Developers Break Ground On Multifamily Buildings Near Mueller Control Tower
Community Impact – 3/3/2022
Developers are one step closer to finishing the project around the historic Mueller tower. Ryan Cos. officially broke ground on an unnamed 345-unit multifamily project in the Mueller neighborhood March 3. The project will consist of two midrise—three- to five-story—buildings and approximately 2,500 sq. ft. of ground-floor retail space located near the corner of Berkman Dr. and McCurdy St. Construction is expected to be complete in late 2023.
These Blockbuster Austin Real Estate Deals Ranked Among Nation’s Biggest In 2021
ABJ – 3/1/2022
Austin saw some of the biggest office property sales in the United States in 2021, according to a new report by CommercialCafe.
♦ The sale of Indeed Tower ranked the highest of all Austin sales, at No. 14 nationwide and No. 2 in the region. Kilroy Realty Corp. bought the property from Trammell Crow Company in June for $580 million.
♦ Riata Corporate Park, the Northwest Austin office campus that houses companies including Accenture, Apple and United Healthcare, also changed hands for a significant price in 2021. KKR & Co. Inc. sold it to Starwood Capital Group for $315 million.
♦ The third Austin building on the list was the 600 Congress tower, formerly known as One American Center. Beacon Capital Partners bought the 32-story skyscraper from the California State Teachers’ Retirement System for almost $310 million.
Flosports’ Growth Trajectory Means New Headquarters, More Sports Being Streamed, Tons Of Hiring
ABJ – 2/28/2022
The good news is streaming in for FloSports Inc. — the Austin-based company that’s bringing under-appreciated sports to the masses. The subscription sports streaming company streamed more than 20,000 events last year, with plans to grow that figure by about 50% in 2022.
FloSports saw its subscriber base grow by more than 50% year-over-year in 2021, and saw 100% growth in traffic on its platform. All of that growth has led to more demand for commercial real estate and employees in the Texas capital. FloSports announced it signed a four-year lease for a 40,000-sq. ft. headquarters in downtown Austin, across two floors at 301 Congress Ave.
3 Big Neighborhoods Rising In Region
ABJ – 3/3/2022
Here are three residential real estate projects making progress as paltry housing supply and rising prices continue to be top of mind for local economic leaders.
» Austin-based Owen Holdings Inc., developer of the massive Parmer Ranch master-planned community in Georgetown, began construction on the community’s second and third phases in February.
» Builders have begun vertical construction on 216 build-to-rent homes in The Colony, a master-planned community outside Bastrop.
» Developers of Gregg Ranch, a 240-acre master-planned community in Marble Falls, have begun the project’s second phase of development.
Violet Crown Amphitheater Developers Withdraw Application For Water, Wastewater Connections From Austin
ABJ – 3/2/2022Amid pushback from environmental groups and the city of Austin’s Environmental Commission, the developers behind the Violet Crown Amphitheater have withdrawn an application from the city for water and wastewater services.
Representatives from International Development Co. confirmed that they withdrew the application on Feb. 22 and are now pursuing “a number of options” to move forward with the 71-acre project at 10649 State Highway 71. It is planned to include a 20,000-seat amphitheater, two luxury apartment towers, a distillery and tasting room, a Top Golf-style driving range and parking garage.
Developer Backed by Olympic Ski Racer Bode Miller Looks To Bring Slopes to Texas
CoStar – 3/3/2022
A would-be developer of indoor ski resorts that recently teamed up with Olympic alpine ski racer Bode Miller plans to bring snow-covered slopes to Texas as part of its larger bid to expand to more than 20 cities throughout North America. Alpine-X, based in McLean, Virginia, said it has signed a letter of intent to build two indoor ski resorts in Texas, one in Austin and another in Dallas. The company plans to initially develop at least two projects in Texas, with the potential to add even more in the future.
Austin Disaster Relief Network Signs Lease for New Hope Family Thrift Store
CoStar – 3/1/2022
Austin Disaster Relief Network has signed a lease to open a new Hope Family Thrift Store. A nonprofit organization made up of volunteers from about 200 Austin-area churches, the group signed a deal for 36,888 square feet at The Shops at Wells Branch where it will open its second North Austin location this summer at the confluence of MoPac Expressway, Wells Branch Parkway and West Howard Lane.
Details Revealed On 224-Acre Georgetown Business Park, Including Innovative Homebuilder As First Tenant
ABJ – 2/25/2022
Jackson-Shaw Co. has announced details regarding its 224-acre development known as CrossPoint Business District at the north end of the Austin metro, including its first tenant: Onx Inc., doing businesses as Onx Homes, a modular home manufacturer that is focused on sustainability. Jackson Shaw officials said they will break ground in April on a 61.7-acre first phase that will include three buildings totaling 488,000 sq. ft. The expected completion is the second quarter of 2023.
After Strong Rebound, Construction Levels Pose Risk to Austin’s Apartment Market
CoStar – 3/1/2022
Austin, Texas’s apartment market had one of the fastest rebounds in the nation in 2021. Vacancies fell by double the national rate, and rents nearly doubled nationwide rent growth. Austin’s strong economy, which has generated the most white-collar job gains in the nation since the start of the pandemic, continues to generate strong demand for apartments.
Developers have also been watching the headlines, and have responded. With about 24,000 units underway, Austin has the second largest pipeline for apartment development in the nation behind Nashville. Naturally, local concerns about the ability to afford the rent have picked up. However, Austin remains affordable on a national scale.