Hereโs what you need to know about Austin Real Estate today:
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- Austin’s North upzoning to revolutionize housing density and affordability. ๐๏ธ
- Austin-Round Rock housing market hits affordability crisis. ๐
- Northland’s 35-story Luminary to reshape downtown Austin’s skyline. ๐
- Amazon’s new Round Rock data center to boost local job market. ๐ผ
Real Estate Development and Housing Market in Austin Area
Austin revisits upzoning for North Austin
Source: The Real Deal
Summary: Austin City Council is reevaluating a zoning change for North Austin, known as “”second downtown””, aiming to expand the building height and density in the rapidly growing North Burnet/Gateway area, adjacent to the Domain. The proposal intends to encourage large-scale residential developments near transportation routes and large employers, addressing the city’s housing affordability crisis. If approved, businesses over 121 acres south and west of the Domain could see zoning changes allowing high-rise residential buildings, high-rise office towers, entertainment complexes, and retail buildings. Developers would be allowed a 10:1 floor-to-area ratio and a 350-foot height limit if they incorporate affordable housing units or pay a similar fee.
Why this matters: This proposed zoning change presents a considerable opportunity for real estate professionals in Austin, enabling them to access a wider range of commercial and residential properties for their clients while contributing to the city’s affordable housing goals.
Homeownership ‘unaffordable’ in Austin-Round Rock metro: study
Source: Central Texas Real Estate Review
Summary: The real estate market in Central Texas is experiencing significant growth, with a surge in demand for residential, commercial, industrial, and farm properties. Driven by an influx of new residents and businesses, prices are rising, and inventory levels are falling, leading to a fiercely competitive market. Furthermore, infrastructure developments and policy changes are shaping the future of the local real estate industry. Despite the challenges, opportunities abound for savvy investors and industry professionals who can navigate this fast-evolving market.
Why this matters: Understanding the current trends and dynamics of the Central Texas real estate market can aid industry professionals in making strategic decisions, positioning their clients for success, and capitalizing on growth opportunities.
Northland Living to build 35-story condo tower in downtown Austin
Source: Rejournals.com
Summary: Northland Living, the development affiliate of Northland Properties Corp., plans to construct a 35-story condominium tower named Luminary in downtown Austin. The Luminary tower will be located on a 0.81-acre site at 14th and Guadalupe Streets and will feature 286 residences, 10,000 square feet of office space for Combined Law Enforcement Associations of Texas (CLEAT), and 4,800 square feet of ground-level retail space. The condos will be priced from approximately $600,000 to over $3 million. Austin-based Urbanspace LLP will manage the sales and marketing of Luminary. This development is part of Northland Living’s focus on developing residential towers and mixed-use communities in Texas, with additional sites in Dallas and Cedar Park.
Why this matters: Knowledge of the Luminary development project can be used by residential real estate professionals to identify investment opportunities and anticipate market trends in downtown Austin.
Mill Creek Residential Announces Start of Preleasing at 318-Unit Modera Georgetown in Rapidly Growing North Austin Submarket
Source: www.multifamilybiz.com
Summary: Mill Creek Residential has announced the commencement of preleasing at Modera Georgetown, a 318-apartment community situated 25 miles north of downtown Austin. It is part of the Highland Village master-planned community which also includes single-family homes, commercial development, a park, and a recreational trail system. The development is located in Georgetown, an area that is experiencing rapid growth and increased demand for quality housing. The homes, which are expected to be ready for move-in by February, feature modern amenities and convenient access to the greater Austin metro area, local attractions, and excellent school districts.
Why this matters: The development of Modera Georgetown represents an opportunity for real estate professionals to tap into the burgeoning demand for quality housing in rapidly growing areas near Austin, an insight which could be instrumental in forming strategic client recommendations and executing successful transactions.
Commercial and Industrial Expansion
Amazon granted zoning permission for data center & distribution site in Round Rock, Texas
Source: Data Center Dynamics
Summary: Amazon has recently obtained zoning permission for a data center and distribution site in Round Rock, Texas, a city in the Greater Austin metropolitan area. As part of an aggressive expansion strategy, this move comes alongside the company’s filing for data centers in Mesa, Arizona. This development could potentially lead to an influx of jobs and increased commercial activity in the area, also stimulating housing needs for new arrivals.
Why this matters: The establishment of Amazon’s new data center and distribution site in Round Rock can drive up the demand for both residential and commercial real estate in the area, creating opportunities for real estate professionals to leverage this development to cater to the rising needs and deliver enhanced value to their clients.
