Austin is springing forward into the season with news of two mixed-use development projects coming to the area. Keep your eyes peeled and check out some details of these exciting projects below.

CSW Far West Development

While filings are still in the preliminary stages, Far West Boulevard in Austin is standing to gain hundreds of new apartments and plenty of upcoming retail and restaurant space with Central Southwest Texas Development LLC’s latest project. This development is set to be developed at 3525 Far West Blvd in Austin, featuring several five-story buildings and a six-story garage across 3.9 acres of land.

Currently, that lot is occupied by a Frost Bank drive-thru and parking lot. The land was purchased by CSW in December 2021 and was appraised at nearly $3.4 million. According to a recent filing, the current development project is projected to cost CSW $50 million.

With no available site plan, the layout of this development remains unclear. However, CSW has announced plans to qualify for the city’s vertical mixed-use density bonus program. This fantastic program allows Austin developers to build higher than typical in exchange for creating affordable housing. To meet these goals, CSW will reserve 10% of residential space for residents making 80% of the median family income level!

AJ Capital Tower & Hotel

Just south of the University of Texas campus, plans for an 18-story project are beginning to take shape. The Nashville-based developers, AJ Capital Partners, have announced plans to transform a half-block radius surrounding Guadalupe and 18th streets. Their recent site plan filed with the city shows the demolishment of the site’s current occupant, an office building, with plans to develop an astonishing 18-story tower.

While the specifics of this project remain secretive within AJ Capital’s walls, we can look at the developer’s exciting portfolio to further speculate what is to come. The current operatives of the boutique hotel chain Graduate Hotels, AJ Capital has a current expansion plan in Dallas that is already under construction. This project would be the company’s first development in Austin and is one for the books!

Learn more about the beautiful city of Austin by checking out my blog or contacting me at tmcneil@kw.com with any questions!

Plans for an exciting new development in Austin, a mid-rise located at Fifth and Walsh Streets, had begun to take shape early this year. While still in the early stages of development, from permitting to designing, this project spearheaded by Endeavor Real Estate Group LLC was making headway. However, as the market shifts, these plans seem less and less likely.

The five-story tower, planning to rise over 75 feet tall, would cover multiple lots in a half-block radius. This space in downtown Austin is expected to be 204,000 square feet. The ground floor would primarily house retail space, with four stories of underground parking. This Endeavor project was projected to cost roughly $61 million.

So, why has further development been halted?

The Austin Business Journal quoted Josh Lickteig, principal at Endeavor, on the recent halt for this downtown project: “We’re still in the permitting and design process, so we’ll kind of wait it out and see how that goes over the next 12 to 18 months and see if it’s worthwhile to pull the trigger on the building,” Lickteig said. “And if not, then we’ll pivot and do something different.”

Endeavor’s Impact On The City

A prominent commercial developer in our beautiful capital city, Endeavor has had a hand in some of our favorite Austin establishments, from The Domain in North Austin to South Austin’s Southpark Meadows shopping center. This developer is expanding to unknown territory in downtown Austin as well, with projects like the IBC Bank Plaza and a local office tower on Fifth Street under their belts already.

What Does This Mean For Austin?

Endeavor officials have maintained that they will keep an eye on the office and commercial markets while this project hangs in development but have mentioned pivoting to different things if the time comes. Lickteig has even gone on to say that they aren’t turning away from the prospect of residential, retail, and hospitality developments in the future, so keep your eyes peeled!

Discover more local business updates, commercial projects, and why Austin is the best place to live and invest by checking out my blog or contacting me at tmcneil@kw.com with any questions!

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.