Daily Briefing: 🌆 Austin's Skyline to Transform: Gaglardi's Mega Project Unveiled! 💰

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

• Dallas Stars' owner's firm eyes Austin for big real estate plays. 🏗️

• QWELL's plan: Five LGBTQ+ centers in Austin, boosting community and housing. 🌈

• Travis County cuts property taxes; savings clash with rising insurance rates. 💸

Business and Real Estate Development

NHL Dallas Stars owner’s development firm gears up for Austin projects 

Source: The Real Deal

Summary: Northland Living, the development subsidiary of Dallas Stars' owner Tom Gaglardi, has acquired development sites across Texas, with ambitious plans in Austin. The company is planning a 40-acre mixed-use project in Cedar Park, near the H-E-B Center, and a condo tower in downtown Austin. This marks a strategic shift for Northland, which has typically focused on hotel and resort developments.

Why this matters: The article highlights the increasing interest from high-profile investors in Austin's commercial real estate market, signaling potential growth and providing commercial real estate professionals with insights into new development opportunities that can be utilized for client advisement and portfolio expansion.

Community Development and Social Issues

Austin LGBTQ+ group wants to build multiple community centers

Source: KXAN

Summary: The Austin-based nonprofit, QWELL Community Foundation, plans to build five LGBTQ+ community centers in the city to address isolation and disconnection within the community. The new centers will form part of mixed-use developments, also comprising retail space and affordable housing. The site selection for these centers is yet to be decided. The project will not require city funds and aims to generate revenue for QWELL to reinvest in the community, with the construction process handled by Houston-based development company Penrose.

Why this matters: The potential development of these community centers as part of mixed-use establishments presents opportunities for commercial real estate professionals to discover and secure new, diverse investment avenues that align with social development initiatives.

Finance and Real Estate

Austin-area homeowners should expect lower property tax bills, county office says

Source: KUT.org

Summary: Travis County homeowners can expect lower property tax bills in 2023, with reductions averaging $658, due to the passage of a proposition that increases the homestead exemption for school taxes and authorizes the state to pay down the tax rates of public school districts. However, rising property insurance rates may offset these savings, with insurers in Texas having increased rates by 22%. Although property insurance rates are predicted to continue increasing in 2024, the rise is expected to slow to single-digit increments.

Why this matters: Understanding these property tax changes can aid commercial real estate professionals in predicting trends in the residential market, while also allowing them to provide informed advice to their clients contemplating investing in both residential and commercial properties.

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