Foxtrot Ventures Inc. – the modern Chicago-based convenience store chain – has unveiled expansion plans for four Austin locations by early 2023. The company first announced plans for expansion in January after months of raising $100 million in venture capital.

More About Foxtrot

While based out of Chicago, Foxtrot has over 21 locations throughout the country, including Dallas and Washington, D.C. Widely popular and praised for its creative and constantly evolving design integrating grocery shopping and cafe-style food and drink options, Foxtrot is quickly becoming a household name. The chain values customers and opts to transition throughout the day to fill its customers’ needs – transforming into a midday cafe and an evening seller of bread and wine.

Alongside its dine-in and grab-and-go meal options, an alluring aspect of Foxtrot is its combination of brick-and-mortar stores and e-commerce shopping. Shoppers have countless options as they experience and enjoy the Foxtrot chain.

The Austin Stores

While the majority of the four stores in development for Austin won’t reach the city until 2023, there is still plenty to be excited about. With plans to hire over 125 employees across the four locations, it will come as no surprise that Foxtrot also plans for one of its Austin sites to be its largest location to date. The 6,500-square-foot flagship store will be located at 1804 South First Street and is currently poised to open sometime this fall. The other locations will be spread throughout Austin, with a 2,500-square-foot store at 4800 Burnet Road, and stores at 2270 Guadalupe Street and 301 West Second Street.

While Foxtrot is a national brand, it prides itself on partnering with local vendors. Austinites can expect many of their local favorites to be stocked at the upcoming stores, such as Lick Honest Ice Creams, Chop Chop Ramen, Rosen’s Bagels, as well as alcohol from St. Elmo’s Brewing, Austin Winery, and Live Oak Brewing.

Why Austin

Austin is not a novel concept to Mike LaVitola, the CEO and founder of Foxtrot, as the chain already carries many items made by Austin companies. When asked about establishing roots in Austin, LaVitola pointed to the city’s youth and incredible local vendors as its most alluring qualities.

The widespread popularity and acclaim that is associated with Foxtrot will only bring great things to our city. Contact me here to stay up to date with news on Austin’s future developments!

September has been an eventful month – with a long-awaited change in season, the beginnings of countless thrilling fall events, and the highly-anticipated news of the soon-to-be tallest tower in Texas, Waterline Tower. While construction began on this project in mid-June of this year, its completion is not anticipated for three to four more years. 

Upon completion, the 74-story skyscraper will surpass the state’s tallest building record of 1,002 feet, currently held by the JPMorgan Chase Tower in Houston. The Waterline Tower will be co-developed by two companies operating out of Texas, Lincoln Property Co. and Kairoi Residential LLC.

The Space Inside The Waterline

While a large portion of the retail space on the first two floors remains unclaimed due to the longer timeline of this project, the following 13 floors have already been booked with 1 Hotel Austin, a luxury hotel featuring a ballroom and rooftop pool.

The next 27 stories will contain roughly 700,000 square feet of office space. Spectacularly, this office space will only take up one-third of Waterline’s entire height. To further entice the Austin workforce, the office space will be created with large corporations and smaller technology companies alike in mind. 

Lincoln Property Co.’s Seth Johnston remarked “In Austin, Texas, you don’t go only corporate or only tech…Big corporations and tech companies intermingle every day, so what we tried to design is a building that can suit both and be as flexible as possible.”

Residing above the impressive office space will be 33 floors consisting of 352 luxury apartments, with many details still to be determined.

What This Means For Austin

Downtown Austin has been booming, drawing attention from across the country. Now, with not only a new record-setting skyscraper but with additional office, retail, and residential space, the Waterline Tower will be an incredible contribution to the city. 

Katie Keenan, CEO of Blackstone Mortgage Trust, who provided the construction loan for this property, commented on the mission of the Waterline Tower: “We continue to see strong demand for new, best-in-class residential, office and hospitality assets in high growth markets like Austin and are excited to support this trophy, mixed use development that will make a meaningful contribution to the community as well as the Austin skyline.”

As we learn more about this fascinating development, feel free to reach out. I always welcome discussions about this incredible community and what the future holds for us. 

