fbpx
Homepage » Downtown Development » Page 4

Downtown Development

Downtown Development Digest | Marriott Austin Downtown

by

On the corner of Cesar Chavez and San Jacinto, you can find the site for a new 613-room hotel, a new Marriott Downtown. Made to compliment its sister hotel the J.W. Marriott, the new hotel will include a massive pool deck and over 60,000 feet of meeting space. The hotel will have deck areas for guests to enjoy views of Lady Bird Lake, downtown Austin and the State Capitol building. The 31-story Marriott will feature a few bars and restaurants, too.

The new development is currently under construction with a planned opening in Summer of 2020. The Hotel will have an amazing deck and rooftop pool area, event space and an exhibit hall. The location of the site is within walking distance of the Austin Convention Center. Sources say the Convention Center downtown may be expanding, and may even potentially connect to the new Marriott via a Skybridge. Keep your eyes open for the new Marriott Hotel going up downtown, with a proposed opening in 2020. 

 

Downtown Development Digest | Project Catalyst

by

Along with the natural expansion of downtown Austin, a plan for a ‘Domain-style’ development has begun to emerge on East Riverside: Project Catalyst.

The project that has been germinating over the past few years will rezone a 97-acre site in Southeast Austin, adjacent to Oracle’s new campus. The site plans are composed of over 5 million square feet of space for thousands of apartments, hundreds of hotel rooms, dozens of shops and restaurants, and plenty of offices.

Due to the rezoning process of the project site not being scheduled for completion until sometime this year or within the next year, construction is not envisioned to begin before 2020. However, once approved by the Austin City Council, the development plans to be built in five phases over a 25-year period.

Nimes Capital, a Los Angeles-based investment firm, is the developer proposing the mixed-used development that will continue to transform Southeast Austin. Their initial goal surrounding the project is to build an “urban village.”

Given the current circumstances of congestion that are overwhelming the downtown districts, East Riverside Drive is the most logical and ideal location to expand into. Preliminary renderings of Project Catalyst show buildings, reaching 16 stories, that would be the tallest to occupy this portion of Southeast Austin. This “urban village” ultimately envisions to be a “third downtown“ – North Austin’s Domain and Domain Northside duo have already claimed the name of Austin’s “second downtown.”

Currently, the site consists of The Ballpark East apartment complex, comprising of 1,308 units for college students and working-class residents. Throughout the course of a few years, Nimes Capital has bought the apartment complex along with its adjacent land.

If the mixed-use development project proceeds as intended, it will neighbor Oracle’s new 40-acre corporate campus and an exponentially growing amount of nearby apartment complexes, retail establishments and office spaces.

Downtown Austin’s booming market is sure to continue to flourish in East Riverside, especially with Project Catalyst’s proposed plans for expansion.

Downtown Development Digest | North Gateway Plaza

by

Capella Capital Partners has a $250 million dollar residential and office tower under works, near the Domain. This tower will be the first downtown-style tower in the area and will have a neighboring tower with office, restaurant and retail space available as well, and a shared seven-story parking garage for the two towers. The development will begin construction in North Austin, near the McKalla area, or the spot being scouted for a potential major league soccer stadium. The 22-story tower will host many apartments with varying floor plans, some encompassing multiple stories. Building amenities will include a pool, deck, and fitness center. Capella hopes the development will be finished in 2021, and construction will potentially begin early next year.

Top Reasons to Use a Real Estate Agent

by

 

1. Better Access, More Convenience & Property Marketing Power

Today’s housing market is full of clutter, whether you’re looking to sell or buy a home. With real estate agents handling the advertising and marketing of properties and containing easy access to properties listed by other firms and agents, you can quickly filter out what is not meeting your criteria. Their access to this information is your convenience.

Plus, agents are part of a huge professional network which is very important when it comes to selling or locating a property to purchase. In fact rather than a property being sold due to traditional advertising efforts, a large share are actually a result of a real estate practitioner’s contact list that includes previous clients, friends and family. Also, the relationships and connections that agents have formed throughout their professional experience make them the ultimate reference guide when it comes to the reputation of vendors. Why would you not want to utilize a service that’s tailored to your exact preferences?

