Grossman & Jones Real Estate Blog - development

"Nearly 300 condos heading to trendy South Congress"

Austin Business Journal reports, "Intracorp Homes has unveiled new details about its upcoming condo development on bustling South Congress Avenue.

Intracorp, one of the most active condo developers in the city, confirmed the project late last year but declined to provide additional information at the time as it worked its way through planning stages. On April 2, the developer announced details, including number of units, costs and the entities working on it. The company also said a final general contractor hasn't been selected.

Leland South Congress, as the project is called, will rise seven stories on about 3 acres spread across four lots at the intersection of South Congress Avenue and Live Oak Street.

The development will add 270 condos to…

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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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"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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"Ashton Gray's project pipeline brims with Austin-area housing developments"

Austin Business Journal reports, "the company behind Elgin’s Briarwood mixed-use development has big plans for other parts of the Austin metro.

Houston-based Ashton Gray Development recently gained approval from the Elgin City Council to annex 75 acres into Briarwood, a housing development and the city's first municipal utility district. With a pipeline that ranges from Jarrell to Lockhart and stops in between, however, that's only the tip of the iceberg for Ashton Gray, which is aiming to bring more than 5,300 single-family homes to the region, plus apartments and commercial projects.

“We started acquiring land in Austin several years ago,” said Shaun Vembutty, Ashton Gray founder and president. “This was even before some of the buying frenzy…

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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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"Spa complex with mineral pools, cold plunges may come to Cedar Park"

Austin Business Journal shares, "a wellness company is planning an Austin-area spa destination as it wraps up work on its flagship project near Dallas.

WorldSprings wants to develop an 8-acre project in Cedar Park that could have more than 40 pools, including hot springs, a Dead Sea floating pool and cold plunges. It would be in the New Hope project along U.S. Highway 183A, a stretch of highway that includes rocket maker Firefly Aerospace Inc. and the future Nebraska Furniture Mart development.

Project representatives presented initial plans for the project during a Feb. 20 meeting of the Cedar Park Planning and Zoning Commission as part of a request for a special use permit for the site.

Representatives said during the meeting that the…

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"Related Cos. envisions high-rises in mixed-use hub along South Congress"

Austin Business Journal reports, "a New York-based real estate development firm is planning to transform a 6-acre site at the intersection of South Congress Avenue and West Riverside Drive with high-rise towers — the latest indication that Austin's downtown skyline is poised to expand across Lake Bird Lake.

The Related Cos. wants to establish a planned unit development with a maximum building height of 575 feet, or about 50 stories. The multitower project would include approximately 800 residential units, as well as a 225-room hotel, 200,000 square feet of office space, 90,000 square feet of retail space, 30,000 square feet of space for restaurants and a 25,000-square-foot grocery store, in addition to an underground parking garage, according to…

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"Developers in Travis County regain public improvement districts but with higher fees"

Austin Business Journal writes, "developers in Travis County have a financial tool back at their disposal that's designed to support large-scale real estate projects, but they may not be supportive of all the changes made to the reworked program.

That's because revisions to public improvement districts, or PIDs, include an increase in community benefit charges tied to certain projects. Previously, developers paid a fee equal to 10% of total investment if their projects didn't include enough affordable housing, but that has been raised to 17.5%. The application fee for a PID has also been increased from $55,000 to $150,000.

Adam Boenig, co-president of Brohn Homes — among the region's most active residential developers — called the higher fees a…

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"Hundreds of apartments slated to rise in Thomas Ranch development west of Austin"

Austin Business Journal reports, "Thomas Ranch, a 2,200-acre mixed-use project on the shores of Lake Travis, continues to take shape.

Salt Lake City-based developer Areté Collective LP has been toiling away on the first phase of construction — a private residential community named Loraloma — while Wasatch Premier Properties recently came on board to build hundreds of multifamily units on another 58 acres west of Austin. Areté Collective recently sold the 58 acres to Wasatch, an arm of Utah-based Wasatch Group, according to a Jan. 30 announcement.

Wasatch's "decision to become the inaugural development partner within Thomas Ranch’s downtown district brings us one step closer to delivering a lively destination to live, work, and play in West…

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