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πŸŒ† Austin Unpacked: Zoning Feuds, Tiny Living & $450M Rail Projects! πŸš„

Austin Local Team

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September 27, 2023

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Real Estate Legal & Compliance Issues

‘Not about the wisdom of the policies’: City of Austin back in court over zoning notification process

Source: KXAN News

Article Summary: A group of homeowners is once again suing the City of Austin for allegedly failing to follow the proper zoning notification process. The lawsuit contends the City neglected to adhere to a 2020 ruling that overturned a revamp of the city’s Land Development Code (LDC), with City Council subsequently pushing through a number of additional LDC changes aimed at affordability. The City of Austin, however, maintains it complied with state law and judgment when approving the contested ordinances. The four ordinances challenged in the lawsuit are all programs with affordability elements, potentially leading to an increase in affordable housing units.

Key Takeaways:Understanding these legal challenges and changes to the Land Development Code in Austin can provide real estate professionals with essential insights into the city’s zoning practices and potential opportunities in affordable housing.

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Real Estate Market and Development

Colliers Scores Office Brokerage Team in Las Vegas, Newmark Grabs Houston Retail Group, CBRE Adds Foursome From SRS in Texas

Source: Central Texas Property Insights

Summary: The Central Texas real estate market continues to experience significant growth, with record-breaking home sales and commercial interests. The region has seen an influx of new residents due to its booming tech industry and affordable cost of living, leading to a robust and competitive real estate market. Recent developments in zoning laws and infrastructure are set to further fuel this growth. Additionally, the industrial real estate sector is also on an upward trajectory due to increased demand for storage and distribution facilities as a result of the e-commerce boom.

Takeaway: The evolving dynamics of the Central Texas real estate market present opportunities for real estate professionals to tap into diverse sectorsβ€”residential, commercial, and industrialβ€”and leverage the region’s growth for their clients’ benefit and their own career advancement.

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Tiny home’ apartments coming to Austin

Source: Newstalk Texas – Texas Real Estate Center at Texas A&M University

Summary: Austin-based Canaan Modern Homes LLC is developing Atlas 7, a $43 million multifamily complex primarily featuring ‘tiny home’ apartments. The project will span four lots, cover 111,359 square feet, and include 192 apartments, 175 of which will be ‘tiny homes’. The ground floor will have retail space, and the upper levels will house the apartments, and 10% of the units will be earmarked for low-income families. The project, designed by Mark Odom Studio and engineered by Parnell Engineering, is set to begin on November 1.

Takeaway:The development of Atlas 7 introduces a new wave of affordable and minimalist living in Austin, providing real estate professionals with a fresh opportunity to cater to clients looking for modern, compact, and affordable housing solutions in the city.

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Colliers Mortgage Closes Fannie Mae Acquisition Financing for 244-Unit Cortland Southpark Terraces Apartments in Austin

Source: Multifamilybiz.com

Summary: Colliers Mortgage, a part of the Colliers, has recently closed a Fannie Mae loan for the acquisition financing of the 244-unit Cortland Southpark Terraces in Austin, Texas with SPI Advisory. This market-rate multifamily property features amenities such as two pools, a clubhouse, and a 24/7 fitness center. The loan carries a seven-year term and full-term interest-only. Colliers Mortgage is a leading professional services and investment management company with a portfolio of over $10.0 billion in serviced loans.

Takeaway:This acquisition financing signifies a continued investment interest in Austin’s multifamily market, demonstrating the vitality and resilience of the residential property sector in Central Texas – an insight which could be instrumental in guiding investment decisions for real estate players in the region.

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Texas and Louisiana Pulse: October 2023

Source: Engineering News-Record

Summary: This article outlines several significant construction projects planned for Texas, reflecting a vibrant and expanding real estate market. Key developments include the Silver Line Rail Transit-Oriented Development in Addison by Stream Realty and AMLI Residential, valued at $450 million, and the construction of The Trails, a 1,373-acre master-planned residential community in New Caney by Castle Hill Partners, valued at $400 million. Both projects signify substantial investment in residential and commercial real estate. Smaller-scale projects mentioned include upgrades to the Roberto R. Bustamante Waste Water Treatment Plant and improvements to the Fort Bliss Railyard.

Takeaway:The booming construction industry in Central Texas, signified by the ambitious projects outlined in this article, presents substantial investment opportunities for residential and commercial real estate firms and their clients. This information can be used to inform investment strategies, predict trends, and deliver valuable insights to clients.

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Individual Property & Architecture Feature

Rollingwood Modern House, Austin / LaRue Architects

Source: HomeWorldDesign.com

Summary: The article discusses the Rollingwood Modern House, a northeast farmhouse-styled residence situated in Austin’s Rollingwood neighborhood. Designed by LaRue Architects, the house is constructed to fit the steep slope of the lot, providing stunning views of the growing city skyline. The design incorporates an H-shaped layout, with cantilevered ‘boxes’ and gabled house forms. The property was recently renovated with a new interior design by Kelle Contine Interior Design (KCID), featuring earth tones and a mix of matte textures and metals.

Takeaway: Understanding the architectural and design trends in the region could provide real estate professionals with insights to promote similar properties, espouse their unique design elements to potential buyers, and predict future demands in the Austin real estate market.

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