2. An Expert Guide

When buying or selling a home, the process normally requires dozens of technical documents consisting of forms, reports, disclosures and more. Many of these are time sensitive and can be detrimental to a transaction. Real estate agents know and understand these documents and their jargon. So, the agent is able to effectively prepare the best deal, while keeping their client’s best interests in mind at all times and avoiding any delays or costly mistakes.

Opposed to popular belief, agents do NOT select prices for buyers or sellers. They simply provide price guidance to their clients that leads them to make the right choices for themselves after considering all supplied information. This guidance, stemming from factual data that agents provide their clients with, allows an appropriate price to be set. Then, based on the market supply, demand and conditions, the agent devises a negotiation strategy to protect the interests of their client.

3. Objective Information, Advice, Opinions & Loyalty

When a real estate agent signs a representation agreement with their client, the agent is agreeing to represent the clients interests and perform services agreed upon that are within legal limits. Typically, agents provide local information on utilities and zoning, deliver comparable properties sale prices and other objective information about each property. Then, that data is used to help clients determine if a certain property suits their needs and criteria or what type of offer they are willing to accept or make. Along with getting the facts to clients, agents point them in the right direction where they can find data involving schools, crime rates, demographics and more. They also possess information in regards to current market conditions, such as data on the average per square foot cost of similar homes, median and average sale prices, average days a property has spent on the market, and ratios of list-to-sold prices.

Agents are here to guide their clients and provide them with optimized service that represents their interests. Whether it be material facts or advising a client to seek legal counsel, real estate agents work for their client and act on that clients behalf throughout the transaction process.

4. Negotiation Knowledge & Skills

While real estate agents are essentially a buffer in the transaction process, an agent represents their clients best interests at all times. This is important to stress because an agent will take on that perspective while looking at various factors and negotiating the purchase agreement to include the best terms and conditions that match those interests. Agents are here to present their clients case in the best light. It’s also important to recognize that any information a client discloses to their agent will remain confidential- even after the transaction has been completed.

Agents are able to remove themselves from the emotional aspects of a transaction while they’re negotiating. They also are able to deliver information from buyer to seller or vice versa that would be detrimental to the purchase agreement if the buyer or seller directly delivered it. Selling a home that has been lived in for many years may bring on many emotions and memories that inhibit a seller from negotiating clearly or accepting a reasonable offer. And the same is similar with purchasers, buying a home is one of the largest transactions most people make and may become inherently overwhelming for someone inexperienced with the process.

5. A Hub for Up-To-Date Experience

With laws and regulations constantly being amended and created, real estate agents are required to continue their education and stay knowledgeable of all changes that effect their profession. Hiring an experienced agent will eliminate costly risks, ensure the clients interests are represented in the transaction, while also ensuring clients that the price being paid or accepted is in correspondence with the current market rate.

6. High Ethical Standards

Real estate agents are held to high standards that require honesty, fairness, obedience, confidentiality and loyalty to clients. They are here to represent you, their client, and act on your behalf to ensure that your interests are present throughout the transaction process. Plus, any information your agent is told will remain confidential throughout the transaction and after it’s completed. Overall, the real estate industry itself is held to high professional codes of ethics and has serious repercussions for licencees that do not follow these minimum requirements.

Austin Real Estate Market 2018

by

With Austin’s growth projected to more than double in the next 40 years, 2018 is expected to be another record-breaking year for the city’s real estate market.

Austin’s current population sits at the 31st largest in the U.S. and is predicted to surpass San Antonio’s by the late 2020’s. The city has been experiencing an average net increase of 150 people per day who are needing places to live. This surplus of people is resulting in the city’s housing housing not meeting its demand and prices being driven higher and higher.

