#austinpopulationgrowth

East Riverside Development

If you haven’t driven through East Riverside Drive in a while, you might be surprised by the rapidly changing development in the area.  Some support the expansion of business, art, and residential communities in the area, while others are opposed to gentrification and its impact on long-time homeowners. The City of Austin has partnered with UT to study the development of this area and its impact on current residents and have pledged to offer tax credits to affordable housing opportunities in the area.  However, at the same time, private land is being to sold to developers and the area is rapidly evolving.

Oracle’s forsight to build a South Shore Campus really kicked off a chain reaction of East Riverside development. Oracle opened a “South Shore” campus in 2018 and will double its size by the end of 2019. The Austin Business Journal quoted an Oracle executive saying, “The Lady Bird Lake campus will soon employ 3,000 people onsite and that the headcount could grow to 10,000 people as the company expands.”  Oracle landing here has since driven much of the development in the area.

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Here are just a few of the projects that have recently been completed or are currently in development in the area:

www.berkadia.com

www.berkadia.com

UNDER CONSTRUCTION (BLUE):

#54 Foremost-new apartment development

#55 The Elizabeth at Presidio-apartment development; rental units ranging from 504-1938 sq ft.

#57 IO at Tech Ridge- apartment complex

#58 Lenox Oaks- Mixed-use (residential and commercial) property

ALSO UNDER CONSTRUCTION: The Montopolis Recreation and Community Center (1200 Montopolis Drive) is expected to be completed in the Spring of 2020.  This building will be co-operated by Austin Parks &  Rec and the Austin Public Health Department.  It will provide over 33,000 sq feet of new space, including a commercial kitchen, gym, fitness room, computer lab, conference rooms, and classroom areas. 

Montopolis Recreation & Community Center

Montopolis Recreation & Community Center

berkadia.com

berkadia.com

PLANNED DEVELOPMENT (DARK BLUE):

#113 6507 Riverside—apartment complex

#114 Aspen Heights Riverside- 325-unit apartment complex

#115 The Mont-apartment complex

#116 The Riverside-apartment complex

#117 South Shore District Phase IV-322-unit apartment complex

#144-Cambrian East Riverside-65-unit multifamily mid-rise to be located at 1806 Clubview Avenue with a planned 55 units rated as affordable, or available to tenants earning less than 80 percent of the area’s median family income. Only 15 units are one-bedrooms, with the rest a mix of two, three, and four-bedrooms. The living spaces have a total area of 57,268 square feet, and the indoor common areas total 2,444 square feet.

#145 Tierra Skyline-apartment complex; affordable housing development

#146 Vi Collina-apartment complex; affordable housing development

 

berkadia.com

berkadia.com

PROSPECTIVE CONSTRUCTION (BROWN):
#198 Broadstone Riverside-apartment complex

#199 Project Catalyst-97-acre “urban village” along the East Riverside corridor, a mixed-use project including 4,709 multifamily units, 600 hotel rooms, 4 million square feet of office space, 60,000 square feet of medical and dental office space, and 435,000 square feet of ground-floor commercial space.

#200 Wickersham-apartment complex

#244 1600 Pleasant Valley-retail center property

#245 5700 East Riverside-retail center property

#246 The Point at Ben White-apartment complex with units ranging from 850-1185 sq ft

#247 Urban East-a mixed-used development with 100,000 square feet of office space and 20,000 square feet of retail/restaurant space.

This brief glimpse should tell investors and home owners alike that East Riverside and Montopolis are emerging areas to keep an eye on in the coming years. Let’s hope the city can continue to work with real estate developers and homeowners to create an East Austin anyone can live in and enjoy.

44 East

Artist’s rendering: 44eastaveaustin.com

Artist’s rendering: 44eastaveaustin.com

More development is on its way to downtown Austin’s bustling Rainey Street District.

44 East is a new residential development located on East Avenue on the corner of Cummings Street, overlooking Lady Bird Lake. It is slated to be 51 stories and will rise approximately 545 feet tall. 322 residences will be for sale. Some smaller 1-2 bedroom residences will be available, all the way up to 4 bedroom residences with impressive penthouse views. The building will be constructed to take maximum advantage of the spectacular views up and down Lady Bird Lake and northwest toward downtown.

Approximately 3,000 square feet on the ground floor will also be available for retail/dining space. An on-location parking structure will include over 500 spaces for both tenants as well as some for the public.

44 East Avenue’s groundbreaking is planned for the spring of 2020 with delivery scheduled for fall of 2022.

Start planning your move to the Rainey district! Keep up to date on the latest 44 East News by clicking the link below.

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.

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.

Apple's Big Announcement and Its Impact on Austin

In early December, while all eyes were on Amazon’s HQ2 announcement, Apple made an important one of its own:  the decision to invest $1 billion in a new 133-acre Austin campus that will increase Apple to upwards of 15,000 employees in the coming years. With the completion of this campus, Apple will surpass other well-known names such as H-E-B and Dell to earn the title as the largest private employer in the city of Austin.

The Apple campus will be located right next to its counterpart just over the county line in Williamson County, placing it 12 miles from the city center. It will bring in a good mix of middle to upper range jobs in technology, research and customer call centers. In addition to catapulting Austin into the big leagues as a technology center, the incoming Apple campus will impact all sectors of life, such as housing, restaurants, traffic, and retail marketplaces.  Some estimate that the overall impact of the new Apple campus could result in over 30,000 new jobs across all sectors of real estate, construction, and the marketplace in Austin. 

What impact will this swell of jobs have on the Austin housing market? Prices will continue to rise if more supply is not created to meet these additional demands. As housing prices in the urban core of Austin continue to escalate, look for more incoming Apple employees to search for homes in the Round Rock, Pflugerville, and Hutto areas because of their close accessibility to the Robinson Ranch area (where Apple is located) via SH 45. Other communities that will likely see further development are Liberty Hill and Leader as I-35 will also become a main thoroughfare for Apple employees.

What might the arrival of Apple mean for your housing sale or purchase? If you are shopping in the housing market right now, the answer is simple.  The sooner you can buy, the better.  Competition and prices are only looking to increase. However, if you own a home in North Austin, you might want to hold onto it for a couple more years.  That is, if you can afford its increasing property taxes!

The addition of the new Apple campus will only contribute to Austin’s reputation as a knowledge and talent center and will continue to draw more people from the West Coast who are looking for solid tech jobs in more affordable housing markets.  However, the infrastructure will have to work hard to keep up with the demands of this brand new influx of people to make this a win for all Austinites.