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Downtown Development Digest | HEB + Favor

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Hello Groceries

 

HEB is giving themselves a name in the digital retail market with Favor becoming a wholly owned subsidiary of their company. HEB and Favor are making a new home for themselves in Austin, Texas. Their creative tech facility and innovation lab will be in East Austin at 2416 East 6th Street. The 81,000 square foot building is being designed by IA Interior architects, and is projected to be complete in Spring of 2019. The building will be within walking distance of HEB’s 7th street store along with coffee shops, restaurants, and others.

In recent years HEB has started their curbside and delivery services that have been booming in cities around Texas. This new development will allow aggressive expansion of these services making our lives a whole lot easier. HEB is optimistic of their new development and is ready for Austin, “Bringing HEB and Favor closer together will allow us to promote collaboration between our two companies as we strengthen our commitment to building out HEBs omnichannel services”, says Jag Bath, HEB’s Chief Digital Officer. HEB being originally based out of San Antonio is excited to expand their footprint in Austin, Texas.  

 

 

Photos and information from https://newsroom.heb.com/h-e-b-announces-plans-to-develop-a-world-class-tech-facility-in-austin/ and https://austin.curbed.com/2018/9/5/17823380/austin-new-tech-headquarters-heb-favor

 

Downtown Development Digest | Waller Park Place

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Rejuvenate Rainey

 

At the corner of Cesar Chavez and Red River keep an eye out for the largest private development project Downtown Austin has seen. The site will be the home to Waller Park Place a three tower development. Tower “A” will be an office building, Tower “B” will become a Multifamily apartment, and Tower “C”, will be a hotel condominium. Mixed-use development is the poster child for pedestrian friendly environments, and Waller Park Place has landed the jackpot for walkability. With so many things to do around the area such as jogging, eating, shopping, or just enjoying the Austin lifestyle, this has it all!

The proposed development by The Sutton Company incorporates the natural curves of the creek and enhances the area with terraces for people to enjoy the scenery. The 3 acre site is said to have 300,000 sq ft of office and residential space, 150 room hotel, 498 residential units, and 600,000 sq ft of retail space. The IBI Group is heading up the architectural design and aims to create a dramatic and sensory experience for all visitors.

This development is going to boost the overall worth of the Rainey Street area so get ahead of the curve and find your way into one of these new towers. Not only is this development going to help the economy and growth of Rainey, but it is also said to be in compliance with Austin Great Streets Program!

Get the best of both worlds with the new oasis being developed in Downtown Austin.

https://www.bizjournals.com/austin/news/2018/07/07/developer-seeks-partners-for-1-billion-downtown.html

 

In the News | Why Are Companies Choosing to Expand in Austin?

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A great deal of compelling information was shared at the recent Real Estate Council of Austin (RECA) Exchange event held at the JW Marriott. One of the sessions, Why Are Companies Choosing to Expand in Austin, included panelists from Google and Merck, both expanding their presence in Austin.

Heather Paffe, Director of External Affairs for Merck, said they plan to hire several hundred people in Austin over the next 10 years. The emerging healthcare ecosystem and Dell Medical School opening made Austin a good fit for Merck. She credited the Greater Austin Chamber of Commerce as well as community leaders for being pro-active in working with Merck to get them here.

Gerardo Interiano, Head of Local Market Staffing for Google, emphasized a focus on diversifying in an effort to prevent effects similar to the tech bust in 2000. At about 300,000 square feet and 800 employees in their downtown office, Interiano believes that Google’s growth is directly related to Austin. He noted that Austin’s culture has huge appeal for their employee base, and quipped that the city is the perfect intersection of fitness and food. He indicated that Austin is the ideal pilot market for Google Fiber and self-driving cars.