One of Austin’s most prominent tech giants is making a move. That’s right! IBM has recently filed for new office space in Austin. With two offices already situated near The Domain, often fondly referred to as Austin’s second downtown, IBM seems to be on the move to expand. First arriving in our lovely capital over fifty years ago, the renowned company quickly established its presence in Austin and has stayed ever since.

IBM’s Vice President of Enterprise Operations and Services, Joanne Wright, reported that IBM would consolidate this upcoming space with its two already-established offices into a cohesive hub of operations in the city. “We can see an opportunity to bring our systems team, our software team, our marketing teams — all teams that support IBM in the Austin city limits — together in one single team.”

Developments In The Domain

With The Domain poised as the nesting ground of even more IBM developments, residents can expect a boom in the surrounding areas. One of IBM’s landlords near The Domain, Brandywine Realty Trust, has extensive plans for the site. The Broadmoor office campus – which currently houses IBM – is one of many buildings owned by Brandywine, and they have big plans for the area. Refreshed buildings are on the horizon for Broadmoor, along with an expansion of Brandywine’s well-known Uptown ATX. 

Stonelake Capital Partners, IBM’s other landlord in the Austin area, has also been at the core of various developments in The Domain. With plans to upscale the area, Stonelake has been making continuous improvements. One of their recent developments, A Domain office tower, has gone on to attract yet another tech titan, Paypal, to the area.

Looking Forward

Because of these upcoming developments, competition for office space in The Domain has been high. Many companies look to Austin’s second downtown as a prime location to place their roots, further establishing The Domain as a hub of technology and innovation. 

These improvements and developments to the area can mean great things for the surrounding neighborhoods, attracting new businesses and creating a thriving environment. As always, don’t hesitate to reach out with any questions or curiosities about upcoming developments coming to the area.

Just northeast of the capital in Travis County, Manor is one of the most underrated neighborhoods in the Austin area. Starting with mostly farmland, the community has grown exponentially over the years. With its reasonably priced properties, Manor is quickly becoming a popular destination for young entrepreneurs and families looking to establish roots.

Manor Developments

As the community rapidly grows, it is no surprise that developers are turning their attention to the city with hopes of making their own contribution. At the end of July, the Manor City Council agreed to rezone nearly 63 acres of land just east of the city. This rezoning will clear the way for the development of a brand-new neighborhood along with some commercial space. 

355-Townhome Neighborhood 

With housing demand significantly increasing over the years as the population of Manor skyrockets, this new neighborhood will be a welcome addition to the area. Mill Creek Residential, the developer of this upcoming community, has announced plans for 335 townhomes on at least 52 acres of the land. The homes are mainly three to four bedrooms, with backyards and garages for future homeowners. They range in size from 1,100 to 1,700 square feet.

Commercial Space

Nine remaining acres will be used for commercial development, such as general retail, restaurants, financial services, and art studios. Certain establishments, including standalone nightclubs, pawn shops, gas stations, junkyards, etc., will be prohibited from developing in this space to keep with the intended use of the community.

An upcoming development like this is a positive sign for Manor and its neighboring communities. If you have questions as this development progresses, feel free to contact me here or email me at tmcneil@kw.com. I love to report on all the exciting things coming to the Austin area!

It has never been a better time to be a homeowner. And the 2022 U.S. Home Equity & Underwater Report from the real estate data provider, Attom has shown that rising home prices have made the Austin housing market one of the most equity-rich markets in the nation. As we near halfway through what has been an unprecedented year in real estate, news of an increase in equity-rich homeowners is an excellent sign for homeowners and potential sellers. 

Attom’s Findings

The report shows that, in Austin, 73.8% of homeowners were considered equity-rich in Q1, up from 41.9% during the same quarter in 2021. Attom also analyzed over 8,000 U.S. zip codes in this report, revealing that 37% were equity-rich and eight of the top ten zip codes were in Austin.

So, how did rising prices contribute to this trend? Todd Teta, Attom’s Chief Product Officer, made these remarks in regards to their report: “As home prices kept rising, so did the equity built up in residential properties, to the point where close to half of all mortgage payers around the country found themselves in equity-rich territory,” meaning that these homeowners owe no more than half of their property’s current market value. 

Rick Sharga, Attom’s executive vice president of market intelligence, commented on this report as well, noting the benefits and challenges these numbers reveal about the housing market. “Homeowners continue to benefit from rising home prices…Record levels of home equity provide financial security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008. But these higher home prices and rising interest rates make it extremely challenging for first time buyers to enter the market.” 

