In a recent meeting on January 23, the Austin Design Commission unanimously agreed that a master proposal by Aspen Heights Partners LP meets the city’s urban design guidelines. This master plan outlines the development of two new towers at the location that previously housed the HealthSouth rehabilitation hospital. 

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“This is an extremely unique property…A single mom who works at the hospital can be here and walk to work. She can also have a playscape and a childcare center on the ground floor. It will also be somewhere where someone can drive in and park and go to Waterloo [Park] and the Capitol on their family vacation,” says Margarette Shaw, the city’s economic redevelopment program manager.

While City Council still needs to vote on the approval of this project in late spring or summer of 2023, the development of these two towers is highly anticipated. With affordable residential housing and a high-density business landscape in mind, the developers of these towers are looking to reinvent the district. 

The Aspen Heights Towers

This transformation of the old HealthSouth hospital will feature two residential towers at 1215 Red River Street and 606 East 12th Street. Nestled among Waterloo Park, the Dell Seton Medical Center, and Dell Medical School, these towers are already poised to be hubs of activity in the district. In total, the two towers will accommodate 921 apartments, with 25% allocated for affordable housing. 

In the north tower’s almost 50,000 square feet and 37 stories will be 573 market-rate apartments that range from one-bedroom studios to expansive three-bedroom units. The second story of the tower will have an exciting music and arts venue, an 18,000-square-foot food hall, as well as public parking.

The south tower is much smaller, covering nearly 30,000 square feet. Its 37 stories will feature 348 residential units, a child-care center, retail space on the ground floor, and nine parking levels.

What’s To Expect

The Aspen Heights Towers are exciting downtown Austin developments that will bring a bustle of activity and reinvigorate the city, drawing new residents, businesses, and more. If you’re interested in learning more about these developments and others in the Austin area, feel free to contact me here or reach out to me at tmcneil@kw.com.

Some exciting developments are on the horizon for big names in Austin. Between new construction at Apple’s campus in Northwest Austin, several expansions for the Tesla Gigafactory, and a mixed-use development rising up east of the Austin-Bergstrom International Airport, Austin commercial real estate is skyrocketing in 2023.

Apple NW Austin Campus Construction

Apple will be beginning construction on several huge developments at its Northwest Austin campus. In early January 2023, Apple filed plans with the Texas Department of Licensing and Regulation to construct a four-story and five-story building, each costing roughly $120 million.

Tesla Gigafactory Expansions

Big things are coming to the Tesla gigafactory in east Austin this year. In 2023 alone, the company has filed plans for future construction at the gigafactory, estimated to be more than $775 million in cost. The last filing (the fifth in 2023 so far) appeared on January 10th for a project called Die Shop. This development aims to construct a new building on an immense 107,468 sq. ft. lot, costing roughly $59 million. With the addition of this new Die Shop project, Tesla’s total footprint of projects will reach 1.5 million square feet.

Colorado Bend Industrial Mixed-Use Development

A massive mixed-use development is on the horizon for Southeast Austin. According to a recent filing, the first project for this development will be Colorado Bend Industrial, just off state highways 71 and 130. The one-story Colorado Bend Industrial building will span 453,658 square feet and cost $44 million. Construction is set to begin on May 15th, 2023, and is expected to be finalized one year later, in 2024. 

This is just the tip of the iceberg when it comes to commercial construction in Austin. 2023 is poised to be an eventful year for our favorite city. Stay tuned for future Austin developments by following my blog or contacting me directly at tmcneil@kw.com.

The Eden, a component of the $2 billion mixed-use project Pearson Ranch, has been on the brink of development since the developers revealed their plans in January 2022. And now construction has finally begun on The Eden and is set to be complete by the end of 2024.

Located in southern Williamson County, Pearson Ranch is situated just a short distance from Lakeline Station, which runs from Leander to the Central Business District, making it a prime destination for new residents.

The Eden Mixed-Use Project

While the entire Pearson Ranch development could take up to ten years, The Eden is estimated to take roughly a year to finish. With a total of 306 apartments across the entire 156-acre Pearson Ranch development, The Eden will offer one-, two-, and three-bedroom options that range in size from 672 square feet to just over 1,500 square feet. With 10-foot ceilings, quartz countertops, and smart technology throughout the residences, The Eden complex is looking to be an excellent upscale addition to Austin’s residential community.

The apartments will also feature walk-in closets, full-size washers and dryers, and gas appliances. In the community, residents will have access to a fitness center, a rooftop lounge deck with a kitchen, a golf simulator room, a dog spa, a coworking lounge, as well as a resort-style pool with personal cabanas.

Inspire Development Real Estate LLC, the Austin-based company in charge of this project, has noted the potential in The Eden’s location. “This part of the Austin area has cemented its reputation as the place to be for high tech employers,” says the Managing Principal, Brett Ames. “The Eden brings high-quality housing to an area where it’s needed and helps more people live close to where they work.”

The excitement about The Eden community is just beginning! And with a $2-billion development expected for the entire Pearson Ranch project, more updates are sure to come. Stay tuned on both of these ventures as well as more Austin enterprises by following my blog or reaching out to me directly at tmcneil@kw.com.

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!

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.