Paffe added that the spirit of collaboration in Austin is also a draw for Merck, versus the highly competitive environment of Silicon Valley. When asked who Merck is hiring, she said access to top talent is one of the main reasons they chose Austin. Internally, they refer to Austin as the IT hub. They also benefit from working closely with local universities to develop recruiting pipelines, which works well as graduates often state that staying in Austin is a big priority for them. However, she also notes that competition for top talent in Austin is high, and because senior level talent tends to be happy where they are, they must be creative in recruiting.

Interiano said Google staff in Austin consists largely of their recruiting team and sales team. He noted the soft skills for sales and recruiting tend to work well together, making cross-training easier.

Both Paffe and Interiano named transportation and infrastructure as the biggest challenges for their employees in terms of commute time, and both companies are seeking creative solutions. Google offers a Van Pool and picks up the tab on the van and gas for those willing to carpool. They are also trying incentives, like paying employees to find alternatives to driving to work. Merck hosts company events using public transportation to give employees a chance to experience the routes. Paffe says alternative transportation is a big focus for Merck, and that about 50% of the team does not drive themselves to work.

Aside from transportation woes, it came as no surprise that quality of life in Austin is a big draw for companies and individuals alike.

Downtown Development Digest | Arrive

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Live Like the Locals

There will be a new kid on the block coming Spring of 2019 for Austin East-siders. ARRIVE is a boutique style hotel that provides rooms, retail space, restaurants, bars, and 3,500 sq ft of meeting/event space. This 83 room hotel will be front desk free putting check in at the bar. You saw it right the BAR! This unique design requires the guest to immerse themselves in the Austin culture right off the bat. ARRIVE is inviting locals to enjoy the restaurants/bars and make them apart of their own social scene.

“East Austin’s energy is magnetic. It is one of the most vibrant neighborhoods in the country and one we are proud to join and celebrate. And we look forward to embracing and supporting the local community of East Austin.”

ARRIVE opened their first hotel in Palm Springs in 2016. The hotel was a huge success providing a new sense of community for the area. Locals thrive in the spaces provided by the hotel and welcome visitors with open arms. The culture of a neighborhood versus a standard hotel chain is refreshing and creates an environment that people are drawn to.

Invite your out of town friends to drop in and experience the Austin Lifestyle with us at ARRIVE! Be apart of the movement that is making waves! (P.S. you also get a free drink at check in)

Photos and information found  on www.arriveenterprises.com and www.mystatesman.com/arrivehotel

Downtown Development Digest | Hotel ZaZa + Gables Residences

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The New Hotel ZaZa will be approximately 24 stories and include hotel rooms and some residences. This boutique hotel is a member of the Hotel ZaZa family, a group of luxury hotels you will only find in Texas. This new building, found at 401 Guadalupe Street, is set to open Summer of 2019. The hotel will go up to the 12th floor, with 160 rooms, and the 13th floor and beyond will be residences, 215 luxury apartments to be specific. The hotel will be considered a Austin Energy Green Building, with a two-star rating, thanks to energy-efficient appliances and other “green” features. The ground floor of Hotel ZaZa will have a fun bar area and a “Za Spa,” open to residents as well as the public. The residences will include a fitness center, a library, a pool and hot-tub, and an outdoor fireplace and lounge. There will be two pool decks, one for the residences and one for the hotel. Both decks and many other amenities on the site will have views of Republic Square Park and the downtown skyline. The residences will begin leasing late Summer 2018, with an opening date the following year. The lot at West Fourth and Guadalupe will add some incredible real estate to the downtown Austin experience.

 

In the News | Bird Rides Launch in Austin

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Bird Rides, a venture-backed rental app based in Santa Monica, launched its electric scooters throughout Austin in early April.

Austin, being a known leader in forward thinking, is an ideal location for Bird to launch their new, modern mobility solution. This modernized approach of dockless and electric vehicle sharing offers communities an easy, eco-friendly way to get around issues of time constraints and traffic congestion. Talk about an innovative form of transportation!

Users of this ride-sharing service are charged $1 to start the scooter and 15 cents per minute that its used, must be over 18 and must consent to a safety agreement. Bird Rides uses their app to unlock the rental scooters and to provide their users with step-by-step instructions, as well as parking and safety reminders.

