Daily Briefing: 🌆 Austin's Skyline Revolution: High-Rises & Historic Turns! 🏛️

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

1. Austin's skyline set for a shake-up with new high-rise possibilities. 🌆

2. Mayor Watson tackles Austin's land code, echoing '80s nostalgia. 🏗️

3. Historic Austin church pivots to community space, defying developers. 🏛️

4. Austin's commute chaos ranks 18th in U.S., driving frustration. 🚗

City Development and Land Use

As Austinites struggle to afford housing, a familiar fight brews over land rules

Source: Austin Business Journal

Summary: As Austin continues its rapid development, a proposed amendment to the city's land development code could transform the city's skyline over the next decade by allowing much taller buildings downtown and in several other parts of the city. The proposal seeks to remove height restrictions in some areas, which would potentially create new opportunities for commercial real estate developers to build taller and denser projects. However, the amendment faces opposition from some community groups and stakeholders who fear that it might exacerbate the city's affordability crisis and deteriorate its character.

Why this matters: The removal of height restrictions in Austin can potentially provide commercial real estate professionals greater flexibility and opportunities in developing denser projects, thus enhancing their portfolio and increasing their market value.

Austin Mayor Kirk Watson on the future of the city's land development code, search for the new city manager

Source: KXAN News

Summary: Austin Mayor Kirk Watson has expressed an urgent need for changes to the city's outdated land development code that hasn't seen significant updates since the 1980s. Residents have also been given the opportunity to share their opinions on the code, which outlines housing restrictions. The mayor believes that updating the code will accommodate the city's growth and allow for more affordable housing options. However, previous attempts to alter the code have been dismissed due to inadequate community input. In tandem with this, the search for a new city manager is in progress, with Mayor Watson seeking a candidate with extensive experience in city government who can operate effectively and swiftly.

Why this matters: Understanding the anticipated changes in Austin's land development code is paramount for commercial real estate professionals, as it will directly impact what can be built where, potentially transforming the commercial property landscape and value.

176-year-old Austin church aims to turn downtown property into community space

Source: KXAN News

Summary: First Baptist Church of Austin, located in downtown Austin, is planning to transform its 1.5 block property into affordable community spaces. The church has declined offers from developers and is seeking a partner to help with the development of the 110,000 square-foot facility and surrounding land. The potential developments include spaces for affordable childcare, venues for live music and visual arts, and public spaces for gatherings of people from all faith backgrounds.

Why this matters: The transformation of a large, central property into a mixed-use community space could significantly alter the downtown Austin landscape, potentially leading to increased demand and higher property values in the surrounding areas.

Infrastructure and Commute Issues

Austin takes surprising ranking on list of hardest commutes in the U.S.

Source: Architects and Artisans

Summary: Austin ranks 18th on Forbes' list of the "Hardest Commutes in the U.S.," with an average travel time to work of just under 28 minutes. This ranking is based on an analysis of the 25 largest U.S. cities, using 2021 U.S. Census data. Despite the increase in remote work due to the COVID-19 pandemic, around 74% of Americans have returned to commuting to their workplaces. In Austin, the majority of households have access to a car, and public transport options are limited, contributing to the city's traffic congestion.

Why this matters: Understanding the commuting dynamics in Austin can be vital for commercial real estate professionals, as it can impact decisions relating to the location and accessibility of commercial properties. This information can be used by professionals to advice clients on strategic placement of businesses, considering potential employee commute times and accessibility.