Daryl Kunik’s Vision For Big East Austin Creative Hub Moves Forward
ABJ – 2/18/2022
Central Austin Management Group is moving forward with plans to build hundreds of apartments and a significant chunk of commercial space on the east side.
The development group, run by Daryl Kunik, will transform 21 acres off U.S. Hwy 183 into a community-oriented, mixed-use project designed to offer affordable access to both commercial and residential space. Kunik said the current goal is to have the project delivered by the first or second quarter of 2025.
Soaring Rents, Surging Demand Make For ‘Unprecedented’ Times In Austin’s Apartment Market
Austin American Statesman – 2/14/2022
Surging population growth and rising home prices have created so much demand for apartment units in the Austin metro area that developers haven’t been able to keep up — even with apartments seemingly going up everywhere you look.
“I would say 2021 was a most extraordinary year for the apartment market — the most extraordinary I’ve ever seen,” said Charles Heimsath, president of Austin-based Capitol Market Research, who has been tracking the Austin-area apartment market since 1990. Developers this year completed about 13,000 apartment units — the most ever recorded in one year in the metro area. During that time, a net of 19,000 units were leased — twice as many as the market has ever absorbed before, Heimsath said.
Owen Holdings Begins Construction on Second, Third Phase of Austin MXU Community
Connect Media – 2/16/2022
Austin-based developer Owen Holdings Inc. has started construction on 220 new homesites in the second and third phases of Parmer Ranch, a 454-acre, residential mixed-use community in Georgetown. Phase 1, consisting of 155 home sites, opened in summer 2021. Scheduled completion on the second and third phases is May of 2022. Owen Holdings also plans to launch construction on an additional 350 home sites in Q2 2022.
Housing Updates: Ultra-Luxury Lakefront Community Half Sold, Downtown Tower Gets Financing And More
ABJ – 2/15/2022
≈ The Four Seasons Private Residences Lake Austin, a multimillion-dollar lakefront community set to break ground in 2023, is already half reserved. The community will span 145 acres just west of Pennybacker Bridge, with 179 homes starting in the $4 million range.
≈ The Travis, a multifamily tower planned for the Rainey Street District, just received $173.42 million in construction financing through JPMorgan Chase & Co.
≈ Santa Rita Ranch, the Liberty Hill subdivision which was recently ranked one of the best-selling master-planned communities in the U.S., has begun sales on its forthcoming age-restricted homes.
City Of Austin To Convert Burnet Road Hotel Into Apartment Complex For People Exiting Homelessness
Community Impact – 2/17/2022
The city of Austin is converting the former Texas Bungalows Hotel & Suites at 13311 Burnet Road into a supportive apartment complex for people exiting homelessness which is expected to open in late 2022. The apartment community, now known as Bungalows at Century Park, will feature 60 fully furnished studio apartments, common spaces, on-site security and 24-hour staffing, a laundry room and offices to facilitate social services.
CelLink Moves Forward on Greater Austin Plant After $250 Million Funding Round
CoStar – 2/18/2022
An automotive electronics technology company out of California is set to break ground next week on a new manufacturing plant in Georgetown, that is expected to make it one of the largest employers in the north Austin suburb.
CelLink, of San Carlos, will invest in a roughly 295,000-sq. ft. plant that will produce flexible circuits used in electric vehicles and battery storage units. The facility will be located within the Gateway35 Commerce Center, Titan Development’s master-planned industrial park at IH-35 and Toll 130, and is expected to open in June.
IRS Reverses Course, Says It Won’t Close Austin Processing Facility
Austin American Statesman – 2/18/2022
The Internal Revenue Service has reversed course and no longer plans to close its Austin facility. The IRS said it will now keep the center, which is south of downtown Austin, open in order to “ensure there is sufficient capacity to best serve the nation’s taxpayers and process returns and taxpayer correspondence in a timely manner.”
The Austin facility currently has 3,400 employees, and the number of employees impacted by the decision to stay affects about 2,700 workers.
79K-SF Grocery-Anchored Center In Georgetown Trades Hands
Recon – 2/17/2022
Phillips Edison & Company has purchased Oak Meadows Marketplace, a Class A retail center on 11 acres at 5731 Williams Dr. Built in 2018, the 78,888-sf property is anchored by Randalls and 92 percent leased. SRS Investment Properties Group represented the seller.