Despite home prices increasing by 5.4% in 2017, the Austin real estate market hit an all-time high in home sales that reached a double-digit increase in March 2018. This much growth being endured early on in the year indicates a strong summer selling season ahead.

Historically, it has been common for homes to remain on the market for 50 days or more – even in housing markets experiencing a high demand. However, within Austin and its local areas, homes have been spending a fraction of that time on the market. The city’s limited housing inventory has ultimately created a competitive market when it comes to purchasing a home in or around Austin.

At Austin’s current growth rate, the population is projected to continue outpacing infrastructure. This deficit will generate a higher demand for more schools, retail and office spaces, transportation accommodations and other utilities to be developed. Fortunately, with job growth increasing at a slower pace, the city will be allocated time to focus on solving these overgrowth challenges.

While home prices continue to rise, they are rising at a slower pace which indicates a stable market trend.

If you’re considering a move, now is the time to enter the market and take advantage of the low mortgage rates and appreciation. Click here to meet the Urbanspace residential team.

Downtown Development Digest | Punch Bowl Social

by

Punch Bowl Social has recently announced its expansion into downtown Austin, and is expecting to open its doors February 2019.

Punch Bowl Social has recently announced its expansion into downtown Austin, and is expecting to open its doors around February 2019.

This will be Austin’s second Punch Bowl Social location, with the first being at The Domain. The Denver-based, entertainment restaurant chain has made a name for itself across the country. With their overloaded restaurants also being home to vintage arcade games, karaoke rooms, bowling alleys, virtual reality experiences, table games and bars, these eatery’s are practically a grown-up’s ideal playground!

Punch Bowl Social has taken a stance on being a place for people to come and be themselves. The restaurant chain believes in the “dirty modern mash up of chandeliers, food for foodies, PBR tallboys and craft beverages,” as well as “brunch turning into a bowling party and bowling parties turning into all-you-can-sing karaoke.” You can expect the general atmosphere of these locations to offer a full-range experience of unequalled music, food, games, beverages and exploration. Their mission is to provide an environment tailored for each person’s desired “going out” experience.

In 2012 The Punch Bowl Social originally opened in Denver, and since then has expanded to 12 locations across the country with several more coming soon. Austin’s new establishment will be located within the Scarbrough Building at 522 Congress Avenue and 6th Street. Robert Thompson, founder and CEO, revealed his reasoning behind choosing this building: its historical value, Chicago-style architecture, Art Deco details and, not to mention, the building’s prime location in the heart of Austin.

One of the up-and-coming downtown location’s most differentiating features is a “more Texas- and Tex-Mex menu,” according to Hugh Acheson, a James Beard Award-winning chef, restaurateur, author, Top Chef judge and Punch Bowl Social’s culinary partner. The approach to creating this menu has been based on the anticipation of engulfing the nation’s culinary landscape in its entirety.

Although February 2019 may seem a ways away, we’re always looking forward to experiencing downtown Austin’s newest additions!

Downtown Development Digest |The Independent Austin

by

Live way up high yet down to earth in the newest icon of Austin’s skyline, The Independent.

The Independent has claimed the title for the tallest residential tower west of the Mississippi River, and is projected for completion in 2018.

Acting as the final puzzle piece of the Seaholm District, The Independent’s unmatched location is complimented by floor-to-ceiling windows and delivers Austin’s best to your doorstep. Being nestled in an urban cul-de-sac, the tower’s neighborhood contains three grocery stores within three blocks and is located on a $250K revitalized Shoal Creek that provides direct connectivity to Austin’s new “Central Library of the future.”

The condo development was articulately designed to showcase views as protected as they come in downtown Austin; including those of Lady Bird Lake, Shoal Creek Greenbelt, the Capitol, Texas Hill Country and the downtown skyline. The tower itself entered its 1st quarter of construction in 2016, and since then has revealed its four tier design to the Austin community – each tier offering a unique mix of units with four finish palette options to choose from.

