Geyser Group, Sephira Underway on 76-Unit Multifamily Project in East Austin
REBusiness – 6/28/2022
Locally based developer The Geyser Group is underway on construction of The Johnny, a 76-unit multifamily project in East Austin. Geyser Group is developing the project in partnership with The Sephira Group. Units will come in studio, one- and two-bedroom formats and 16 of the residences will be reserved for renters earning 60 percent or less of the area median income. Construction began last November, and completion is slated for January 2023.
‘Essential To Prosperity’: Why Austin-Area Demand For Industrial Space Is Soaring
Austin American Statesman – 7/1/2022
Spurred by surging demand from suppliers and manufacturers, cavernous, boxy industrial buildings are springing up seemingly everywhere throughout Central Texas.
In a recent report, commercial real estate services firm CBRE said it expects Central Texas’ growing population, increased manufacturing — led by technology giants like Tesla and Samsung — and other factors to continue to drive strong demand for industrial space for the foreseeable future. More than 8.4 million sq. ft. of industrial space is under construction in Central Texas, according to Colliers, a commercial real estate brokerage firm, and millions more sq. ft. — by one estimate up to 30 million more — are in the planning stage.
Here’s Why CRE Deal Volume May Not See Dramatic Slowdown In Second Half Of 2022
ABJ – 6/29/2022
Capping off what’s looking to be a robust first half of 2022 for commercial real estate deal flow, at least one major firm is betting on a continued strong outlook for the rest of the year. London-based PricewaterhouseCoopers LLP this week found, in the first three months of 2022, total volume in the U.S. was up 68% compared to the same period for 2021, reaching $172 billion. Q2 data isn’t complete yet, but early indicators suggest transaction volume held up, amid surging interest rates and new questions about the broader economy.
New ‘Boutique’ Housing Development Slated For Bustling South Austin Area
Austin Culture Map – 7/1/2022
A“boutique” development featuring nearly 80 homes will soon get underway in South Austin. Houston-based David Weekley Homes will offer 79 single-family homes at the Village on Cooper Lane, near South First Street and West Dittmar Road. Prices start in the $600,000s, which is in line with the median home price in the city.
Development Agreement Altered For Huge Neighborhood Planned For Elgin
ABJ – 6/29/2022
Nearly 2,500 residences are set to be constructed in a new neighborhood in Elgin. Elgin City Council on June 21 approved an amendment to a development and consent agreement for the Brickston Municipal Utility District which was delayed by the Covid-19 pandemic. The Brickston MUD, situated on 637.3 acres on the western side of Elgin, will feature 1,909 single-family homes, 112 duplexes and 476 multifamily units.
PGIM Real Estate Provides $77M Acquisition Loan for New Austin Office Building
REBusiness – 6/24/2022
PGIM Real Estate has provided a $77 million acquisition loan for Centro South, a 164,976-square-foot, newly constructed office building in Austin. Centro South represents Phase II of a larger development, and the sister building, Centro North, will be complete later this summer. At the time of the loan closing, Centro South was 96% leased.
H-E-B To Expand Temple Warehouse, Add At Least 100 Jobs
ABJ – 6/29/2022
H-E-B LP plans to expand its frozen distribution warehouse in Temple, about 70 miles north of Austin along I-35, which supports more than 100 stores, including across Central Texas.
The San Antonio-based grocery chain and Temple Economic Development Corp. announced June 29 that, pending final negotiations, the company would grow its current facility at 4750 Wendland Road by 325,000 square feet, with a new automated frozen distribution line which would add at least 100 jobs.
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