Luxe Austin Homes - developers

"Austin developers have new rules for building near music venues"

CultureMap Austin writes, "A cornerstone of what makes Austin a special place to live is the prevalence of live music everywhere. It's something that some Austinites fight to protect.

"I put on a deep voice and say 'because it's very important to our economy,' but it is," said Dr. Sullivan with the Cultural Trust Advisory Committee. "Austin's reputation is that it is a very important place for entertainment."

However, that reputation can also be a curse. So council members approved new rules for developers who want to build homes and hotels near noisy venues.

For years, Sullivan said neighbors and hotel guests have been complaining about noise from nearby venues.

"Neighborhoods have a right to complain when there's noise from highways,…

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"Homeowners and developers can now build on smaller lots under HOME Phase 2"

Austin Business Journal reports, "Developers can now build on smaller lots as part of an effort to allow denser and more affordable housing throughout Austin.

Beginning Aug. 16, homebuilders and homeowners can apply to participate in the second phase of the HOME Initiative, a city of Austin spokesperson confirmed, which allows homes to be built on lots as small as 1,800 square feet — down drastically from the previous minimum lot size of 5,750 square feet.

Many density and affordable housing advocates in Austin have long pushed for smaller minimum lot sizes for single-family homes, calling the change one of many code updates that could move the needle for affordability and housing stock concerns. HOME Phase 2 also establishes new rules for lot…

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"Cost of permitting set to more than double in Travis County"

Community Impact reports, "Starting Sept. 1, the cost of development review fees—paid throughout the development permitting process—will increase 141%, after county staff received approval from Travis County Commissioners on July 23, affecting homeowners, business owners and developers alike.

The why?

In an effort to streamline the permit review process and increase transparency, staff members from the Travis County Department of Development Services have revamped the county’s website and examined the department's existing systems and performance.

The last time fees were increased was nearly a decade ago, in 2016, according to staff. Both small- and large-scale projects are subject to these fees, ranging from home renovations to subdivisions.

About the…

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"AUSTIN SEES RENT REDUCTIONS AND SLOWING APARTMENT CONSTRUCTION AMID REAL ESTATE MARKET SHIFTS"

Hoodline Austin writes, "As rents across Austin experience an unexpected dip, the city is witnessing a shift, where rent decreases have ushered in a slowed momentum for new apartment constructions, revealed data from Realtor.com and insights from local experts. Rents in Austin have seen a near 10% reduction from May 2023 to May 2024, with average rent for small to medium apartments at $1,400, while the national median stood at $1,700, as noted by KVUE.

After a substantial uptick in rental prices, due in part to an influx of residents and low pandemic-era interest rates, construction boomed, yet this surge is tapering off as building costs increase alongside interest rates and market profitability becomes less certain, a situation underscored by a…

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"Far East Austin's development pipeline is packed"

Austin Business Journal writes, "A wave of development is washing over far East Austin, turning empty fields into hulking buildings.

The area around Tesla Inc.'s mammoth gigafactory is considered by many to be Austin's final frontier, and developers are taking the plunge now that Elon Musk has warmed the water. Mixed-use projects, multifamily housing, office towers, shopping centers and more are poised to transform the "eastern crescent" of Austin, which roughly follows the relatively new State Highway 130 toll road.

Here is a look at some of the largest projects on tap in the area. They will create a mountain of work for construction crews and yield abundant opportunities for others. County and municipal planners — especially road builders —…

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"More transit-focused zoning under consideration at Austin City Hall"

Austin Business Journal writes, "The second phase of Austin’s HOME Initiative and other wide-reaching land use changes are set to be considered at City Hall in the coming weeks. The goal: To hack away at Austin's housing affordability problem and prepare the city for its planned light rail system.

Bigger development will be needed along the 10-mile light rail route — especially at train stops. The project, on track to cost about $4.8 billion in current years’ dollars and begin construction in 2027, will be supported through federal transit funding if the city can prove that its land-use regulations will support the new transit network.

If approved, the new policies will usher in a wave of opportunities for developers and existing homeowners.

…

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"Builders expect home prices, construction to increase in 2024"

Austin Business Journal shares, "Homebuilders around Texas are optimistic that new home prices will ramp up in 2024 and that construction rates will grow as well.

Zonda analyst Bryan Glasshagel presented the company's findings for the final quarter of 2023 at the housing data firm's quarterly event on March 20.

The company surveyed homebuilder division presidents around Texas, 64% of whom expect home prices to increase between 1% to 5% this year. A majority of the respondents are also anticipating increased activity in 2024, with 75% of builders surveyed expecting starts to increase an average 10% this year.

"Consumer confidence is still driving builder activity," Glasshagel told the crowd that was gathered at the Greater San Antonio Builders…

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"PID financing secured for plan to bring 1,400 homes to far East Austin"

Austin Business Journal reports, "Bond financing has been secured for a long-anticipated public improvement district that will support more than 1,400 new homes in far East Austin.

Located on 427 acres east of Del Valle High School between State Highway 71 and Pearce Lane along Kellam Road, the Longview 71 PID is expected to result in 1,461 new homes from homebuilder Taylor Morrison (NYSE: TMHC) in the coming years. During a March 19 meeting, the Travis County Commissioners Court approved a service and assessment plan for the site, in addition to an estimated $10 million bond to support it. The land is not far from Austin-Bergstrom International Airport and Tesla Inc.’s gigafactory.

Christy Moffett, the county’s director of economic development,…

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"Major changes could be coming near Lady Bird Lake south of downtown. Here's a preview"

Austin American-Statesman writes, "Like several big-name developers, a New York real estate firm has ambitious designs along a southern stretch of Austin's premier Congress Avenue.

The three high-profile projects by New York-based Related Companies are in a rapidly emerging waterfront area that is transforming the south shores of Lady Bird Lake across from downtown.

Related is a privately owned global real estate company with more than $60 billion in assets owned, managed or under development. It has major projects in Boston, Chicago, Los Angeles, Miami, San Francisco, Washington, D.C., West Palm Beach, Abu Dhabi, and London.

Its Austin projects are planned along and near South Congress Avenue.

Two are south of the Ann W. Richards Congress…

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"The District mixed-use project moving forward even bigger than originally planned"

Austin Business Journal reports, "one of the region's most-anticipated projects is back on track — and much bigger than previously planned.

Eight years ago, Mark IV Capital, a Newport Beach, California-based commercial real estate firm, purchased a 66-acre plot near Interstate 35 and the State Highway 45 toll road for a project known as The District. But the plans subsequently stalled, mostly due to shifting market conditions stemming from the coronavirus pandemic.

Since then, the size of the project has more than doubled. The District is planned as a $500 million investment that will result in 3 million square feet of development and a minimum of 5,000 jobs at full buildout in 2039. Original plans called for 1 million square feet by 2039 and a…

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