News Detail

Austin News Update April 24th, 2022


April 24, 2022

The Republic will rise 48 stories and  have a 20,000 sq. ft. public plaza.
(See story below.)

Elon Musk’s Boring Company Lands Largest Investment Deal In Austin History

ABJ – 4/21/2022

Elon Musk’s The Boring Company announced April 20 it has raised $675 million series C investment that gives the tunneling startup a nearly $5.7 billion valuation.  The deal is the largest venture investment ever in the Austin area.


Austin Tech Sector Can Expect A Jobs Boom Over The Next Five Years

Austin American Statesman – 4/15/2022

The forecast from CompTIA, a tech industry trade association that — for the third straight year — has put Austin at the top of its annual list of U.S. cities where the tech sector is booming and expected to keep growing. The tech-related workforce in the Austin metro area totaled about 155,000 people at the end of 2021, and is expect to grow by 3.6% this year and by 14% through 2026.


48-Story Tower To Proceed Next To Republic Square

ABJ – 4/20/2022

Another office tower is set to rise in downtown Austin, with an equity partner and an undisclosed tenant on board.

After years of planning, developers plan to break ground this quarter on The Republic. Lincoln Property Co. and Phoenix Property Co. are co-developers, and Divco West Real Estate Services LLC, is an equity partner. The building is set to rise 48 stories and total 833,000 sq. ft. at 401 W. Fourth St., currently home to a surface parking lot just south of Republic Square. Floor plates are expected to average 29,000 sq. ft.


Austin’s State-Of-The-Art, $375 Million Moody Center Opens With Blessing From McConaughey

Austin Culture Map – 4/19/2022

The long-awaited, highly anticipated, and (given its conception and construction during the era of COVID delays) surprisingly not-belated Moody Center is finally open. Matthew McConaughey, gave a rousing speech at the ribbon cutting ceremony on Tuesday, April 19, to kick off over a week of opening festivities at the new Austin arena.

Replacing the 45-year-old Frank C. Erwin Jr. Center at the University of Texas, the $375 million project will house both the University of Texas women’s and men’s basketball games and play host to world-class musical acts from around the globe.


Sabey Data Centers is hoping to open its first location in Texas in Round Rock in early 2023. When people talk about uploading stuff to “the cloud” — this is what the cloud looks like. This building will be about the size of three H-E-B stores put together. (Courtesy Sabey Data Center Properties LLC)

Wages Rising Fast In Austin

ABJ – 4/21/2022

review of Bureau of Labor Statistics data shows that in Austin, the paycheck hikes are on average twice as big as the national average. The data shows that average weekly earnings rose 5.7% in U.S. metro areas between February 2021 and February 2022.  But growth in average weekly earnings is up 10.5% in Central Texas since last year, from $1,048 to $1,158.


Startup Funding Down In US — But Not In Austin

ABJ – 4/18/2022

Fueled by big time deals, the Austin metro had one of its best quarters of venture capital funding ever in the first quarter of this year, according to new data from PitchBook. Local startups raised $1.5 billion across 99 deals. That’s the second best the metro area has ever had, save for the third quarter of 2021, which was just slightly higher.


Median Home Sales Price Continued To Rise In 1Q2022

Recon – 4/20/2022

The median sales price of Texas homes topped $325,000 in first quarter 2022, an 18.6% increase over the year, according to Texas Realtor’s 2022-Q1 Texas Quarterly Housing Report.  In the first quarter, 88,700 homes were sold in Texas, a 5.6% increase over 1Q2021. Nearly half of the homes sold were in the $200,000 to $399,000 price range.


Austin Cybersecurity Firm Sailpoint Being Sold To Thoma Bravo In $6.9 Billion Deal

Austin American Statesman – 4/11/2022

Austin-based cybersecurity company SailPoint is being acquired by private equity firm Thoma Bravo for $6.9 billion, which is expected to close in the second half of 2022. Founder Mark McClain said “We expect another strong year of growth in 2022 and will be investing in our product development and go-to-market teams to enable us to fully capitalize on our market opportunity over the long-term.”


Partners Buys 75-Room La Quinta Inn & Suites Hotel in Cedar Park, TexasCapital Door

REBusiness –  4/20/2022

Locally based private equity firm Door Capital Partners has purchased a 75-room La Quinta Inn & Suites hotel in Cedar Park, north of Austin. Built in 2009, the Wyndham-branded hotel offers a mix of traditional guestrooms and suites, as well as a fitness center, onsite laundry facilities, indoor pool and 625 SF of meeting/event space.


Rosen’s Bagels Co. Opens Second Brick-And-Mortar

Recon – 4/22/2022

Less than four months after opening a North Austin location, Rosen’s Bagel Co. will now bring its award-winning bagels to the heart of downtown. The Austin-based bagel shop will open in Republic Square at 422 W. Fifth St. on April 23, in the space that previously housed Salt & Time Cafe.


Ascension Texas Announces Buyout of Orthopedic Associates of Central Texas

Community Impact  – 4/21/2022

Ascension Texas will add nine new locations to its list of Central Texas orthopedic and sports medicine clinics following a buyout of Orthopedic Associates of Central Texas. The acquisition will also add 19 doctors and more than 100 staff members to the Ascension roster.