June Housing Market

While rising prices make it more challenging to enter the market as a first-time buyer, news of the current housing market shows signs of cooling. The June Housing Market Report from the Austin Board of REALTORS® has shown a dip in home sales and an overall slow in the increase of residential home prices for the area. Surrounding areas have also experienced this market deceleration, indicating that buyers should still hold out hope for more footing in the coming housing market.

If you are a current homeowner, curious if you fall into this equity-rich category, or are in the market for that perfect home, contact me, and I’ll give you the rundown on why Austin is the best place to buy!

With the Tesla Gigafactory fully established in Austin and now Elon Musk’s, The Boring Company, settling its headquarters in Pflugerville, exciting new developments are coming to the area. With numerous Tesla projects on the horizon, there has been heaps of speculation about the intended use of some of Musk’s more recent proposals.

Upcoming Projects

Since first relocating to Pflugerville in December of 2020, The Boring Company has launched full force into discussions with the state and municipal governments to start development on multiple projects. Until recently, it had seemed as though little was moving forward. 

Private Access Tunnel

On June 21, The Boring Company quietly filed a proposal for a “private access tunnel” under the name “Colorado River Connector Tunnel.”

While there is very little information about this private access tunnel that would be dug under the Tesla Gigafactory in Austin, the idea of underground tunnels running across Texas is not a newly proposed one.

Pedestrian Traffic Tunnel

The Boring Company, in collaboration with Tesla, has been clear about its goals in digging transit tunnels in cities across the country. These developments would dramatically help in the process of alleviating traffic congestion while simultaneously freeing up real estate that was previously dedicated to surface highways and roads. Boring was recently approved for its tunnel expansion in Las Vegas and beginning development of a pedestrian tunnel in the south Austin suburb, Kyle. 

The proposed tunnel would connect Plum Creek, the 2,200-acre residential development housing over 5,000 properties, with Kyle Crossing, the retail development located at Interstate 35 and FM 1626. In its filing for this pedestrian tunnel, The Boring Company also received approval for a $50,000 professional services agreement for a feasibility study as its initial steps.

Loop System

Knowing Tesla and The Boring Company’s track record, a plan is always hiding in the framework. These projects, alongside many other developments expected from The Boring Company, will work cohesively in enhancing the traffic system in the Austin area. One such overarching project was a loop system. This project would connect downtown Austin and the airport with Tesla Gigafactory Texas. 

Some informants following the development of this upcoming project have speculated that it could be part of Musk’s plans to transform the land near his Texas Gigafactory into an “ecological paradise.” His original remarks on this project are as follows: “It’s about 2,000 acres and we’re going to make it a factory that is going to be stunning. It’s right on the Colorado River. So we’re actually going to have a boardwalk, where there’ll be a hiking/biking trail. It’s going to basically be an ecological paradise, birds in the trees, butterflies, fish in the stream, and it’ll be open to the public as well.”

Whether these private and pedestrian tunnel projects are elements of the proposed tunnel systems, a connection to Musk’s “ecological paradise,” or something else entirely, this is exciting news.

Moving Forward

While there is only speculation at this point with many of these developments, news of a filing for this private access tunnel could mean that things are getting underway. Projects like these will contribute immensely to Austin’s continued growth by providing easy, unclogged transportation. Keep your eyes open, Austin is about to become a central hub, linking the rest of the state together. 

Feel free to contact me at tmcneil@kw.com for any questions about these developments or if you’re curious about other exciting news happening in the Austin area.

Formerly known as East Pecan Street, Sixth Street is distinctly Austin. It is framed by large, Victorian-age buildings, bustling restaurants, bars, and entertainment venues. While these buildings have remained steadfast in their historical roots, the social function of “Dirty” Sixth Street has constantly evolved throughout the years. The city’s entertainment district dates back to the late 1800s, with many buildings as old as the 1870s and 1880s. Despite its unmoving foundation, Sixth Street transformed into a shopping district from the early 1900s until the 1950s. 

The early 1970s saw the first battle to preserve the street’s historic character. Despite calls for renovation and demolition of certain buildings, Sixth Street officially became a historic district in 1975 to preserve and protect the rich history running through the street. Today, Sixth Street is known as the life of the party. A true testament to the entertainment scene, the street boasts an eccentric mix of nightlife alongside ancient Austin history.

