Daily Briefing: 🌟 Austin's Real Estate Surge: Greystar's Big Move & Round Rock's Mega Plan!💼

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Here’s what you need to know about CenTex CRE Today:

• Austin partners with Greystar for a transformative 526-unit, mixed-use development. 🏗️

• Round Rock's housing study paves the way for up to 143,000 units. 🏠

• Douglas Elliman's grand Austin office opening signals booming real estate market. 🌆

• Amplify Credit Union unveils Austin's first affordable tiny home community. 🏡

Urban Development and Housing Projects

City of Austin, Texas, Taps Greystar to Lead Development of Mixed-Use Property

Source: Commercial Real Estate Direct

Summary: The City of Austin, Texas, has partnered with Greystar Development Central LLC to construct a mixed-use, mixed-income community on 19 city-owned acres at 800 East St. Johns Ave. The development will entail 526 residential units, with half of them earmarked as affordable housing. This partnership marks an important step in Austin's strategic goal to provide a mix of affordable housing and commercial spaces.  

Why this matters: This development provides a unique opportunity for commercial real estate professionals to partake in a project that bridges residential and commercial real estate, enabling them to expand their portfolio and knowledge base in the rapidly growing mixed-use property sector.

Round Rock looks at future of housing as city expects continued growth

Source: KXAN News

Summary: The City of Round Rock is preparing for expected population growth with a study by the city's Planning and Development services department showing potential for building between 25,000 and 143,000 new housing units. The city's population, which grew by approximately 5,200 people in 2023, is forecasted to add another 65,000 by 2040. The study revealed the greatest portion of vacant parcels of land are located in the northeast. The city is actively acquiring groundwater and water rights and increasing its wastewater plants to accommodate this expected growth. Additional considerations are being given to the building of additional dwelling units (ADUs) in the city.  

Why this matters: Understanding this expected growth in Round Rock and the potential for increased construction of housing units and commercial spaces provides commercial real estate professionals the opportunity to anticipate and prepare for new developments and investment opportunities.

Real Estate Market Expansion

Social Hour: Douglas Elliman Opens Innovative New Austin Office with a Grand Ceremony

Source: Tribeza

Summary: Douglas Elliman has opened a new, larger office in Austin, located in Hartland Plaza. The 6,415 square-foot space is designed to reflect the spirit of Austin and encourage collaboration amongst agents and staff. Key figures from Douglas Elliman and the Austin Board of Realtors attended the grand opening ceremony. The new location signals the firm's confidence in Austin's real estate market and growing business and cultural centers.

Why this matters: The opening of this new office signifies Douglas Elliman's strong commitment to the Austin market, indicating a positive trend that can impact investment decisions and client advisories in the local commercial real estate sector.

Innovative Housing Solutions

Big milestone for Austin's first tiny home community

Source: Texas A&M Real Estate Center

Summary: Amplify Credit Union, a local Austin institution, has completed construction on Mustard Seed Village, the city's first tiny home community aimed at providing affordable housing. The community consists of 28 two-bedroom, one-bathroom units, with rent capped at $1,375 a month. Amenities include shared laundry facilities, an outdoor fire pit, a dog park, and a girls group home at the community's center.

Why this matters: This development showcases the growing trend of alternate affordable housing solutions, providing commercial real estate professionals with insights into potential new avenues for investment and development within the Austin market.