Officials Approve 119-Acre Land Trade Between Hutto, Pflugerville

Community Impact – 4/22/2022

Hutto and Pflugerville are set to swap ownership of two approximately 120-acre tracts in their respective extraterritorial jurisdictions.  Currently, a portion of Lakeside MUD No. 9 lies within Pflugerville’s ETJ. After the trade, the MUD will fall fully within Hutto’s ETJ.


Details, Renderings Released After Massive Data Center Project Approved For Round Rock

ABJ – 4/18/2022

Sabey Data Centers Properties LLC, a Seattle-based company, said it plans to break ground on its data facility at 1300 Louis Henna Blvd. in June, with a target of opening in the first quarter of 2023.  It will replace the site that was once home to the old Sears Teleserv Building.

The two-building, 40-acre data center is designed to provide up to 72 megawatts of power capacity, and will be able to accommodate hyper scale development and support enterprise requirements of all sizes and scales.


‘Micro-Unit’ Project Coming To Austin’s Swiftly Changing South First Street

Austin American Statesman – 4/21/2022

Another mixed-use development will soon break ground on Austin’s rapidly transforming South First Street.

The project — named Bruno — will be built by Austin-based StoryBuilt at 2001 South First St., in the Bouldin Creek neighborhood. It will consist of 38 rental studio units and four one-bedroom rentals, along with 3,000 square feet of retail and commercial space on the ground floor.  Bruno is scheduled to begin construction at the end of April with completion in the second quarter of 2023.


Monster Deal: Austin-Based American Campus Being Sold For $13 Billion

Austin American Statesman – 4/19/2022

In one of the biggest acquisitions of a Central Texas company ever, Austin-based student housing company American Campus Communities is being scooped up by New York investment firm Blackstone in a deal valued at nearly $13 billion. American Campus says it is the nation’s largest owner, manager and developer of high-quality student housing communities.


Pearlstone Snags Funding For New Condo Project

ABJ – 4/22/2022

Pearlstone Partners LLC has secured funding for a new condominium development near East Riverside Drive just southeast of downtown, adding to the developer’s robust portfolio of dense housing in the city.

Knighthead Funding LLC, a longtime funding partner of Pearlstone Partners, has provided a $7.14 million loan to allow the developer to purchase the site for an unnamed condo project planned on a roughly 2.7 acre site at 2500 Willow Hill Dr.


$95M Deal Lined Up To Buy Sites Around The Austonian

ABJ  – 4/15/2022

A downtown Austin site at the center of a years-long lawsuit is on the verge of being purchased for $95 million.  According to court records, a company called Third and Congress Owner LLC has agreed to purchase three downtown parcels, currently occupied by a surface parking lot, owned by WC 3rd and Congress LP — an entity owned by Nate Paul’s World Class Holdings.


BH Properties Increases Texas Activity With Acquisition of Retail Center in Austin

Connect Media  – 4/19/2022

BH Properties continues to expand its Texas portfolio with the acquisition of Round Rock Crossing, a 245,592-square-foot strip retail center in the Round Rock suburb of Austin.  Round Rock Crossing adds to BH Properties’ two million-square-foot portfolio in Central and Southern Texas. BH Properties, which has approximately 40 percent of its 10 million-square-foot commercial and industrial real estate portfolio in the state, has been particularly active in Central and Southern Texas over the past 24 months.


Rastegar Prepares to Break Ground on 27,700 SF Office Building in Austin

Connect Media  – 4/19/2022

An Austin-based private real estate investment firm is set to break ground on a creative office space just steps from Austin’s Central Business District. 809 Skyline, owned by Rastegar Property Company and leased by Stream Realty Partners, will offer 24,700 square feet of contemporary office space, which is set to deliver in the first quarter of 2023.

Project Connect Plan Could Force Out Dirty Martin’s, An Austin Institution

Austin American Statesman  – 4/22/2022

Austin’s Project Connect transit plan could either shut down or force a move for Dirty Martin’s Place, which has been a favorite haunt for University of Texas students for generations.  Current design plans call for the Orange Line of the new light rail system to go directly through the land where Dirty Martin’s sits on Guadalupe Street near the UT campus.  Capital Metro, the Austin area’s regional transportation authority, declined to specifically address whether any alternative routes are being considered for the Orange Line.

Lockhart Attracting Companies Making Stuff From Motorcycles To Smokers: Updates On 3 Projects On Horizon

ABJ – 4/20/2022

The “Barbecue Capital of Texas” is becoming a magnet for new businesses.

Lockhart City Council revealed details about a trio of projects that could make their way to the city southeast of Austin, bringing at least 150 jobs over the next few years. Two of the companies, a custom barbecue manufacturer and an Austin-based motorcycle company, were approved for incentives agreements that will allow both projects to relocate to Lockhart. A third project, a frozen food producer, is awaiting word from the state on incentives before officially announcing plans to open a facility in Lockhart.


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Did You Know?

  • The very first Earth Day led to the creation of the National Oceanic and Atmospheric Administration (NOAA) and the US Environmental Protection Agency (EPA).
  • In 1970, during the first official Earth Day celebration, about 20 million Americans participated in demonstrations or celebrations of some sort.
  • The April 22 date was selected in part because it fell between colleges’ spring break and final exams, and because college students generally were the most motivated to engage in environmental activism.
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