New “Rejuvenation” Plans

If there was one thing that Austinites could attest to Sixth Street, it would be its ever-changing nature. Running from Congress Avenue to I-35, this nine-block stretch has been the topic of choice in recent years as developers hope to transform the street once again. In the past summer months, Sixth Street has seen plans for additions of office buildings, hotels, restaurants, and newly updated entertainment venues. The plans also include a proposal to increase the height limit for buildings on this street to make way for these new high-rise developments.

These changes are in hopes to transform the street into a more cohesive Austin area, one that makes Austinites proud to frequent. There are locals on both sides of the proposed plan, with many residents wary of new developments and the preservation of the historic elements on Sixth Street. Plans to keep the historical protection of these landmarks intact were initially scheduled for early June, but the Austin City Council has pushed the discussion until July 28th. 

Sturdy Sixth Street Evolves

Despite these concerns, development is often considered a positive thing, especially for such a historic and famous district in Austin. Modernizing this street while still protecting and maintaining the historic fabric of Sixth Street will also boost the value and attraction of nearby neighborhoods. The foot traffic from these neighboring areas brings bubbling life to downtown Austin and creates a must-see destination for residents and new visitors hoping to make Austin their permanent residence. 

Sixth Street has been a bustling life force of downtown Austin since 1839, evolving and changing with the times every few years but remaining a robust historic foundation for the city. If you have any questions about new innovative plans for Austin, feel free to reach out to me at tmcneil@kw.com. I love Austin and am always on the lookout for exciting things to come to this incredible city.

Nestled within Austin is a gem of Texas natural beauty, the Walter E. Long Metropolitan Park. Just a few miles from downtown, this 1,200-acre park is beloved in its community. Residents from surrounding communities flock to enjoy its prime boating, fishing, and swimming features. This immense lake was initially created to aid the nearby Austin Energy facility’s energy production. However, it has transformed into a hotspot for the Austin community to enjoy an endless stream of outdoor recreation. 

The Master Plan

As the surrounding metropolitan areas grew and developed over the years, locals have longed for the same development and attention to be placed on their favorite park. Luckily for them, an ambitious $800 million master plan was drawn up and unanimously approved by Austin’s Park and Recreation Board in 2019. This five-phase master plan will work to develop and innovate the 1,200-acre lake as well as the surrounding public land, accounting for nearly 3,700 acres. 

The master plan, often described as “several parks within a park,” focuses on four primary levels of use in its projected development. The natural areas, such as the protected prairies that run through the property, will remain practically untouched. The recreational areas, however, will be split into passive and active sections for gatherings and events that could be run by the Travis County Expo Center located on the land. This plan also includes numerous proposed components for the future of the land, including a cultural arts center, a boardwalk, hiking trails alongside equestrian areas, an amphitheater, a sculpture garden, rentable cabins, and so much more.

Community Benefits

While the timeline for this specific project will span decades, this plan is dedicated to transforming the land into a fantastic new attraction for residents and visitors. This future development for East Austin’s Walter E. Long Park will provide benefits throughout the Austin area, creating a space for residents to locally enjoy all kinds of recreational activities. Since the park is only 12 miles from bustling downtown, residents and visitors alike will have easy access to this beautiful attraction. This master plan is designed to be a comprehensive plan for the new and continued development of great Austin neighborhoods, boosting economic growth, providing stable jobs, improving connectivity throughout the city, and providing a high-quality public space for East Austin.

Feel free to contact me at tmcneil@kw.com for any questions about more developments in Austin and what this Walter E. Long Park master plan means for the city.

Great news for all the Austinites who always dread the summer heat: The Colony Park Aquatic Center project is well underway! Conceptualized out of a need for aquatic recreation in the Colony Park and Lakeside areas, the completion of this aquatic center will be a historic occasion. 

Set to be located in Northeast Austin at the 93-acre Colony Park District Park, the center will house a lap lane pool, tot pool, water slide, spray ground feature, training/party room, and office space for the aquatic center itself. New community developments also show that this project will participate in the City of Austin Arts in Public Places program in order to commission a unique art installation at the center upon completion.

