#austinrapidgrowth

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.

Bouldin Creek Development to Add Needed Office Space to South Lamar

Austin’s next high end office development is coming to the Bouldin Creek Neighborhood at South Lamar and Oltorf.

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The Bouldin Creek Office Complex will house 165,000 square feet of office development and 2,500 square feet of retail shops, all fronting South Lamar. The location of this office complex, just 1.2 miles from downtown, will attract many potential tenants, including technology, marketing and financial services firms, as well as law and accounting firms.

The project will have an open-air feel and beautiful views of downtown, as it plans to house a rooftop deck and two acres of green space bordering Bouldin Creek.

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When can we expect to see shops and offices open at Bouldin Creek? This project is designed by Austin architect Michael Hsu and is expected to deliver by the summer of 2020.

Interested in homes in the Bouldin Creek Area? Homes sold for a average price of $630,000 in this area last year! Check out all available listings here:



Zoho to Move Its American HQ to Austin

The Silicon Valley continues to shift to the Silicon Hills of Austin, TX, as another global business software company, Zoho, plans to move its HQ to Austin by 2021.  

The company has purchased a 375-acre plot of land in southeast Austin near the airport (Texas State Highway 71 near Kellam Road), and is planning to build a 100,000 SF campus on this site that houses at least 500 employees. 

According to Zoho’s founder, Sridhar Vembu, Zoho is moving its headquarters to Austin because “Austin is how San Francisco used to be 30 years ago. It had the weirdness. It had all this stuff. The artists and the live music.”  And Vembu has pledged that Zoho will help keep Austin weird by doing things a little differently. 

Here Are 5 Ways That Zoho Will Help “Keep Austin Weird”

1. Zoho is privately owned and debt free.  Without the pressure from Wall Street or outside investors, Zoho doesn’t have to worry about making certain numbers and is free to exert more independence in creating a very unique company culture.

2. Zoho doesn’t merge or acquire products from any other company; instead, it develops all of its own software.

3.  Zoho is not going to seek incentives from local or state government or ask for tax abatements on the property. 

4. Zoho is moving to a piece of farmland on the outskirts of Austin rather than renting a space in downtown Austin because it’s a money saver. In fact, it actually costs less to buy the 375-acre plot of land out by the airport than it did to buy Zoho’s other 45-acre main campus in India!

 5.  Zoho plans to start an in-house education program called Zoho University that works closely with local schools to teach students skills and to educate its own employees to advance their positions within the company.  This program, Zoho University, is an alternative to a traditional college education and has been remarkably successful in India. At the school, Zoho pays students to learn how to create and use Zoho software. It hires many of its graduates. In fact, 15 percent of Zoho’s engineering workforce is made up of graduates from Zoho University.

"We create our own talent with Zoho University," said Vembu. And the company is able to acquire talent from a pool of people that end up with a clear understanding of the way things work, and, a respect for the culture that Zoho has created."  Zoho hopes to work closely with local high schools and Austin Community College to develop the American version of this program.

A strong value for independence, a unique culture, and a tech firm (and potential university!) landing out on a piece of farmland near the airport. Welcome to Austin, Zoho; it sounds like you’re a perfect fit here.

Zoho is 23 years old and has grown to 45 million users worldwide across 180 countries.  Bringing the HQ to southeast Austin area should increase property values in the area and create yet another tech “hub,” but this time in the south of Austin!  Are you looking to purchase a home in this area?  Do it now and watch your property values increase as Zoho continues to expand its Austin influence! 

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.