Cultural Tourism’s Role in Austin’s Real Estate Boom
Explore how Austin's vibrant arts scene fuels real estate demand, driving property values up and reshaping neighborhoods for buyers and investors.
Austin Blog
“Oni Studios Opens in Cedar Park, Expanding Austin-Round Rock Office News”
Smart Austin Realty Group is excited to share the news that Oni Studios, a 30,000-square-foot production and content creation hub, has opened its doors in Cedar Park, TX. The expansive facility cost $10 million to build and boasts an impressive collection of amenities, including a large-set production facility, podcast studios, conference rooms, basketball court, workstations, kitchen, and lobby. This grand opening is part of the larger trend of office news for the Austin-Round Rock area, as reported in the Texas Quarterly Commercial Report.
“Travis County Commissioners Approve $35 Million Housing Contract for People Experiencing Homelessness”
Travis County Commissioners have approved a contract worth $35 million with Mobile Loaves & Fishes, a non-profit organization, for the development of housing for people experiencing homelessness. The Burleson Village complex will feature 640 housing units, which will be divided into two sections: microhomes of less than 400 square feet and RV units. In addition, the complex will have access to on-site mental and physical health services, addiction services, Family Eldercare, and restorative justice.
The construction process is expected to take two years and the first units should be ready for occupancy in mid-2025. Travis County is taking a proactive approach to providing safe and affordable housing for people facing homelessness, with the Burleson Village project aiming to provide much-needed support and resources to those in need.
“Collaboration to Create 198 Affordable Housing Units at 900 Gardner Rd”
The Austin Housing Finance Corporation, The Vecino Group, and Caritas of Austin are collaborating on a $53 million affordable housing project called The Libertad Austin. The project will include 198 units in three four-story buildings located at 900 Gardner Rd. It will feature a variety of different floor plans, with 50 one-, 95 two-, and 44 three-bedroom apartments ranging between 653 and 1,052 square feet. Most of the units will be reserved for families with incomes at or below 30 to 60 percent of the median family income. The remaining 50 units will be designated for people experiencing homelessness.
“Prologis Inc. Announces Construction of Five-Building Industrial Complex in Cedar Park”
Smart Austin Realty Group is pleased to report that Prologis Inc. has announced plans to construct a five-building industrial complex on 75 acres of land along Brushy Creek Rd. in Cedar Park, Texas. The two parcels, one of 68 acres and one of seven acres, were sold by National Instruments Corp. Construction is expected to begin in the spring or early summer of 2021, with completion of the project estimated for 2024.
“Ultra Hospitality LLC to Develop Two Hotels in Manor”
Smart Austin Realty Group is pleased to announce that Ultra Hospitality LLC is developing two hotels on 6.1 acres in Manor. The first, a four-story Hampton Inn & Suites, will cost approximately $11.5 million and feature 100 rooms. Construction is scheduled to begin in June and be finished in July 2024. The second hotel is a four-story Towneplace Suites which is expected to cost $12 million and feature 96 rooms. Construction on this hotel is set to start in July and be completed by August 2024. For more information on these and other Austin hotel developments, please visit The Real Deal website.
“Morgan Group Inc. to Begin Construction on $70 Million Pearl Burnet MF in Austin”
The Morgan Group Inc. is set to begin construction on Pearl Burnet MF, a seven-story, 400,543-square-foot multifamily property located at 11901 Burnet Rd. in Austin, Texas. The project is expected to cost around $70 million and will be completed in February 2025. The 345-unit tower will feature a four-level parking garage and was designed by STG Design. Construction is scheduled to begin on March 17, 2021.
“EVO Entertainment to Invest $25 Million in Austin-Round Rock Area”
Smart Austin Realty Group is excited to report that EVO Entertainment is constructing a new venue in Townwest Commons! The venue is projected to cost $25 million and will be 53,300 square feet in size. The complex will feature eight theaters, ten bowling lanes, 7,200 square feet of gaming space, a bar/lounge, patio, and private event space. Construction is set to begin this spring, with an anticipated opening date in spring 2024. This news is just one of many investments in the Austin-Round Rock area, and Smart Austin Realty Group is looking forward to seeing the finished product.
“Novak Commercial Development to Build 300-Unit Multifamily Building at The Commons at Rivery”
Partners Real Estate recently sold six acres of land within The Commons at Rivery to Novak Commercial Development, who plan to build a four-story, 300-unit multifamily building with over 45,000 square feet of retail, service, and restaurant space. The first phase of the project is set to begin in the second quarter of 2023, with an expected completion date in 2025.
“EastGroup Properties to Start Construction on 350 Texas Industrial Project in Round Rock, TX”
EastGroup Properties will soon begin construction on a new development project in Round Rock, TX. 350 Texas Industrial, a 128,716-square-foot industrial building, will consist of two warehouses on nine acres of land located at 350 Texas Ave. Both warehouses will have 28-foot clear heights. Pross Design Group Inc. is the project designer, and construction is set to commence on April 17, 2021. The completion date of the project is estimated to be January 2023.