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Austin News Update July 17th, 2022


July 17, 2022

Austin-based Pearlstone Partners has announced a third high-rise for downtown’s Rainey Street area that could rise 48 stories. It would join Pearlstone’s Natiivo tower and Vesper tower.  (Courtesy Pearlstone Partners, ATCO Properties and Management)

Austin Booms Among Hottest Markets For Industrial Construction In New Report

Austin Culture Map – 7/12/2022

Austin is among the hottest markets in the Southwest for under-construction warehouse and distribution centers. Data published by Community Property Executive shows Austin had nearly 8.3 million sq. ft. of industrial space under construction in late June.


Communications Company To Move HQ From Outside Chicago to Downtown Austin

CoStar – 7/8/2022

An Illinois-based company that specializes in voice-enabled communications plans to relocate its headquarters to Austin, Texas.  Parus Holdings Inc., which was based in the Chicago suburb of Bannockburn, Illinois, said it is moving its operations to the Texas Capital. The company’s CEO and chairman said the headquarters relocation would facilitate the company’s growth.


48-Story Condo Tower Planned For Austin’s Rainey Street District

Austin American Statesman  – 7/14/2022

An Austin-based developer plans to start construction next year on a 48-story residential tower in the Rainey Street district on downtown Austin’s southeast side. The proposed high-rise would add to the ongoing building boom in the Rainey Street area, and in downtown in general.

Pearlstone Partners plans to build the tower on two adjacent tracts that span from 62 East Ave. to 64 East Ave.  Although plans are still preliminary, Pearlstone executives say they envision a tower with 48 stories and 245 condominium units.  Under the current timetable, the building could break ground in late 2023, with a targeted completion date in 2026.


PayPal Signs Lease For Two Floors At Domain Tower 2

ABJ – 7/12//2022

Fintech giant PayPal is the first tenant to sign a lease at Austin’s newly risen Domain Tower, which is being marketed as the tallest high-rise between downtown Austin and Dallas.

Developer Stonelake Capital Partners confirmed that the financial services company, which operates legally as PayPal Holdings Inc., is leasing the two top floors of the 24-story Domain Tower 2.  Domain Tower 2 is located at 1025 Alterra Parkway and is dedicated to office use.  Stonelake executives did not disclose the financial details of the PayPal lease but said it represents about 20% of the building’s occupancy.


The redevelopment proposal covers properties along portions of 1100 and 1200 blocks of West Sixth Street. (Courtesy city of Austin)

Workers Returning to Austin Offices, Average Rents Up

Connect Media – 7/13/2022

Leasing volume increased in the first quarter by 44% to 2.1 million square feet compared to 1.5 million feet this same time last year. The space availability at the end of the second quarter of 2022 sat at 18.6%. A quarterly NAI market survey reports that the Texas capital has already drawn 38 corporate expansions or relocations in the first half of this year. Austin’s full-service average asking rents are at $41.54 per square foot, up 4.5% from this time last year.


Solar Roofing Company That Rivals Tesla Eyes Opening $100M, 450K-Square-Foot Facility In Georgetown

ABJ – 7/13/2022

A solar roofing company that has been billed as a competitor to Tesla Inc. has plans to open a 450,000 SF manufacturing, office and research and development facility in Georgetown that could create at least 265 jobs over five years. The facility is expected to be completed by June 2023 and GAF Energy is expected to begin a lease in 2024.


New York-Based Construction Consulting Firm Expands Into Texas

CoStar – 7/8/2022

A New York-based construction consulting firm has expanded into Texas to keep up with client demand and activity in the nation’s south-central region. Turton Bond, which has advised large tech companies such as Google and Meta, has opened a new office in Houston and will also have a presence in Austin.


Austin Geeks Out In New Ranking Of America’s Geekiest Cities

Austin Culture Map – 7/13/2022

Austin geeks, unite! The Capital City has been ranked the ninth-geekiest big city in the U.S.  In honor of Embrace Your Geekness Day (July 13), Lawn Love ranked the 200 largest cities in the U.S. to determine their geekiness level. It relied on factors such as number of stores selling comics and video games, number of geek Meetup groups, and number of costume shops to develop the ranking.


Austin Startup Apptronik Ready To Commercialize Humanoid Robot

Austin American Statesman – 7/13/2022

As companies face labor shortages and others struggle to hire workers to perform repetitive or unsafe tasks, an Austin technology startup says it has a solution: Build robots to help fill the gaps. That’s the idea behind Austin-based Apptronik, a robotics company that aims to make a new generation of robots that can work alongside humans. The move toward widespread commercialization comes on the back of raising $14.6 million in new funding.


Texas Homes Being Gobbled Up to Rent

Connect Media – 7/11/2022

Large investment firms are converting single-family homes to rentals and buying housing communities to rent. Texas leads the nation in institutional buying, with 28% of single-family homes purchased by institutional investors, more than double the national average.


H-E-B To Expand Store in Northeast Austin, TX

CoStar – 7/6/2022

H-E-B Grocery Co. filed a state permit this month to expand its store at 500 Canyon Ridge Drive in Austin by 27,556 sq. ft. H-E-B plans to spend $18 million to expand the North Austin grocery store. Construction is expected to start in April 2023 and be completed by June 2024.


Multicoin Capital Secures Massive $430M Fund For Crypto Investments

ABJ – 7/14/2022

Austin-based Multicoin Capital Management LLC, one of the largest crypto-focused firms in the country, said it raised $430M for its third fund. The firm plans to make investments from $500,000 to $25 million in early-stage crypto and Web3 startups, and it noted it might dish $100 million or more for key late-stage projects, which would also draw from its hedge fund.


