- Construct Intel Austin
- Posts
- Weekend Roundup: 🌟 Transforming Austin: Northland's Tower Rises & IBM's Innovative Expansion 💼
Weekend Roundup: 🌟 Transforming Austin: Northland's Tower Rises & IBM's Innovative Expansion 💼
Austin Archuleta
January 15, 2024
Here’s what you need to know about CenTex CRE Today:
Brought to you by:
Downtown Austin Soars with Northland's 35-Story Luminary Condo Tower 🌆
Georgetown's Growth Spurt: 318-Unit Modera Community by Mill Creek 🏗️
IBM Expands in Austin: 50,000 SF Lease at Parmer Impact Labs 💼
Austin Upzones North: Paving Way for New High-Density Developments 🏢
Residential Development and Expansion
Northland Living to build 35-story condo tower in downtown Austin
Source: Rejournals.com
Summary: Northland Living, a sister company of Canadian hospitality firm Northland Properties Corp., is planning to construct a 35-story condominium tower named Luminary in downtown Austin, Texas. Positioned on a 0.81-acre site at the intersection of 14th and Guadalupe Streets, the tower will house 286 residences, retail, and office space, including 10,000 square feet for the Combined Law Enforcement Associations of Texas (CLEAT). With a height of 400 feet, Luminary is set to be one of the tallest structures in the northwest downtown area. The condos are priced between $600,000 and $3 million, and the project's sales and marketing will be managed by Austin-based Urbanspace LLP.
Why this matters: Understanding the development and pricing dynamics of the Luminary project can help commercial real estate professionals advise their clients on investment opportunities and potential shifts in the downtown Austin property market.
Mill Creek Residential Announces Start of Preleasing at 318-Unit Modera Georgetown in Rapidly Growing North Austin Submarket
Source: multifamilybiz.com
Summary: Mill Creek Residential, a prominent U.S-based developer, has started preleasing at Modera Georgetown, a 318-unit apartment community located in Georgetown, Texas, one of the fastest-growing cities in the U.S. The community forms part of Highland Village, a master-planned area consisting of single-family homes, commercial development, a park, and a recreational trail system. Move-ins are expected to start in February. Modera Georgetown, offering a selection of high-end amenities and deluxe finishes, is located within proximity to significant transportation routes, providing easy access to the greater Austin metro area and the Fort Hood area.
Why this matters: This information is pertinent for Central Texas commercial real estate professionals as it highlights growing investment opportunities in suburban markets, demonstrating the demand for quality housing and commercial developments in areas outside of major city centers like Austin.
Here’s Our First Look at the Centro Project’s Second Act in East Austin
Source: Austin.towers.net
Summary: The Centro project in East Austin is set to move forward with a second phase that will include a new residential structure known as Centro East. In addition to housing, the structure will provide approximately 19,000 square feet of retail space. This development is made possible due to its location inside the Saltillo Transit-Oriented Development district, which allows for taller structures. The project is seen to significantly enhance the pedestrian-friendliness and urban charm of the area, with the conversion of Onion Street into a fully pedestrianized paseo.
Why this matters: The expansion of the Centro project represents an opportunity for commercial real estate professionals to explore new retail leasing opportunities and engage clients looking for transit-adjacent residential properties in a rapidly developing area of East Austin.
Corporate Real Estate and Urban Development
IBM Signs 50,000 SF Office, Life Sciences Lease at Parmer Impact Labs in Austin
Source: REBusinessOnline
Summary: IBM has secured a 50,000-square-foot office and life sciences lease at Parmer Impact Labs in Austin, Texas, with no timeline for occupancy announced. CBRE served as the representative for the landlord, Karlin Real Estate, during lease negotiations, while Cushman & Wakefield represented IBM. The tech behemoth follows the University of Texas at Austin, which, in September, divulged plans to set up its first off-campus wet lab site at the same location.
Why this matters: This lease signing by a major tech company like IBM indicates a continuing strong demand for commercial office and lab space in Austin, providing a positive signal to real estate professionals about the health of the market.
Austin revisits upzoning for North Austin
Source: The Real Deal
Summary: Austin City Council is looking into a zoning change proposal for North Austin that seeks to broaden building height and density in the rapidly expanding North Burnet/Gateway area, adjacent to the Domain. The change aims to encourage large-scale residential developments near transportation routes and significant employers, addressing the city's housing affordability issue. If approved, businesses in the affected areas, encompassing 121 acres south and west of the Domain, could be transformed to allow high-density residential buildings, high-rise office towers, entertainment complexes, and retail buildings. Developers could build with a 10:1 floor-to-area ratio and a 350-foot height limit by including affordable housing units or paying an equivalent fee.
Why this matters: This zoning change could lead to significant commercial real estate opportunities in North Austin, as it would enable developers to create high-rise office towers and other commercial properties, providing real estate professionals with more properties to market and sell.
Corporate Real Estate and Urban Development
Homeownership 'unaffordable' in Austin-Round Rock metro: study
Source: Texas Real Estate Journal
Summary: Central Texas is experiencing a real estate boom, driven by a strong economy and an influx of new residents attracted by the region's quality of life and job opportunities. The demand for housing is pushing up prices and leading to a surge in new developments, both residential and commercial. This trend is expected to continue, with experts predicting continued growth in the real estate sector.
Why this matters: To capitalize on this robust market, real estate professionals should focus on identifying undervalued properties and areas with potential for growth, and advising clients to invest in these areas to maximize returns.