Bird Rides, striving to work closely with cities, has a mission to make transportation better, more accessible and more environmentally friendly. The dockless scooter and bike company has already partnered with cities throughout California, as well as with Washington D.C..

Since the Austin launch, controversy has hit the city and Austin officials have already impounded over 50 Bird scooters that were left in violation of city code. The City Council originally planned a pilot program for dockless bike and scooters to begin this summer. However – with Bird Rides and LimeBike launching their ride share services earlier than expected – the city has been thrown into a state of playing catch-up, as they continue to determine if any special laws and regulations apply to the companies.

The current situation of vehicle sharing deems to be similar to the Uber and Lyft controversy experienced in 2016. The city is merely aiming to take precautions in regard to the scooter’ safety concerns and the issue of unused scooters being left in highly-trafficked areas, such as side walks.

In response, Bird has promptly directed its users to comply with each city’s specific parking instructions for the vehicles, and is proactively planning efforts to relieve any other issues that may arise with their services. The company has a stern policy regarding those who violate Bird’s terms of service attain the consequence of being removed from the platform.

If you wish to support this innovative and eco-friendly transportation solution staying in the City of Austin, please click here to sign the petition!

Downtown Development Digest | SXSW Tower + New HQ

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South by Southwest finally locked down a location for a prominent headquarters spot in downtown Austin. The 13-story tower is going up at 1400 Lavaca Street, in the heart of downtown, yet close enough to the Capital for some great views. In the past, SXSW offices have been small and strewn across varying Austin campuses, so this new tower will give them an increase in space as well as consolidate their groups. The 145,000 square foot building floor plan features a column-less structure. The top 3 floors will be owned by SXSW, for their offices and headquarters.

The 13th floor of the building is where you will find a building penthouse and rooftop garden with a patio deck, with amazing views of Austin’s nearby features. It will also feature rain gardens and a lounge area on the rooftop. This space is available to tenants for private events.  

The tower is located off of the City bus route and bike trail, so tenants and guests may access it with ease. There will also be air-conditioned and security-guarded bike storage rooms for tenants, If buses and bikes aren’t quite your style, five stories of the building are a parking garage, with electric car-charging stations. The tower is also in a great location in downtown, so walk-ability should be a breeze for most downtown Austinites.

The remainder of the tower will be available for businesses, restaurants and retail, to lease. The building will have amenities like a coffee and snack bar in the lobby as well as a popular restaurant, both open to the public. The tower will also feature an onsite gym with spa-like locker rooms, and more.

The $41 million dollar tower is set to be very eco-friendly, in compliance with Universal Recycling Ordinance, hosting lots of plants on-site including a plaza raingarden, xeriscaping, limestone walkways, and equipped with lots of energy-efficient appliances. SXSW also hopes to expand its tech solutions and innovations, so the building will likely be very technologically-friendly and innovative as well. The tower will bring a new, trendy addition to the downtown Austin environment.

Downtown Development Digest | Marriott Austin Downtown

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On the corner of Cesar Chavez and San Jacinto, you can find the site for a new 613-room hotel, a new Marriott Downtown. Made to compliment its sister hotel the J.W. Marriott, the new hotel will include a massive pool deck and over 60,000 feet of meeting space. The hotel will have deck areas for guests to enjoy views of Lady Bird Lake, downtown Austin and the State Capitol building. The 31-story Marriott will feature a few bars and restaurants, too.

The new development is currently under construction with a planned opening in Summer of 2020. The Hotel will have an amazing deck and rooftop pool area, event space and an exhibit hall. The location of the site is within walking distance of the Austin Convention Center. Sources say the Convention Center downtown may be expanding, and may even potentially connect to the new Marriott via a Skybridge. Keep your eyes open for the new Marriott Hotel going up downtown, with a proposed opening in 2020. 

