Stonelake Breaks Ground 619,740 SF Spec Industrial Project in Metro Austin
REBusiness – 5/24/2022
Stonelake Capital Partners, a private equity firm with offices located in Texas and Atlanta, has broken ground on Georgetown Logistics Park, a 619,740-sq. ft. speculative industrial project that will be located on the northern outskirts of Austin. The development will consist of three buildings on a 48-acre site that is situated along the IH-35 corridor. The 426,240-sq. ft. cross-dock building will feature 40-foot clear heights and 82 trailer parking stalls. The 123,200-sq. ft. rear -load building will house 36-foot clear heights, and the 70,300 sq. ft. rear-load building will have 32-foot clear heights. Completion is slated for March 2023.
Software Firm Subleases Office Space for New HQ in Downtown Austin, Texas
CoStar – 5/26/2022
The downtown Austin, Texas, market continues to be a destination for new office leases with a publicly traded software company committing to space at 111 Congress Ave. Austin-based CS Disco Inc. signed a 46,250-square-foot sublease at the high-rise on the corner of Congress Avenue and Cesar Chavez Street in downtown Austin. The office space, located on the ninth floor, is expected to serve as CS Disco’s new corporate headquarters.
Mixed-Use Development Ronald Reagan Crossing Underway In Leander
Community Impact – 5/18/2022
Ronald Reagan Crossing—a 100,000-square-foot mixed-use site located at 15101 Ronald Reagan Blvd., Leander—is under construction. The construction on Ronald Reagan Crossing began in August 2021, and Phase 1’s expected completion date is spring 2023.
Phase 1 of the development consists of 45,000 square feet of retail space; 37,000 square feet of office space; 10,000 square feet for The Learning Experience, which is a day care center; 6,000 square feet of drive-thru restaurant space; and 510 parking spaces.
Samsung Approved To Apply for More Tax Incentives in Central Texas
CoStar – 5/26/2022
South Korean electronics giant Samsung has been approved to apply for additional incentives from two school boards in Central Texas, opening the door for major expansions of the company’s already large presence and hefty investment plans in the area.
Samsung was approved to apply for 11 Chapter 313 agreements, a statewide program set to expire this year that allows school districts to cap property taxes on major economic development projects. The recent Chapter 313 approvals do not guarantee Samsung additional incentives but expand the size of land eligible for tax breaks.
Headwall Investments’ Portfolio Continues to Grow at Record Pace
PR NewsWire – 5/17/2022
Headwall Investments, a Texas-based commercial real estate development and investment firm, has acquired The Oak Hill Centre, a 43,000 sq. ft. neighborhood shopping center located in Austin. Headwall launched their first fund 18-months ago and now has deployed 20% of their fund’s planned investment. Their portfolio is geographically focused on the Austin & San Antonio, TX MSAs.
Dallas Real Estate Investor Enters Hospitality Sector With First Hotel Deal in Austin, Texas
CoStar – 5/26/2022
Mohr Capital, a Dallas-based real estate investment firm, has begun to shop for its next full-service hotel after buying its first hospitality property as part of its launch of a new investment platform, kicking off what is expected to be a long-term partnership with a seasoned hotel management company.
The privately held real estate investment firm purchased a Hilton-branded hotel in Austin. The six-story, 350-room DoubleTree by Hilton Hotel Austin at 6505 N. Interstate 35 is expected to get $11 million of upgrades.
Nonprofit Foundation Communities To Build 8 Affordable Housing Complexes For Low-Income Austinites
Community Impact – 5/26/2022
Local nonprofit Foundation Communities is asking for the public’s help to raise $30 million to fund its latest effort to build eight affordable housing communities over the next three years for low-income Austinites. The eight communities are located throughout Northwest, Central and Southeast Austin and will provide 1,000 new homes for over 2,000 families and single adults, increasing the amount of people who are able to use the services of Foundation Communities.
After Worst Financial Quarter In Years, Amazon Puts Plans For Large Distribution Center In Round Rock On Hold
ABJ – 5/26/2022
After acknowledging that it has excess capacity in its nationwide distribution and transportation network, Seattle-based e-commerce giant Amazon.com Inc. is at least temporarily abandoning plans for a large warehouse in Round Rock.
Amazon — which earlier this month posted its worst financial quarter in seven years — has put on hold the $250 million project that would have resulted in a large distribution center on a 193-acre piece of Robinson Ranch. It remains unclear what Amazon plans next for the site, which public records indicate it still owns.
Planning & Zoning Approves Preliminary Plan For 318-Acre Development By Rastegar Property In East Kyle
Community Impact – 5/27/2022
The Kyle Planning and Zoning commission approved the preliminary plan for a 318-acre development north of Waterleaf Park at 700 and 800 Bunton Lane by Austin-based Rastegar Property Company. There will be more than 1,000 single- and multi-family units throughout. About 60 acres of the development will be reserved for open space. Another 12 acres will be reserved for a new elementary school. There will also be some mixed-use space and an amenity center.