The highly optimized and efficient floor plans of each unit feature floor-to-ceiling windows, a balcony, wide-plank hardwood floors, and 10ft ceilings. Plus, select floors are standard for Bosch and Gaggenau appliances.

This gem is exclusively listed by Urbanspace Real Estate + Interiors. Besides 58 floors holding 363 residences, the building also features two floors dedicated solely to amenities. The two amenity decks include an infinity pool and deck area, dog lounge, clubroom and coffee bar, a playroom and playground for children, an outdoor lounge and kitchen area, board room, theater, fitness center, owners lounge and more!

At The Independent, there’s an urban lifestyle experience waiting for you. Visit www.independentaustin.com for more information.

Downtown Development Digest | Fareground

by

Fareground, Austin’s newest addition to its flourishing downtown dining scene, is defying the city’s culinary odds and expectations.

Austin’s first food hall is officially open, as of January 18, 2018. Located at the corner of 2nd Street and Congress, and featured under the same roof of an Austin icon, Fareground offers an array of local food and drink options from the city’s best chefs and restaurants.

From Antonelli’s Cheese Shop, Contigo, Dai Due Taqueria, Easy Tiger, Henbit and Ni-Kome Sushi + Ramen, to the Fareground Bar (and another bar coming soon: Jewel Box), the indoor-outdoor eatery is built into the below-ground atrium of One Eleven Congress. This new gem is where community meets culinary.

What about the Austinites on the move? At the street level, drinks and a sampling of Fareground vendors will be available at a grab-and-go station.This innovative service is projected to arrive Spring 2018.The idea to reinvent and repurpose One Eleven Congress stemmed from a vision to better suit the modern Austinite. 

Fareground’s collaborative nature was designed by Michael Hsu Office of Architecture and the plan to feature a united-eatery was coordinatedby ELM Restaurant Group, an Austin-based team behind Irene’s, 24 Diner and Easy Tiger. Their intentions were to create the opportunity for today’s Austinites to get the most out of their beloved downtown and to get it all in one place.

The subterranean food hall is open daily from breakfast through dinner hours. So whether an early riser or late nighter, you too can experience what’s happening next in Austin.

Check out more at Fairgroundaustin.com

Downtown Development Digest | Fairmont Austin

by

Fairmont’s mission is to “engage guests with the city’s famed music scene, as well as the area’s celebrated cuisine and diverse lifestyle.”

    The region’s largest hotel, Fairmont Austin, has been projected for completion in early 2018 and has recently announced the opening of their online reservation service. Already a towering icon, the Fairmont, located in the Central Business District near Waller Creek and Palm Park, sports views of the cityscape, Lady Bird Lake and the State Capitol.

   The 37-story hotel contains 1,048 guest rooms and suites, while also offering the Fairmont Gold experience, five luxury restaurants and bars, a full-service salon and spa, a seasonally heated swimming pool, and a direct connection to the Austin Convention Center.

   From meetings, business services and fundraisers, to weddings, galas and social events, this transcendent city center hotel is equipped for any event’s expectations. The Fairmont Austin offers 140,000 square feet of state-of-the-art meeting space with 13,500 square feet outdoors and 40,000 square feet for pre-functions.

   Journey through four distinct culinary worlds that come together for a vibrant and colorful dining experience. Revue’s unique approach to cuisine is defined by its diversity and includes the timeless cuisine of Italy, the epicurean and cultural complexities of Asia, and the delicacies of the sea, topped off with delicious treats from the artisanal pastry shop. Revue emphasizes on sourcing and preparing locally grown and made products in all aspects of this communal and shareable restaurant that truly has something for everyone.

 

Learn more about Austin’s newest gem. www.fairmont.com/austin/

 

Development Digest | Amazon HQ2 Project

by

With Austin cited as a key location being considered for Amazon’s secondary headquarters project, Eightfold Development of Austin has proposed an incentive to further lure the project to its city’s limits: the old Motorola plant and campus in East Austin.

