buzzing with activities and opportunities. Click to discover how you can join the excitement and navigate the city's real estate market with expert guidance from Smart Austin Realty.

Dive into the heart of Austin this Friday, June 14, 2024, with a lineup of events and the latest real estate insights that promise to make your day unforgettable. From the Hot Girl Summer Bash with Megan Thee Stallion to groundbreaking partnerships revitalizing downtown, Austin is buzzing with activities and opportunities. Click to discover how you can join the excitement and navigate the city's real estate market with expert guidance from Smart Austin Realty.
Commercial, Construction, Daily Brief, Developments, Local News, Real Estate & Construction, Residential

Construction & Real Estate Update for June 14 2024

Discover the latest buzz in Austin's real estate scene, from groundbreaking projects like Comsouth Industrial's massive warehouses to the vibrant tenant finish at Sherwin Williams, and the innovative PopStroke mini-golf and beer garden experience. Uncover how Austin Water's landscape revolution and the market's shift towards balance are setting new standards for living and investing in ATX. Dive into the full article for an in-depth look at the developments and insights shaping Austin's future, and find out how Smart Austin Realty can guide you through the city's dynamic real estate landscape.

Discover the latest buzz in Austin's real estate scene, from groundbreaking projects like Comsouth Industrial's massive warehouses to the vibrant tenant finish at Sherwin Williams, and the innovative PopStroke mini-golf and beer garden experience. Uncover how Austin Water's landscape revolution and the market's shift towards balance are setting new standards for living and investing in ATX. Dive into the full article for an in-depth look at the developments and insights shaping Austin's future, and find out how Smart Austin Realty can guide you through the city's dynamic real estate landscape.
Events, Stuff to do

Making a Splash: Austin Welcomes Its First Public Access Lagoons Project

Discover the future of leisure and luxury in Austin with the introduction of Ascensions on Lake Travis, a groundbreaking Public Access Lagoonsยฎ project by Crystal Lagoons. This development promises to redefine Austin's landscape, offering a unique blend of sustainable beach life, economic growth, and luxury living. Immerse yourself in the details of how this project blends innovation with Austin's vibrant culture, and explore what it means for future living opportunities in the city.

"Dalle 3 Prompt: Visualize a groundbreaking oasis in the heart of Central Texas: 'Ascensions on Lake Travis' - a vibrant illustration capturing the essence of Austin's first public access lagoons project. Picture a sprawling, 3-acre crystalline lagoon, its waters shimmering under the Texas sun. Envision families, friends, and water sports enthusiasts basking in the joy of this aquatic paradise. Surrounding the lagoon, imagine luxury residences, bustling retail boutiques, and diverse dining options, all nestled in the lush, green landscapes of Spicewood. Highlight the spirit of innovation and sustainability that defines Austin, with a backdrop of rolling hills meeting modern luxury and eco-friendly living. This image should encapsulate the excitement of beach life coming to Austin, blending perfectly with the city's unique culture and vibrant community life."
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