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- Daily Briefing: 🏡 Skybox, Prologis unveil a 141,240 sq ft data center in Austin. 🌐
Daily Briefing: 🏡 Skybox, Prologis unveil a 141,240 sq ft data center in Austin. 🌐
Austin Archuleta
November 22, 2023
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Here’s what you need to know about CenTex CRE Today:
Austin's new 30MW Skybox-Prologis Data Center boosts tech hub status. 💻
Ryan Cos.' 213-Unit Senior Housing in Central Austin tops out. 🏗️
Austin leverages private developers for public safety spaces, a novel approach. 🚒
City of Austin invests $15M in downtown homeless shelter acquisition. 🏢
Real Estate and Construction Developments in Austin
Skybox, Prologis Plan New Data Center Campus in Austin
Source: Inside Towers
Summary: Skybox, Prologis Plan New Data Center Campus in Austin Skybox Datacenters and Prologis have partnered to develop a new, 30-megawatt, 141,240 square-foot data center in Pflugerville, a northern suburb of Austin, Texas. This is part of a broader trend of technology companies, including Oracle, Tesla, and Digital Realty, relocating their headquarters to the Austin area, further enhancing its reputation as a tech hub. The facility, due to be supported by two substations and supplied by ONCOR, is aligned to receive incentives worth up to $1.5 million over a decade from the Pflugerville Community Development Corporation, pending investment thresholds are met. These incentives will be passed on to tenants as rent credits or allowances for tenant improvements.
Why this matters: This development underscores the continued growth of tech-related infrastructure in the Austin region, a trend that commercial real estate professionals can leverage to attract technology clients looking for office or data storage space in this burgeoning technology hub.
Ryan Cos. Tops Out 213-Unit Seniors Housing Project in Austin
Source: REBusinessOnline
Summary: Minneapolis-based developer, Ryan Cos. has reached a construction milestone on their 213-unit senior housing project, Grand Living at The Grove, in Central Austin. The five-story complex, co-developed with Grand Living and Castletop Capital, will feature 177 independent and assisted living apartments, and 36 memory care units. Spanning 348,353 square feet, the project offers units ranging from 450 to 1,600 square feet and is funded by PACE Loan Group and Bankers Trust. The project, which began construction a year ago, is set for completion in early 2025.
Why this matters: Understanding the growth and developments in senior housing in Central Austin can assist real estate professionals in identifying emerging opportunities and trends in the local market.
City of Austin buys downtown Salvation Army shelter
Source: Newstalk Texas
Summary: The City of Austin has purchased the downtown Salvation Army homeless shelter, inclusive of an adjacent parking lot and retail space on Red River St., for $15 million. The cost will be distributed between Austin's Housing Trust Fund, the city's federal Community Development Block Grant program funds, and anticipated lease savings from a distinct civic purchase. Urban Alchemy, a nonprofit that's been managing the Austin Resource Center for the Homeless, has agreed to manage the city's shelter, with plans to provide 120 beds and construct a park by year's end. The acquisition kickstarts a five-year, $3 million renovation and enhancement plan addressing maintenance backlogs and various improvements.
Why this matters: The article highlights a significant investment in downtown Austin, indicating an ongoing commitment to urban development. This could provide real estate professionals with insightful information on the city's growth trajectory, enabling them to better advise clients on potential commercial real estate opportunities.
Business and Economic Initiatives in Austin
Austin could tap private developers to help fill public safety gaps
Source: KXAN News
Summary: Austin City Council is considering incentives to encourage private developers to incorporate public safety space into their buildings, including fire, EMS, and police facilities. This initiative comes after an Austin Fire and EMS station had to temporarily shut down, underlining the need for additional public safety spaces in the city. If the incentives are approved, developers could receive city breaks for including these public safety spaces in their buildings, similar to current incentives for community benefits such as affordable housing and parkland. The city council is expected to revisit the plan by mid-2024.
Why this matters: This policy development could present commercial real estate professionals in Central Texas with unique opportunities to partner with the city and create additional value for their developments, thus making their properties more attractive to potential buyers or tenants who value on-site public safety facilities.
Social and Community Welfare Projects in Austin
Austin could tap private developers to help fill public safety gaps
Source: KXAN News
Summary: Austin City Council is considering incentives to encourage private developers to incorporate public safety space into their buildings, including fire, EMS, and police facilities. This initiative comes after an Austin Fire and EMS station had to temporarily shut down, underlining the need for additional public safety spaces in the city. If the incentives are approved, developers could receive city breaks for including these public safety spaces in their buildings, similar to current incentives for community benefits such as affordable housing and parkland. The city council is expected to revisit the plan by mid-2024.
Why this matters: This policy development could present commercial real estate professionals in Central Texas with unique opportunities to partner with the city and create additional value for their developments, thus making their properties more attractive to potential buyers or tenants who value on-site public safety facilities.