Development 2000 Has Industrial Park In The Works Near Austin Airport
ABJ – 7/6/2022
Thirteen new warehouses are coming to Southeast Austin, where developers aim to meet the needs of the region’s economic growth.
The industrial buildings will range in size from 8,000 to 20,000 square feet at a 26-acre site off Burleson Road, just west of U.S. Route 183 and Austin-Bergstrom International Airport. Austin-based real estate firm Development 2000 Inc. is behind the project, dubbed the Omni Business Park. Plans for the first phase call for 174,000 square feet of indoor space, which is expected to be ready for tenants by the second quarter of 2023.
Plans For Tower At Brazos Lofts Site Come Into Focus
ABJ – 7/7//2022
Cielo Property Group LLC is getting closer to going vertical on a downtown site it purchased a couple of years ago. The new tower could sprout at the site of the 40-unit Brazos Lofts condominiums at 201 E. Fifth St., said Tyler Buckler, director of development and investments at Austin-based Cielo.
Cielo filed a site plan for the project, called Block 41 N, indicating it would be a hotel and residential tower. Buckler confirmed Cielo envisions apartments and a hotel in the high-rise, along with a 50,000-sq. ft. health club.
Samsung Starts Work On 1,200-Acre Site In Taylor
ABJ – 7/5/2022
Construction work is underway on one of the Austin area’s largest projects: Samsung Electronic Co. Ltd.’s $17 billion next-generation chipmaking facility in Taylor. The facility is rising near the former intersection of County Roads 401 and 404 and is expected to be 6 million sq. ft. when completed. The company previously said it hoped to complete it in 2024.
Nation’s Largest Mall Owner Helps World’s Largest Coworking Company Expand
CoStar – 7/5/2022
The world’s largest coworking company, British holding company IWG, has partnered with Indianapolis-based Simon Property Group, the biggest U.S. mall landlord, to put flexible workspaces in shopping centers across America. The partnership is set to start with a Spaces location at The Domain in Austin, Texas, a mixed-use shopping center, that’s expected to open in the first quarter of 2023.
Turner Impact Capital Sells 420-Unit Austin Asset
Multi-Housing News – 7/7/2022
Tides Equities has acquired Park at Stone Creek, a 420-unit multifamily property in Austin, Texas, from Turner Impact Capital. The garden-style asset at 9200 N. Plaza near Central Austin will undergo a rebranding and upgrading process. It is now being dubbed The Tides on North Plaza, with an improvement budget at about $8.8 million.
Texas Office Subleasing Gains Further Momentum, but Uphill Battle Remains
CoStar – 7/5/2022
Office subleasing is active across the four largest markets in Texas — Austin, Dallas-Fort Worth, Houston and San Antonio — with over 2.3 million sq. ft. leased year to date, putting it on pace to surpass 2021. But the sublease availability indicates the markets still have a way to go to get back down to 2019 levels.
A robust pipeline of tenants looking to either enter the Austin market or upgrade their existing office space has led to a drawdown of sublease availabilities from its high of 4 million sq. ft. in the 4th quarter of 2020 to 2.5 million sq. ft. in the 2nd quarter of 2022, a 35% reduction from the peak.
Greysteel Arranges Acquisition Financing for 184-Unit Multifamily Portfolio in Austin
REBusiness – 6/30/2022
Greysteel has arranged an undisclosed amount of acquisition financing for a portfolio of four multifamily properties totaling 184 units in Austin. The properties — Calgary Square, Reinli Arms, Capital Villa and First Oak Place — also include 14 retail spaces. The undisclosed borrower plans to implement a value-add program across the portfolio.
Houston Developer Holds Ribbon-Cutting Ceremony At Rent-To-Own Community In Georgetown
Community Impact – 7/7/2022
The Wan Bridge Group, a Houston-based development company, held a ribbon-cutting ceremony for its first rent-to-own community in Georgetown on June 30.
Georgetown Heights—located at 468 Northwood Drive, Georgetown—features 48 three- to four-bedroom, two-story duplexes ranging from 1,400-2,100 sq. ft. With Georgetown Heights being the developer’s first Central Texas project, CEO Ting Qiao said there are seven or eight potential projects in the Austin pipeline.