 

Downtown Development Digest | Project Catalyst

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Along with the natural expansion of downtown Austin, a plan for a ‘Domain-style’ development has begun to emerge on East Riverside: Project Catalyst.

The project that has been germinating over the past few years will rezone a 97-acre site in Southeast Austin, adjacent to Oracle’s new campus. The site plans are composed of over 5 million square feet of space for thousands of apartments, hundreds of hotel rooms, dozens of shops and restaurants, and plenty of offices.

Due to the rezoning process of the project site not being scheduled for completion until sometime this year or within the next year, construction is not envisioned to begin before 2020. However, once approved by the Austin City Council, the development plans to be built in five phases over a 25-year period.

Nimes Capital, a Los Angeles-based investment firm, is the developer proposing the mixed-used development that will continue to transform Southeast Austin. Their initial goal surrounding the project is to build an “urban village.”

Given the current circumstances of congestion that are overwhelming the downtown districts, East Riverside Drive is the most logical and ideal location to expand into. Preliminary renderings of Project Catalyst show buildings, reaching 16 stories, that would be the tallest to occupy this portion of Southeast Austin. This “urban village” ultimately envisions to be a “third downtown“ – North Austin’s Domain and Domain Northside duo have already claimed the name of Austin’s “second downtown.”

Currently, the site consists of The Ballpark East apartment complex, comprising of 1,308 units for college students and working-class residents. Throughout the course of a few years, Nimes Capital has bought the apartment complex along with its adjacent land.

If the mixed-use development project proceeds as intended, it will neighbor Oracle’s new 40-acre corporate campus and an exponentially growing amount of nearby apartment complexes, retail establishments and office spaces.

Downtown Austin’s booming market is sure to continue to flourish in East Riverside, especially with Project Catalyst’s proposed plans for expansion.

Downtown Development Digest | North Gateway Plaza

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Capella Capital Partners has a $250 million dollar residential and office tower under works, near the Domain. This tower will be the first downtown-style tower in the area and will have a neighboring tower with office, restaurant and retail space available as well, and a shared seven-story parking garage for the two towers. The development will begin construction in North Austin, near the McKalla area, or the spot being scouted for a potential major league soccer stadium. The 22-story tower will host many apartments with varying floor plans, some encompassing multiple stories. Building amenities will include a pool, deck, and fitness center. Capella hopes the development will be finished in 2021, and construction will potentially begin early next year.

Top Reasons to Use a Real Estate Agent

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1. Better Access, More Convenience & Property Marketing Power

Today’s housing market is full of clutter, whether you’re looking to sell or buy a home. With real estate agents handling the advertising and marketing of properties and containing easy access to properties listed by other firms and agents, you can quickly filter out what is not meeting your criteria. Their access to this information is your convenience.

Plus, agents are part of a huge professional network which is very important when it comes to selling or locating a property to purchase. In fact rather than a property being sold due to traditional advertising efforts, a large share are actually a result of a real estate practitioner’s contact list that includes previous clients, friends and family. Also, the relationships and connections that agents have formed throughout their professional experience make them the ultimate reference guide when it comes to the reputation of vendors. Why would you not want to utilize a service that’s tailored to your exact preferences?

2. An Expert Guide

When buying or selling a home, the process normally requires dozens of technical documents consisting of forms, reports, disclosures and more. Many of these are time sensitive and can be detrimental to a transaction. Real estate agents know and understand these documents and their jargon. So, the agent is able to effectively prepare the best deal, while keeping their client’s best interests in mind at all times and avoiding any delays or costly mistakes.

Opposed to popular belief, agents do NOT select prices for buyers or sellers. They simply provide price guidance to their clients that leads them to make the right choices for themselves after considering all supplied information. This guidance, stemming from factual data that agents provide their clients with, allows an appropriate price to be set. Then, based on the market supply, demand and conditions, the agent devises a negotiation strategy to protect the interests of their client.

