Grossman & Jones Real Estate Blog - new construction

"500-plus homes planned to rise near rural Creedmoor"

Austin Business Journal writes, "Ashton Woods Homes is bringing hundreds of new homes to a rural stretch of highway near Creedmoor. 

The Georgia-based homebuilder and its Starlight Homes brand will build 523 homes in its new Willow Springs neighborhood along State Highway 45 just outside Creedmoor, according to an announcement. Creedmoor is a rural community about 20 miles south of Austin that had a population of just 423 people in 2024, according to the U.S. Census Bureau — meaning the homes, if occupied, would dramatically increase the population of the area.

Willow Springs will rise on roughly 48 acres near the intersection of Williamson, Turnerville and Old Lockhart roads. 

Ashton Woods will build on 172 lots, according to the…

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"Plan for golden tower on West Sixth Street moves forward"

Austin Business Journal shares, "Plans for another mixed-use residential tower downtown took a step forward this week. 

The Austin Planning Commission approved the proposed 66-story tower at 701 W. Sixth St. for inclusion in the city's downtown density bonus program on May 13, which would allow for the project to double its floor area ratio from 15:1 to 30:1. 

The project could have 413 residential units and retail space, according to city documents. It's in a capitol view corridor, however, which limits how tall certain parts of it could go regardless of the density bonus program.

Property owner Kairoi Residential, a San Antonio-based developer, also is involved in building the tallest tower in Texas, called Waterline, at 98 Red River St. It…

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"Exclusive: Country's elite scoop up memberships, real estate at this Austin surf club neighborhood"

Austin Business Journal writes, "Entrepreneurs, actors, sports figures and social media influencers are paddling proverbially to the private surf-and-condominium park that's rising down the road from Austin's airport — not far from Tesla's gigafactory.

Matthew McConaughey, Drew Brees and Tony Hawk are among those tied to the coveted 400 real estate or membership slots at the Austin Surf Club, according to documents obtained by the Austin Business Journal, as well as a review of public records.

Over the last six months, the ABJ has uncovered key details about the construction of the project at the former site of NLand Surf Park. Set to rise on the site is housing, a brewery and high-end amenities centered around multiple man-made surf basins.

…

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"Developers in East Austin work to remain agile in face of shifting market conditions"

Austin Business Journal shares, "East Austin is growing fast, but that growth may not include more office space after what's springing up is done.

A variety of topics related to development in East Austin — such as plans to pivot away from office construction, the region's attractiveness to businesses and new real estate projects, and what it could look like in the coming years — were tackled during a panel discussion at the East Austin Growth Summit that included developers and one of Austin’s go-to real estate attorneys.

One major discussion point was how to remain agile and adapt in an office market experiencing high levels of vacancy.

Austin’s office vacancy clocked in at an elevated 24.5% in the first quarter, according to commercial…

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"Major homebuilder Taylor Morrison enters multifamily market in Austin metro"

Austin Business Journal shares, "One of Austin’s busiest single-family homebuilders is diving into the multifamily market in Central Texas.

Arizona-based Taylor Morrison, the fourth-busiest homebuilder in Austin last year, is bringing its multifamily brand, Yardly, to Pflugerville, according to an announcement. The new development, called Yardly Kelly Lane, will have 175 apartment-style units that are elevated a bit from traditional apartments with features like private backyards.

And while Austin’s multifamily housing market is experiencing elevated vacancy rates, Darin Rowe, Yardly president, said the company views the project as a long-term investment in a market that will eventually normalize.

Yardly Kelly Lane will be built on an 11-acre…

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"Caliterra in Dripping Springs breaks ground on second phase"

Austin Business Journal reports, "Caliterra, a 600-acre master-planned community in Dripping Springs, is growing.

Developer SR Capital Management broke ground this week on The Ranch at Calterra, a $40 million expansion of the community at 26025 Ranch Road 12, according to an announcement. The new development phase will add more than 200 homes and home sites.

Caliterra’s original plans called for 616 homes, of which 575 have been built. Counting 232 more attributable to The Ranch, Caliterra’s total eventually will come to 848.

The homes at The Ranch, from builders David Weekly Homes, Drees Homes and Scott Felder Homes, will range from 3,000 square feet to 5,000 square feet and will be built on 80- and 100-foot lots. They will start in the…

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"Icon to print homes in new luxury neighborhood west of Austin"

Austin Business Journal shares, "Icon Technology Inc. is bringing five of its 3D-printed homes to a new luxury resort neighborhood on the shores of the Colorado River.

The homes will be built in The Canyon Club community, a 60-acre project being built north of Spicewood at 122 Shoreline Road, according to an announcement. In addition to Icon’s homes, 20 traditionally built homes are planned for the project as well.

The Canyon Club is being developed by Prasso Ventures, which has been behind luxury neighborhoods in Arizona, Colorado and Washington.

Icon’s five homes in The Canyon Club will be 3,400 square feet.

The Icon homes will be available for fractional purchase starting in the low-$400,000 range per share. Shared ownership of the…

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"Construction underway at luxury Lake Travis master-planned community Thomas Ranch"

Austin Business Journal shares, "Construction is underway at the expansive Thomas Ranch luxury housing development on Lake Travis, but there’s still room for custom homebuilders to get involved with the project.

Thomas Ranch developers Areté Collective and the Wasatch Group secured a $106 million loan to finance infrastructure and initial home construction in the master-planned community late last year and have been making headway on the development’s first phase, called Loraloma, said Joe Rentfro, the project's managing director.

Homes should start rising soon in that section, Rentfro said, and its golf course, designed by David McLay-Kidd, should be playable later this year.

At full build-out, the 2,200-acre Thomas Ranch, which is situated…

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"Pearlstone secures big construction loan for downtown Austin condo project"

Austin Business Journal reports, "Pearlstone Partners has secured a $154.5 million construction loan for its latest downtown condo project, which broke ground March 26.

The Belvedere, a 158-unit condo in west downtown, is Austin-based Pearlstone’s first to break ground in the city since co-founder and CEO Robert Lee retired earlier this year.

Pearlstone, which is known for its luxury condo projects, secured the construction loan through New York-based Benefit Street Partners, according to an announcement.

Located on around 3 acres at 300 Pressler St., The Belvedere will be almost 300,000 square feet in total. Its 158 condos will range in size from 766 square feet to 2,488 square feet, with one-, two- and three-bedroom floor plans. They'll be…

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"Homebuyers Face Less Stress as More Listings Hit the Market"

Realtor.com writes, "It’s spring home selling season, and there’s good news for buyers who may feel less pressure to commit to a home on the spot as more listing options are available.

The Realtor.com® weekly housing data showed that listing prices flattened even as new listings and active inventory growth continued. The data suggests that March home shoppers will have more options and a bit more time to evaluate those options this year versus last.

The Realtor.com forecast expects modestly higher home sales from the low 2024 bar as inventory recovery gives home shoppers more options and more market power. That mortgage rates are steady this year at a time when they surged last year will likely benefit spring shoppers and should encourage…

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