New Development

New Train Station Coming to Downtown ATX

This past Monday, thanks to a $50 million grant by TXDOT, Capital Metro broke ground last Monday on a brand new Downtown Austin train station on Fourth Street between Neches and Red River Streets.  This new station will have a much bigger platform than the previous one, allowing several more trains to travel to downtown at the same time.

Upon completion (projected spring of 2021), the new rail station will expand to two platforms and three tracks instead of its current one platform and one track. Capital Metro hopes to grow its ridership substantially by 2039, aiming for half of all Austin commuters to use some form of public transit.  With a city population that looks to grow by about 2 million people in the same time frame, strengthening our public transit system now is smart growth. 

The builder of the new Downtown train station is Jay-Reese, who is also known for other Austin builds such as the Second Street Bridge near Austin Central Library, the Pfluger pedestrian bridge over Lady Bird Lake and the hike-and-bike trail boardwalk off East Riverside Drive.

US Army to Austin with $37 Billion to Give Out

You may have heard the Apple or Amazon buzz, but there is one major economic development in Austin you may not have gotten the news about. Last summer, the US Army said, “We Want You!” to Austin, Texas, as they made a decision to locate their base for the country’s new high-tech, four-star Army Futures Command here.

 The new Command Center will be located in The University of Texas System’s building in downtown Austin and will not only be looking for partners in innovation from the University of Texas’ Cockrell School of Engineering,  but from many private sectors as well. In short, the Futures Command is all about developing newer, faster, stronger and better technology for the Army’s future. Many Army defense contracts of old can take decades to work through large corporate systems, and the Army wants to speed up that process with Austin’s young, agile, ambitious and incredibly talented high-tech entrepreneurs.  

 It’s the perfect symbiotic relationship, as the 500 person Command Center will have access to researchers and academia on UT’s campus as well as an initial relationship with Capital Factory, a co-working space in Austin that houses over 1000 entrepreneurial & start-up tech firms. Federal research grants, development dollars, and high-tech contracts are sure to follow, with an initial modernization budget of as much as $37 billion already awarded to the Army Futures Command (www.defenseone.com).

 The Army’s decision to locate in Austin will continue drawing innovative tech companies to Austin as they compete for Army contracts and help the Army implement innovations and modernize their processes.  So, when you consider the major tech leaders of the future in Austin, TX, don’t forget to add the US Army to your list!

Austin's Changing Skyline--Downtown Development in ATX

Austin skyline by 2020.JPG

Austin continues to boom. Business Insider says Austin had the second highest rate of job growth among the 40 largest metro areas in America, with employment rising 3.7 percent between February 2017 and February 2018. The most visible representation of our rapid economic development is our ever changing downtown skyline. Just think about this: of the 8 tallest buildings in downtown Austin today, not a single one of them existed 10 years ago!

According to the Austin Downtown Alliance, downtown will grow by 50 percent if it only completes projects currently under construction and those proposed for redevelopment. However, downtown Austin has the potential to double in size if it reaches its full build out potential in the next 5 years.

Below is just a glimpse of the developments that are shaping or will continue to shape the Austin skyline…

  1. 6th X Guadalupe St—when completed this will be the tallest building in Austin. 837 feet high & 66 stories of apartments and offices stacked atop each other. An acre of parks in the sky are in the plans for this skyscraper.

  2. The Independent— luxury high rise condominiums and currently Austin's tallest building, taking the title away from The Austonian, which laid claim to the tallest building in Austin for about eight years.

  3. The Republic at 401 W Fourth St, just south of Republic Square Park, will have 711,401 square feet of office and 21,463 square feet of retail.

  4. 70 Rainey—a 34-story skyscraper with 164 condos that tower over Rainey Street.

  5. 48 East Ave—a 33-story, 215 condo tower also located in the Rainey Street Historic District.

  6. Waller Park Place—more than 3 million square feet of residential, commercial and office space at Red River and East Cesar Chavez streets. This will be a big property—roughly the size of six Frost Bank Towers!

  7. Block 71—Indeed Inc. will lease the top 10 floors of this office tower under construction at the intersection of Sixth Street and Colorado Avenue.

  8. 5th & West—154 luxury condos that stand 37-stories tall.

  9. The Austin Proper Hotel—a 32-story luxury hotel and residential combo.

  10. Third + Shoal — an office tower near The Independent, the new library and Google’s tower — with tenants such as Facebook and Bank of America.

  11. 300 Colorado Office— at Colorado and Third Street will be redeveloped into a 32-story office tower with about 390,000 square feet of space.  Fourteen of the building’s 32 floors will be dedicated to parking. 

  12. ZaZa Tower—This 24-story tower on West Fourth Street near Lavaca Street will offer more than 200 apartments and more than 150 rooms at Hotel ZaZa. Retail stores will line the bottom of the building.

  13. Genesis Real Estate plans to build a 50-story apartment tower in the Rainey Street area on the site of the vacant Villas on Town Lake condos.

  14. Block 185— Google has leased the entire building. set to start construction in 2019. This building will take on a sail-like shape due to its proximity to Lady Bird Lake and Shoal Creek.

  15. 93 Red River—347 Units; 40 stories of Multifamily, Office & Retail including five levels of underground parking and seven levels of above ground parking.

  16. 405 Colorado—a 197,056 SF building with 12 stories of parking with 12 levels of office space on top.

How do you feel about Austin’s dynamic skyline and economic boom? Like it our not, our city is currently one of the most rapidly changing metro areas in the country, so we need to be prepared to flex and change with it, especially in the real estate sector.