3. Objective Information, Advice, Opinions & Loyalty

When a real estate agent signs a representation agreement with their client, the agent is agreeing to represent the clients interests and perform services agreed upon that are within legal limits. Typically, agents provide local information on utilities and zoning, deliver comparable properties sale prices and other objective information about each property. Then, that data is used to help clients determine if a certain property suits their needs and criteria or what type of offer they are willing to accept or make. Along with getting the facts to clients, agents point them in the right direction where they can find data involving schools, crime rates, demographics and more. They also possess information in regards to current market conditions, such as data on the average per square foot cost of similar homes, median and average sale prices, average days a property has spent on the market, and ratios of list-to-sold prices.

Agents are here to guide their clients and provide them with optimized service that represents their interests. Whether it be material facts or advising a client to seek legal counsel, real estate agents work for their client and act on that clients behalf throughout the transaction process.

4. Negotiation Knowledge & Skills

While real estate agents are essentially a buffer in the transaction process, an agent represents their clients best interests at all times. This is important to stress because an agent will take on that perspective while looking at various factors and negotiating the purchase agreement to include the best terms and conditions that match those interests. Agents are here to present their clients case in the best light. It’s also important to recognize that any information a client discloses to their agent will remain confidential- even after the transaction has been completed.

Agents are able to remove themselves from the emotional aspects of a transaction while they’re negotiating. They also are able to deliver information from buyer to seller or vice versa that would be detrimental to the purchase agreement if the buyer or seller directly delivered it. Selling a home that has been lived in for many years may bring on many emotions and memories that inhibit a seller from negotiating clearly or accepting a reasonable offer. And the same is similar with purchasers, buying a home is one of the largest transactions most people make and may become inherently overwhelming for someone inexperienced with the process.

5. A Hub for Up-To-Date Experience

With laws and regulations constantly being amended and created, real estate agents are required to continue their education and stay knowledgeable of all changes that effect their profession. Hiring an experienced agent will eliminate costly risks, ensure the clients interests are represented in the transaction, while also ensuring clients that the price being paid or accepted is in correspondence with the current market rate.

6. High Ethical Standards

Real estate agents are held to high standards that require honesty, fairness, obedience, confidentiality and loyalty to clients. They are here to represent you, their client, and act on your behalf to ensure that your interests are present throughout the transaction process. Plus, any information your agent is told will remain confidential throughout the transaction and after it’s completed. Overall, the real estate industry itself is held to high professional codes of ethics and has serious repercussions for licencees that do not follow these minimum requirements.

Austin Real Estate Market 2018

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With Austin’s growth projected to more than double in the next 40 years, 2018 is expected to be another record-breaking year for the city’s real estate market.

Austin’s current population sits at the 31st largest in the U.S. and is predicted to surpass San Antonio’s by the late 2020’s. The city has been experiencing an average net increase of 150 people per day who are needing places to live. This surplus of people is resulting in the city’s housing housing not meeting its demand and prices being driven higher and higher.

Despite home prices increasing by 5.4% in 2017, the Austin real estate market hit an all-time high in home sales that reached a double-digit increase in March 2018. This much growth being endured early on in the year indicates a strong summer selling season ahead.

Historically, it has been common for homes to remain on the market for 50 days or more – even in housing markets experiencing a high demand. However, within Austin and its local areas, homes have been spending a fraction of that time on the market. The city’s limited housing inventory has ultimately created a competitive market when it comes to purchasing a home in or around Austin.

At Austin’s current growth rate, the population is projected to continue outpacing infrastructure. This deficit will generate a higher demand for more schools, retail and office spaces, transportation accommodations and other utilities to be developed. Fortunately, with job growth increasing at a slower pace, the city will be allocated time to focus on solving these overgrowth challenges.

While home prices continue to rise, they are rising at a slower pace which indicates a stable market trend.

If you’re considering a move, now is the time to enter the market and take advantage of the low mortgage rates and appreciation. Click here to meet the Urbanspace residential team.

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