Grossman & Jones Real Estate Blog - new construction

"Endeavor plans big industrial project on 100 acres north of Austin"

Austin Business Journal reports, "Endeavor Real Estate Group plans to transform a large swath of land outside Austin into an industrial development.

The project is set to rise on more than 100 acres off State Highway 130 and Pecan Street in Pflugerville, according to several construction filings with the Texas Department of Licensing and Regulation. The number of buildings planned on the site and the total square footage of the project are unknown, but the filings indicate at least four buildings will be built, ranging from 132,214 to 186,415 square feet each. The buildings will be speculative warehouses, according to TDLR.

Endeavor did not provide comment on the project. It should be noted that information found on TDLR filings are preliminary…

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"Texas Triangle real estate markets best in U.S. going into 2024"

TheRealDeal writes, "real estate in the Texas Triangle is magnetic, according to the Urban Land Institute.

Austin has the fifth-best real estate market in the nation going into 2024, the Austin Business Journal reported, citing the ULI’s Emerging Trends in Real Estate study, which compiled data and insights from over 2,000 industry experts to analyze shifts in the market and make predictions for the coming year. 

Austin’s ranking, down from No. 3 last year, reflects the city’s status as a “magnet city,” attracting both people and companies. Over recent years, Austin has seen significant investments from major corporations, such as Tesla and Samsung, which have drawn substantial business to the area. 

The city’s industrial sector is thriving,…

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"Austin is abolishing parking requirements to bring down runaway home prices and rents"

Business Insider reports, "one of the biggest cities in one of the most car-dependent states in the country is cracking down on parking to deal with its housing affordability crisis.

Austin, Texas is getting rid of requirements that new construction — from single-family homes to shopping malls — build parking spots. The City Council voted eight to two last Thursday to eliminate its so-called "parking minimums," which mandate at least two parking spots for every single-family home and one-and-a-half spots for every one-bedroom apartment, with an additional half-spot for each extra bedroom.

The regulatory change won't eliminate existing parking or stop developers from building parking, it will just end a mandate that they build a certain number of…

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"Hundreds of multifamily units, offices planned for Crestview neighborhood"

Austin Business Jounral reports, "a revised vision for Crestview Village first introduced two years ago is taking shape as plans gain momentum to build a high-density, mixed-use development with affordable housing near a transit hub in North Austin.

Owned by brothers Ben Barlin and Peter Barlin, 3423 Holdings LLC gained the Austin Planning Commission’s recommendation on Oct. 24 to seek an increased building height to 160 feet — about 15 stories — and participate in the city’s density bonus program, which will yield at least 10% dedication to affordable housing.

If brought to fruition, the project would help the city's goals for denser, transit-focused development along its primary corridors. It would also help Austin reach its net-zero…

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"North Austin neighbor has one of the hottest ZIP codes in the U.S. for new apartments, report finds"

CultureMap Austin writes, "nearly all of Austin has experienced a flurry of apartment construction to accommodate the equally expanding population in the last few years. In fact, five Austin-area zip codes were the hottest markets for new apartment construction between 2018 and 2022, according to a new rental market analysis by RentCafe.

Pflugerville makes a pflying leap over Austin
Most impressive in the Austin metro region, ZIP Code 78660 in Pflugerville was the No. 20 hottest market in the U.S., with a 64.5-percent growth rate for apartments. Nearly 3,900 new apartments were built in the last five years, according to the study.

Austinites and newcomers pflocking to Pflugerville likely moved there for its easygoing city life. H-E-B has also…

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"Amid surging demand for industrial space in Central Texas, more is underway in Austin"

Austin American-Statesman writes, "amid ongoing demand for industrial space in Central Texas, a project near Austin-Bergstrom International Airport landed $18 million in financing.

MDH Partners, an Atlanta-based real estate investment company, closed on $17.8 million in financing from Regions Bank for the project, called 71 Logistics Center.

The industrial building, which will have 216,000 square feet of space, broke ground in August on 45 acres near the airport. 

The building is at Texas 71 and Norwood Lane, 6 miles southeast of the airport, in the five-county Austin region that is home to more than 2.2 million people.

Once completed in the second quarter of next year, 71 Logistics Center will increase MDH Partners’ Texas footprint to…

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"Homebuilders turn to incentives to draw in priced-out buyer pool"

Austin Business Journal writes, "homebuilders continue to see sales momentum — despite surging mortgage rates and persistent affordability challenges — in part because they're pulling out the stops to lure buyers and ensure deals cross the finish line.

While a growing share of buyers have been locked out of the housing market because of rising mortgage rates, persistent home-price appreciation and a lack of existing-home inventory, the current environment also is creating some tailwinds for builders that can offer more competitive financing.

Housing starts increased 7% in September to a seasonally adjusted annual rate of 1.36 million units, according to the Department of Housing and Urban Development and U.S. Census Bureau data.

In fact, 31%…

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"Madrone Canyon to add luxury homes in wealthy area"

Austin Business Journal reports, "a luxury housing project is rising on a 140-acre canyon in Bee Cave where developers are touting unparalleled Hill Country views.

Ames Design Build LLC is behind the development, called Madrone Canyon, which will be home to more than 100 residences. Ames Design Build owner Brett Ames is also the founder and managing principal of Inspire Development, which is behind the $2 billion mixed-use Pearson Ranch development in southern Williamson County.

Madrone Canyon will feature a mix of custom and spec homes, Ames said. Lot prices begin in the high $400,000 range, while homes are expected to range from $3 million to over $5 million, according to an Oct. 10 announcement. The development will add more pricy homes to a…

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"First tiny home village in Austin suburb sees big demand"

Culturemap Austin reports, "a Round Rock developer built a first-of-its-kind community to bring a tiny solution to a large problem. He's tackling affordability with a new tiny home community called Mustard Seed Village.

"Very grateful. I mean, it's almost like a miracle in a sense," Mohammed Mbaya said.

Mbaya searched all over Cental Texas for an affordable place to live.

"Houses are expensive all around Round Rock, just like Austin. So to find a place like this in Round Rock, it's like, perfect," Mbaya said.

He said when he first found these homes, he wasn't immediately convinced. "Honestly, at first I was like, 'Tiny home, I don't know. I'm not sure how tiny it is,'" he said.

But after seeing the layout, he said it just made sense.…

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"Where tens of thousands of new apartments will rise between Austin, San Antonio"

Austin Business Journal reports, "the San Antonio and Austin metros have more more than 55,000 apartment units under construction, highlighting the immense fortune developers are poring into the emerging metroplex.

Just looking at the I-35 corridor between the two big cities, 23,000-plus units are proposed, under construction or have come online in the past 12 months, according to data from MRI ApartmentData, a multifamily analytics firm tracking Sun Belt markets.

That shows multifamily developers and investors are eager to keep pouring money into dense housing in the region. To be sure, there are thousands of single-family homes in the pipeline as well, although many experts have said denser, more affordable housing is desperately needed to…

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