An integral part of Colony Park’s master plan involves providing support and access to housing for the community alongside providing a new aquatic center. A new mixed-use development, fondly nicknamed “mini-Mueller,” will transform the Colony Park area. Residents can expect over 3,000 new homes and apartments and up to 960,000 square feet of commercial space, including offices, stores, and restaurants near Colony Loop Drive and Loyola Lane. On March 24, 2022, the Austin Council approved these efforts, making the Colony Park Sustainable Community a top priority moving forward.

The Colony Park Aquatic Center has been in development since early 2021, and progress is moving quickly. After numerous community meetings and surveys that provided a space for the public to voice their vision for this center, the project has reached its Design Phase while preparing to submit for permitting in 2022. It is expected to begin construction in early 2023.

With heavy involvement from the community, this exciting project received funding through the City of Austin 2018 G.O. Bond, which will help extensively with its expected $13.1 million budget. With construction set to be completed at the beginning of 2024, The Colony Park Aquatic Center will be a greatly anticipated space for all Austin local communities, particularly residents from Colony Park.

You can learn more about these projects here or contact me at tmcneil@kw.com to discuss other exciting developments in Austin that you can expect in the near future.

If you were looking for more reasons to move to Austin, look no further than Project Connect. Originally envisioned to link Austin geographically, this project has grown into much more than an interconnected transportation system. Project Connect will improve public transportation for the entirety of Central Texas while providing better access to housing, entertainment, activity centers, and more.

Fondly known as one of the fastest growing cities in the United States, Austin has increased exponentially since 2020, both in population and development. And with such immense growth comes the need for stellar transit systems. This is where Project Connect comes in, connecting far East Austin to the rest of the metro through public transportation. 

The City’s Investment

With its initial approval in November 2020, 8.75 cents of Austin’s property tax rate revenue would be dedicated to funding this project. $300 million of the city’s initial investment will go towards Project Connect’s Anti-Displacement Initiatives, designed to help affordable areas stay affordable for residents who wish to remain near transit lines.

In early April 2022, a new report announced that cost estimates were rapidly increasing for elements of Project Connect, nearly doubling the initial $5.8 billion investment presented to the community. 

A Breakdown Of The New Lines

Blue Line

The Blue Line will run for 8.2 miles, from the airport, over Lady Bird Lake, and into Downtown Austin. Designed to improve high-capacity transit (HCT), support air travel growth at the Austin-Bergstrom International Airport, and provide access to affordable housing, employment, and activity centers, this line is estimated to take nine years to complete.

Orange Line

The Orange Line is a 20-mile light rail transit with 22 stations that will operate along Lamar Boulevard and Congress Avenue south to Slaughter Lane, connecting the UT campus and downtown. It is scheduled for completion in nine years and will help eliminate transportation congestion and create a reliable, safe, cost-effective HCT option.

Red Line

When complete in three years, the Red Line will run from downtown across Central and Northwest Austin, connecting the more extensive transit system as a whole. This line is focused on connecting residents to activity centers, impacting neighborhoods like Crestview through Park and Rides at Howard, Lakeline, and Leander. It is a 32-mile and 9-station route, with new stations set for Broadmoor/Domain and McKalla at the Austin FC MLS soccer stadium.

Green Line

The Green Line will cover 25 miles and connect ten stations. Scheduled to be completed in five years, it will run along CapMetro’s freight line from downtown Austin to Colony Park, with future development to Manor and Elgin. This line will emphasize transit for households within Central Austin and beyond and provide connectivity to the Red Line and CapMetro’s bus network.

Benefits For Austin

By expanding and improving the transit network already in place, this program will connect people to opportunities that would otherwise be inaccessible to them. Streamlining access to healthcare, education, entertainment, and affordable housing, all while striving to maintain sustainability, this program promises great things. 

With the city’s interconnectedness, the real estate market will flourish. Residents of Austin’s bordering neighborhoods will now have easier access to the city’s exciting downtown. This will make those areas prime real estate for homebuyers wanting to enjoy both the excitement of the city and the tranquility of Austin’s suburbs.

Project Connect’s vision to create more sustainable, equitable, and liveable interconnected communities will cement Austin as the central hub of Texas.

If you have any questions about the future of Austin real estate with Project Connect, please contact me at tmcneil@kw.com or call 970-627-7392.

Images courtesy of Project Connect.