Daily Briefing: 🏡 See Austin's Future: St. John's Mega-Project & Innovative HOME Plan 🏗️

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

1. Austin's St. John site set for 19-acre mixed-use transformation! 🏗️

2. HOME initiative: Austin's new plan for housing innovation! 🏡

3. Sixth Street's facelift: Stream Realty & Clayton Korte's major revamp!

Urban Development and Housing Initiatives

'Vibrant mixed-use, mixed-income community' planned for Austin's St. John site

Source: Real Estate Center at Texas A&M University

Summary: The city of Austin has signed a master development agreement with Greystar Development Central LLC to transform the 19-acre St. John site into a vibrant, mixed-income, mixed-use community. The development plans include open spaces, commercial services, and 526 housing units, half of which will be income-restricted affordable housing. The project will also expand the St. John Pocket Park, adding walking trails and a splash pad.

Why this matters: Commercial real estate professionals in Central Texas can leverage this information to identify potential commercial opportunities within the development, and advise clients looking for investment properties or commercial spaces in a thriving, inclusive community.

Austin leaders to talk about the HOME initiative Tuesday

Source: KXAN News

Summary: Austin city leaders are set to discuss the HOME initiative, a proposed series of changes aimed at creating or preserving housing options. The first phase of the initiative includes increasing the number of units allowed on a single-family lot, facilitating the construction of tiny homes, encouraging the preservation of existing houses, and implementing size constraints to develop smaller units. The proposed changes are still being finalized, with a public hearing and vote on the ordinance scheduled for December 7.

Why this matters: Understanding the proposed changes under the HOME initiative can allow commercial real estate professionals to better anticipate shifts in the residential market and provide informed advice to their clients looking to invest in or develop properties in Austin.

Commercial and Cultural Revitalization

Austin's Sixth Street gets a new look with construction starting in early 2024

Source: Austin Business Journal

Summary: Austin's Sixth Street is slated for a major revamp starting early 2024, under the joint initiative of real estate firm Stream Realty Partners and architecture firm Clayton Korte. The project aims to reinvigorate the mid-section of the street, popularly known as Dirty Sixth, by introducing a brighter facade and new features. The renovation will extend to over 30 unique parcels, becoming available for lease once completed. Stream Realty Partners owns more than 40 properties in the area, which will be affected by the development. Increased building heights permitted by a 2023 ordinance, along with the inclusion of local shops, live music venues, restaurants, and a weekend farmers market, aim to transform Sixth Street into a bustling hub again.

Why this matters: The Sixth Street renovation project provides commercial real estate professionals an opportunity to leverage the revitalization of a historic and iconic Austin neighborhood, by offering unique leasing opportunities to prospective clients interested in being part of Austin's growth story.