After 12 years of abandonment and arrangements to be revitalized, rebuilt and repurposed, Eightfold has broke ground on the old Motorola campus and plans to develop a main building in the shape of Amazon’s Alexa – if the campus is selected by Amazon for the project’s site. It should be noted that competition for selection is immense, especially since the $5 billion Amazon HQ2 project is anticipated to generate 50,000 jobs.

Although the amount of perks offered to Amazon from major North American cities play a key role in the decision, the process of deciding also focuses heavily on the company’s meticulous preferences. 

Amazon has a timeline to finding “a development-prepped site [on] an urban or downtown campus.” The location desired must have access to public transportation, be within one to two miles of major highways, within 45 miles of an airport and have onsite amenities, restaurants, retail spaces and cafes. The project also requires that the initial building(s) accommodate up to 500,000 square feet by 2019 and have the potential of accommodating up to 8 million square feet beyond 2027.

The list of preferences continues, yet those features mentioned alone have presented Austin with the challenge of finding a big enough site within minutes from downtown. Amazon’s idea behind their askings is to have “communities think creatively for viable real estate options.”

Eightfold Development ensures, with or without Amazon, that the old Motorola campus will be transformed through an $800 million, five-year redevelopment plan. Less than five miles from downtown, about six miles from the Austin-Bergstrom International Airport and on 100+ wooded acres, the site plans to yield 500,000 square feet of office space within the next 12 months and has a potential to accomodate 5 to 9 million square feet of space.

Currently under renovation and redesign, the site will soon be a sustainable mixed-use community: the community will feature an urban farm, 3,000 housing units, health and wellness clinics, cafes, computer labs, a museum, space for arts organizations and other nonprofits, and 75% of its power coming from solar energy.

Whether or not Austin is chosen by Amazon, who proceeds to choose the East Austin campus for its secondary headquarters, Developer Adam Zarafshani of Eightfold claims that the finished project “will be a city within a city.”

Read More Here!

Downtown Development Digest | The LAAN

by

 

Discover an approachable South Austin aesthetic in an enchanting Dutch farmhouse-inspired residence. Hidden in the rapidly growing South Lamar neighborhood, the LAAN is a community of 53 modern homes centered around a long private drive. Each residence offers highly optimized floor plans and personal outdoor space, as well as access to communal amenities such as a pool, grilling space, and lounge.

The residences are comprised of two- and three-bedroom units ranging from 1,600 to 2,000 square feet on a 3-acre site. Austinites will be able to retreat to a tranquil and peaceful environment just around the corner from the bustling city sights. The location offers convenient access to hundreds of restaurants, entertainment and retail locations, including The Broken Spoke, Soup Peddler, and Kerbey Lane Café.

The architecture, designed by Davies Collaborative, is composed of clean lines and modern finishes while being environmentally sensitive. Austin’s natural beauty is preserved outdoors with a sprawling southern live oak tree at the center of the exterior amenities. The whimsical interior spaces maximize natural light and invite elegance that speaks to the nature of home. With four interior palettes created by Urbanspace Interiors, The LAAN offers something for everyone; from industrial chic to modern, you will find your hideaway here.

 

 

Check out a virtual tour of the model unit here! 

Development Digest | The Hillside

by

 

The Hillside is now selling its final phase! Don’t miss your chance to join this modern condo community located just 15 minutes from downtown Austin. The Hillside is cradled by 450 acres of the picturesque Balcones Canyonland Preserve and offers panoramic views of the city and hill country as well as easy access to both Lake Austin and Lake Travis.

Each unit features superb upgraded contemporary finishes! The Hillside has won four national architecture awards and “Best Community” by The Homebuilders Assn. of Austin. With 6 customizable floor plans, a community pool with kitchen, and protected entrance gates, The Hillside offers its residents a unique lifestyle experience.Get ready to retreat to urban hill country living. Find more information at The Hillside 2222.

 

FOLLOW US @URBANSPACEREALTORS

Login to Urbanspace Realtors

Welcome back! Please enter your details.
New to Urbanspace Realtors? Sign up now.

Close