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!

The trend of luxury brands entering the Austin retail market has remained prominent throughout the years, with Dior expected to be the next big name setting its sights on the city. According to a recent Texas Department of Licensing and Regulation filing, Christian Dior Couture is seeking to place Austin roots at a 6,300-square-foot store located at The Domain. Construction on this development project is expected to cost $6.8 million and is set to be completed at the end of December 2023.

The Desire Of Austin

With a Dior development on the horizon for Austin, you may be curious why this continued influx of luxury brands is seeking out our lovely city. 

The appeal of Austin lies primarily in its demographics, a.k.a, YOU! While the city has an already enticing retail market, luxury brick-and-mortar shops are skyrocketing across Texas and the other Sun Belt States. As more and more high-income individuals left cities with an intensely high cost of living, like New York, Los Angeles, and San Francisco, Austin and its surrounding suburbia became an appealing destination to relocate to. 

Luxury brands saw this increase in Austin’s population and immediately jumped on the opportunity to provide malls, outdoor shopping stores, and other brick-and-mortar locations to meet new demand for luxury shopping. 

Keep an eye out for more luxury developments in Austin as more high-income households relocate and drive up the demand for these brands to find a permanent place in the city.

Learn more about the luxury market in Austin by checking out my blog or contacting me at tmcneil@kw.com with any questions. If you’re curious why Austin is the best place to live and invest in real estate, check out this relocation guide to my favorite city!