West Sixth Street Block Could Be Transformed Under Mixed-Use Clarksvillage Development Plans

Community Impact – 7/13/2022

A stretch of West Sixth Street now home to a selection of shops, eateries and historic buildings could be in line for a vertical mixed-use makeover.

The Clarksvillage development from Riverside Resources would be located on the southern edge of the Clarksville neighborhood. Clarksvillage would stack a mix of offices, homes and a boutique hotel atop street-level retail space running between 1110 and 1204 W. Sixth St. The plans also include three stories of underground parking below the commercial and residential space.  As currently laid out, Clarksvillage would feature several landscaped, five-story buildings along the 1100 block of West Sixth all based around an internal courtyard network.


More Housing May Be Heading Toward Tesla Gigafactory

ABJ – 7/14/2022

The future of a large tract east of Manor will remain cloudy for at least another week after the Manor Planning & Zoning Commission cast split votes to rezone it for future development. The acreage is currently unzoned in Manor’s extraterritorial jurisdiction just south of State Highway 290 and just east of Old Kimbro Road, and most of it would be zoned for townhomes while almost 10 acres will be zoned for medium commercial use.  With the vote split, the issue of rezoning is expected to go before Manor City Council next week.


Georgetown Rail Maintenance Company Eager To Expand R&D Center

ABJ – 7/13/2022

A global rail maintenance and rail services company based in Georgetown is gearing up to start work on an innovation center for research and development that will nearly double the company’s headcount to more than 300.  Loram Technologies Inc., which was previously known as the Georgetown Rail Equipment Co., has planned to expand its operations with a $17 million facility at 3502 S. Austin Ave. Construction could start within the next few months, and be completed by the middle of 2025.



Headliners Club Renews Lease at Chase Tower in Downtown Austin, Texas

CoStar  – 7/13/2022

A private club founded by a former newspaper editor has renewed its lease on the top floor of Chase Tower in downtown Austin, Texas. The Headliners Club renewed its 22,902-square-foot lease at the tower, which is located at 221 W. Sixth St. and plans to “renovate and modernize” its space.



Austin Habitat For Humanity Breaks Ground On Its Second Multifamily Project

ABJ – 7/11/2022

Austin Habitat for Humanity broke ground on the organization’s second multifamily development in Travis County on July 8, further affirming the housing advocacy organization’s pivot to denser construction projects amid the city’s ever-rising entry cost for homeownership.

On the grounds of the new project located on a .69-acre site along Montopolis Drive at 6301 Círculo De Amistad in East Austin, the organization plans to construct six buildings for a total of 12 new units of affordable housing for the city in District 3.


Central Texas City Council Greenlights New Incentives for Samsung’s $17 Billion Plant

CoStar  – 7/15/2022

One of the largest and most expensive projects in the nation could become even bigger with a small town north of Austin, TX, approving expanded parameters for Samsung’s $17 billion semiconductor plant. The City Council in Taylor voted to approve Samsung’s request to expand the land boundaries of its semiconductor plant on July 14. Council members also approved two new incentive deals, one of which calls for the city to receive revenue from any so-called use tax that Samsung would pay.


Disrupt Equity Acquires Austin Multifamily Property For $30.1M

REBusiness  – 7/13/2022

Houston-based investment firm Disrupt Equity has acquired Cascade, a 198-unit multifamily property located just south of downtown Austin, for $30.1 million. Built in 1971 and renovated in 2016, Cascade offers one-, two- and four-bedroom units. Disrupt Equity plans to continue with capital improvements to interiors of select units and amenity spaces.


1000-Acre Residential Development Takes Step Forward Near Lake Travis

ABJ – 7/13/2022

A proposed 1,047-acre development featuring homes, condominiums and a golf course in the hills of northwest Austin is one step closer to becoming a reality.

The Travis Club, near the banks of Lake Travis, is planned to include 274 single-family lots and 223 villa units on the expansive plot along Bee Creek Road between Thurman Bend Estates and the Siesta Shores community.  In a 4-1 vote during the Travis County commissioners’ July 12 meeting, variances for the planned community regarding the project’s water management, utility use and site plans received approval.


Project Connect To Break Ground On McKalla Station On July 18

Community Impact – 7/14/2022

State and local leaders are set to mark the official start of construction on the McKalla Station outside of Q2 stadium from 6 to 8 p.m. on Monday, July 18 in North Austin at 10414 McKalla Place. The estimated $24 million station, which is expected to be completed in fall 2023, is a public-private partnership with Austin FC taking on $3.64 million of expenses over 15 years. The design for the proposed station includes two passenger platforms, a passenger crossing, canopy coverings and other customer amenities.


4811 Woodrow, Austin, TX 78756

Boutique 52 Unit Apartment Complex + 2 Retail Spaces

• 1/2 Mile from The Triangle Shopping and Residences & less than 1 mile from Central Market Grocery; 1 mile from Seton Medical Center; Minutes to MoPac
•  Three-story complex with ample parking constructed in 2019 on .996 acres
•  On CapMetro Bus Line Stop one Block South at 47th & Burnet
•  Two retail spaces – Ste 103 occupied by Bishops Cut and Color; Suite 104 vacant
•  Multitude of restaurants within walking distance
•  Diverse unit mix of 11 floorplans including studios, 1-1’s and 2- 2 layouts
•  Full sized washer/dryer in each unit; roomy patios w/scenic views in select units
•  Currently 94% Occupied
•  Zoning CS-MU-U-CO-NP

Click here to view the marketing flyer.

For more information, contact:
Randall Beaman
Did You Know?

  • On July 15, 1882, the Texas Bar Association was organized in Galveston.
  • On July 19, 1876, the Texas and Pacific Railway finally completed its line into Fort Worth.
  • On July 21, 1821, the flag of Spain was lowered for the last time in San Antonio, ending three centuries of Spanish involvement in Texas.
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