News Detail

Austin News Update August 7th, 2022


August 7, 2022

Adolfson & Peterson, a general contractor based in Minneapolis, was awarded a contract to build Sunrise Commerce Center in Round Rock, Texas.
(Courtesy 5G Studio Collaborative)

Defense Tech Giant BAE Systems To Move Key Aviation Unit To Austin, Add 100 Jobs

Austin American Statesman – 8/4/2022

Aerospace and defense technology giant BAE Systems is moving key programs from its control and avionics solutions unit to Austin.  BAE Systems said it expects to hire 100 workers by early 2023, with 75 of those hires by the end of this year.


Wealthy Austin Suburb Rakes In Spot Among America’s Richest Cities

Austin Culture Map – 7/29/2022

Round Rock is on a roll. In addition to being the country’s No. 1 city for renters, it’s also home to some of the richest people in the country. A recent ranking from data provider HomeSnacks puts the booming Austin suburb at No. 37 among the richest big cities in the U.S.


Adolfson & Peterson To Build Speculative Industrial Park in Central Texas

CoStar – 8/4/2022

Adolfson & Peterson, based in Minneapolis, will build out a five-building industrial project for IDI Logistics’ Sunrise Commerce Center on 36 acres at 2380 Oakmont Road in Round Rock, which is about 20 miles north of downtown Austin.  The buildings are being developed on a speculative basis, meaning without any tenants signed on. Adolfson & Peterson will build the industrial campus in two phases, with the first phase kicking off in September. Phase one would bring three buildings and 310,693 square feet online. The other two buildings, which would take up 154,967 square feet, would be built as part of phase two.


New Mixed-Use Project Coming To Corner Of Hwy. 79 And Kenney Fort Boulevard Following Council Approval

Community Impact – 7/28//2022

A new mixed-use project could bring up to 530 housing units and commercial space to the northwest corner of Kenney Fort Boulevard and Hwy. 79 following Round Rock City Council’s approval of annexation and rezoning requests. The developer, Gulf RC Ventures LLC, is planning a multifamily project with a height of six stories. According to documents detailing the zoning request, 90% of necessary parking for the development will be contained in an attached parking garage, and 25% of units will have balconies.


Seabrook Square will have 262 affordable apartments: a mix of income-restricted units, live-work artists residences, permanent supportive housing and
market rate units.
(Rendering courtesy of Capital A Housing)

Austin Real Estate Market Tops Texas With Highest Price For New Homes

Austin Culture Map – 8/2/2022

Austin’s market for newly built homes is — no surprise — the priciest in Texas. New data from shows that in June, the average price of a newly built home in the Austin metro was $541,079,  jumping 22.2% from last June to this June.


‘Central Texas Will Lead America’: Austin Area Expects Boost From Chips Act Passage

Austin American Statesman – 7/29/2022

New legislation passed by Congress to boost the U.S. semiconductor manufacturing is expected to have a significant impact on Central Texas, a growing hub for the chipmaking industry. Ed Latson, executive director of the Austin Regional Manufacturers Association, said his group projects that local manufacturing jobs will increase by 30% in the coming years.


Texas Records Nation’s Largest Job Gains In June; State Unemployment Rate Continues To Fall

Community Impact – 7/29/2022

Texas added 82,500 nonfarm jobs in June, the Texas Workforce Commission reported. This is the largest numerical increase in the nation for June. According to the U.S. Bureau of Labor Statistics, Texas led the nation in June job gains. Texas’ unemployment rate was 4.1% in June, a 1 percentage point decrease from May.


TCS Mechanical, A Critical Cog In Factory Construction, Relocating To New HQ As Demand Hits Overdrive

ABJ – 8/4/2022

A fast-growing mechanical contractor that has worked on massive projects, primarily in the semiconductor industry, is getting ready to debut its new fabrication shop in Bastrop. Texas Critical Systems Mechanical LLC, which handles process piping, plumbing, mechanical piping, duct work and more, hopes to officially open a 55,000-SF fabrication facility and office headquarters at 897 SH-71 West later this month.


Terry Black’s To Open More BBQ Joints As They Cook Up Ambitious Real Estate Strategy

ABJ – 8/3/2022

The twins behind Terry Black’s, which has one location in Central Austin  and another in Dallas, are growing their brand by adding more locations, inc. an upcoming site in their hometown of Lockhart and one in Driftwood. But they are also scouring for real estate deals, buying any “cool properties” that come their way, such as the recent acquisition of the former Elks Lodge at 700 Dawson Road in Austin.


Austin Hospital Earns Healthy Ranking From Prestigious U.S. News & World Report

Austin Culture Map – 8/5/2022

U.S. News & World Report has released its 2022-23 Best Hospitals list, naming Austin’s St. David’s Medical Center as the No. 8 best hospital in Texas and No. 37 nationally.  The ranking came courtesy of the hospital’s post-procedure work and physical therapy in its rehabilitation department.


M&A Wrap: Slingshot Aerospace Does Pair Of Deals; Shareholders Approve $12.8B American Campus Buyout

ABJ – 8/5/2022

‣  Shareholders of American Campus Communities Inc. voted in favor of the student housing developer’s acquisition by funds controlled by Blackstone Inc.
‣  Austin- and California-based Slingshot Aerospace Inc. has acquired the space domain awareness division of Numerica as well as U.K.-based Seradata.


