Daily Briefing: 🔐 Unlock $1B Developments & Legal Drama in Today's Austin Real Estate! 🏢

September 27th, 2023 News Brief TLDR:

1. $1B Austin Mall Redevelopment: Brodie Oaks transforms with a ten-year, $1B facelift! 🏗️

2. ‘Affordability Unlocked’ Impacted: Lawsuit threatens Austin's home-building Affordability Unlocked program. ⚖️

3. Austin’s Court Battles: Homeowners challenge city's zoning notification processes and affordability laws. 🔔

4. $43M 'Tiny Home' Apartments: Canaan develops innovative $43M tiny home apartments in Austin. 🏡

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MAJOR DEVELOPMENT PROJECTS

$1B Austin Mall Redevelopment Gets Council Approval

Source: CommercialSearch.com

Summary: The Austin City Council has approved the $1 billion redevelopment of the Brodie Oaks shopping center in Southwest Austin by Barshop & Oles and Lionstone Investments. The 1980s retail complex will be transformed into a 37.6-acre mixed-use district with nearly 1.3 million square feet of office space, 1,700 residential units, restaurants, retail spaces, and possibly a 200-key hotel along with 13.7 acres of open space. The redevelopment is expected to take up to 10 years, with the first phase of construction starting in 2025.

Why this matters: Being aware of this major redevelopment project in Austin provides a long-term view of commercial and residential opportunities, offering the possibility to strategically position our clients for future growth.

'Tiny home' apartments coming to Austin

Source: RECenter.com

Summary: Canaan Modern Homes LLC is developing a multifamily complex, called Atlas 7, worth $43 million in Austin, Texas. The development will be on four lots totaling 1.3 acres, with a project size of 111,359 square feet and include 192 apartments, of which 175 will be 'tiny homes'. The ground floor will contain a lobby and over 13,000 square feet of restaurant and retail space, indicating mixed-use real estate. Notably, 10 percent of the units will be set aside for low-income households. The expected start date for the project is November 1.

Why this matters: The information about the development of Atlas 7 is a significant insight for commercial real estate professionals as it signifies a growing trend towards multifamily and mixed-use properties and the integration of 'tiny homes' into property design, offering them innovative investment and development opportunities.

AFFORDABLE HOUSING & ZONING

Austin is in court over state law and affordable housing. Here's what you need to know.

Source: Kut.org

Summary: The article reports a lawsuit over Austin's policies encouraging affordable housing development. A group of homeowners has questioned the legality of these policies, arguing that the city is violating their rights by not individually notifying them about potential changes in their neighborhoods. The policies include 'Affordability Unlocked', which enables developers to exceed usual regulations if they commit to affordable housing, and others that allow taller structures on busy roads and residential construction on land typically reserved for retail or office spaces.

Why this matters: Commercial real estate professionals could use this information to identify potential opportunities or challenges in Austin's development landscape, particularly those related to affordable housing and potential changes in zoning laws. This could provide them with a strategic edge when advising clients or planning future investments.

'Not about the wisdom of the policies': City of Austin back in court over zoning notification process

Source: Kxan.com

Summary: The City of Austin is facing a lawsuit from a group of homeowners who claim the municipality did not properly follow the zoning notification process. The lawsuit alleges that the city neglected to comply with a 2020 ruling regarding changes to the Land Development Code (LDC). The crux of the issue centers around four ordinances related to affordability, which the City Council passed without proper notification to residents, according to the claimants.

Why this matters: Commercial real estate professionals can use this information to stay informed about zoning changes and potential legal implications, which can affect commercial property transactions, particularly those involving mixed-use developments.

🚉 Austin's Old Mall Gets a Facelift & Arenaman Steps In! 🌆🏭