Affordable Apartment Community Approved For East Austin Lauded As ‘New Benchmark’

ABJ – 8/1/2022

Hundreds of affordable housing units are set to rise in East Austin, and public officials are lauding the project as the first of its kind in the city.

Austin Housing Finance Corp. approved the negotiation and execution of necessary agreements for the construction of a mixed-use affordable housing development on three acres of city-owned land at 3515 Manor Road, just south of the Mueller community.  Seabrook Square is expected to have 262 units, with the vast majority reserved for households earning at or below 60% of the median family income level, plus community space.


Apple Seeks Possible Expansion of New Austin Corporate Campus

CoStar – 8/1/2022

IPhone maker Apple is seeking to annex land near its new corporate campus in Austin, Texas, in a sign of a possible expansion of the $1 billion real estate development.

The Austin City Council approved an ordinance at the end of July for the annexation of nearly 53 acres at 6204 W. Parmer Lane in northwest Austin. The acreage is slated for the “proposed expansion of the adjacent Apple campus,” according to City Council documents. Neither Apple nor the City Council revealed specific details or a timeline about the planned expansion.


Riverside Resources’ Plan To Transform Part Of Sixth Street Advances Despite Historical Concerns

ABJ – 8/5/2022

The quaint 1100 and 1200 blocks of West Sixth Street are planned to receive a dramatic facelift that could bring the modern aesthetics of South Congress Avenue to the Clarksville neighborhood.

Riverside Resources’ effort to transform that stretch of the street received approval Aug. 3 from Austin’s Historic Landmark Commission, which would require the demolition of significant portions of buildings recognized as having some historical significance.  Riverside Resources still needs other city approvals, and the whole matter is likely to land before Austin City Council later this year.


Real Estate Partnership To Develop Retail and Office Space in Growing Central Texas Region

CoStar  – 8/3/2022

A 5.6-acre commercial parcel in Central Texas was acquired by a partnership between Long View Equity and Endeavor Real Estate Group to build a mixed-use development. Long View Equity announced this week it plans to develop a 13,000 SF office and 14,000 SF retail project at Sawyer Ranch, which is located along State Highway 290 in Dripping Springs. Dirt will be moved in early 2023. The project could be completed by the end of 2023.


World’s Largest Industrial Gas Supplier Details Proposed Facility Near New Samsung Plant

ABJ  – 8/5/2022

The largest industrial gas supplier in the world could save more than $11 million on property taxes if it’s granted incentives for a possible facility in Taylor.  U.S. subsidiary of United Kingdom-based Linde PLC is a supplier to Samsung Electronics Co. and has proposed building its own facility next to Samsung’s $17 billion plant in Taylor, northeast of Austin.

Linde proposes investing $271 million in the facility and creating at least 10 jobs, with an average salary of $68,560, according to the incentives application. Construction would start in 2026 and operations would commence by the end of 2027.


Cousins Waiting For Right Time To Build Domain Central I

Connect Media – 7/27/2022

Publicly traded Cousins told investors during a recent presentation that they are looking to build another tower at the Domain in downtown Austin.

A filing with the Texas Department of Licensing and Regulation indicated that they were planning to build 26-story Domain Central 1 in November with work concluding in June 2025. Cousins is looking at constructing the tower at the site of a parking lot at 3008 Esperanza Crossing.


JLL Negotiates Sale of 952-Unit Self-Storage Facility in Austin

REBusiness  – 8/5/2022

JLL has negotiated the sale of Woodland Self Storage, a 952-unit facility located south of downtown Austin along I-35. The 92,288-square-foot, climate-controlled facility was built in 2019 and was 70 percent occupied at the time of sale. Utah-based REIT Extra Space Storage purchased the asset for an undisclosed price.


UT Austin Student Housing Project Changes Hands

Connect Media  – 8/5/2022

Global Student Accommodation (GSA) has acquired Waterloo Tower, a 796-bed student housing community located near the University of Texas at Austin.  The community offers fully furnished units with bed-to-bath parity and private patios overlooking the university’s West Campus area. GSA will turn management of the community over to its operating partner, Yugo, and rebrand the asset as Yugo Austin Waterloo.


1203 E. 9th Street, Austin, TX 78702
• Located just east of Interstate 35 in thriving East Austin, blocks from many apartment complexes
•  Near Austin’s CBD, the East Village, the Capitol of Texas, and the University of Austin
•  Ideal location for retail/hospitality or small business space
•  3,068 sq ft +/-
•  Fully gutted interior ready for buildout
•  Zoned for Office/Retail
•  Offered at $1,790,000
Click here to view the marketing flyer.

For more information, contact:
John Spillar
Did You Know?

  • On August 5, 1838, Samuel D. Parr arrived at Point Bolivar on the western tip of Bolivar Peninsula, across from Galveston Island, and claimed a league of land there, thus becoming the first permanent settler in the area.
  • On August 6, 1966, Houston oilman Ralph A. Johnston signed the deed transferring Paisano Ranch to the University of Texas.
  • On August 10, 1935, the Texas Department of Public Safety was established by the Texas legislature.
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