Grossman & Jones Real Estate Blog - new construction

"Two new housing developments planned for fast-growing Hutto"

Austin Business Journal reports, "Hutto’s wave of housing construction shows no sign of slowing, with two new projects in the works for the rapidly growing community northeast of Austin.

The two projects, discussed at a Hutto City Council meeting earlier this month, would add hundreds of housing units to the rural city, where the population has more than doubled over the past decade.

The first of the two projects, known as Meadowbrook, is being developed by Columnar Investments, said John Landwehr, Columnar’s Colorado and Texas executive director. Meadowbrook would rise on roughly 88 acres along Farm to Market 1660 on Hutto’s southeastern edge.

For now, plans for Meadowbrook call for around 325 to 370 attached and detached single-family…

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"Housing Market Predictions: What Homebuyers Should Know"

Business Insider writes, "After watching mortgage rates hit two-decade highs and inventory plummet last year, many hopeful homebuyers are eager to get off the sidelines and into a home.

Fortunately, housing market conditions have been getting slightly better, and they should ease somewhat throughout the rest of 2024 and beyond now that the Federal Reserve has started cutting rates. If you're planning to buy a house this year, here's what you need to know about housing market predictions in 2024, and how you can prepare.

Overview of the housing market

The average home value in the U.S. is $361,282, according to Zillow — up 2.9% year over year. Last month, average 30-year mortgage rates fell to 6.05%, down 40 basis points from the month before.…

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"New build-to-rent neighborhood aims to inject housing into fast-growing Leander"

Austin Business Journal reports, "A new build-to-rent neighborhood is opening in one of the fastest-growing neighborhoods in Leander.

Tricon Residential Inc., part of Blackstone Real Estate’s portfolio, is opening Tricon Bryson — a build-to-rent neighborhood consisting of 155 single-family homes — within Leander's wider Bryson development, according to an announcement. The new neighborhood will add to the region’s rental housing supply in Leander, where the U.S. Census Bureau estimates the population has more than tripled since 2010.

“There’s a tremendous need for more housing overall, and every day it’s harder and harder to get a new neighborhood approved and permitted and ready to go, whether for rent or for sale,” said Andy Carmody, senior…

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"Mixed-use tower could be coming to site near former Statesman building"

Austin Business Journal shares, "A new tower could be on tap for South Congress Avenue if a zoning change is approved Sept. 26 by the City Council. 

The tower — on a roughly 1-acre tract at 311-315 S. Congress Ave., which is just south of the old Austin American-Statesman building — would contain 488 residential units, 30,000 square feet of office space and 7,500 square feet for "ground floor pedestrian-oriented uses," according to city documents. 

The location is not within the planned unit development for the former Statesman site that is the subject of a lawsuit, although it is nearby.

The potential new zoning on the tract would allow for construction of a building up to 480 feet tall, or almost 50 stories. Currently, the site is the…

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"First look: Downtown's Modern Austin Residences"

Austin Business Journal shares, "Rainey Street’s latest addition to the downtown Austin skyline has reached its maximum height.

The Modern Austin Residences, a 56-story condo tower, has topped out, according to an announcement. There’s still plenty of work left before it opens — a trip to the tower’s upper floors still requires hopping into an exterior construction elevator — but with the its structural framework complete, the nearly sold-out tower is expected to welcome residents in early 2025.

The tower is being developed by Austin-based Urbanspace, which also is handling sales, marketing, interior design and ground-floor retail operations. Urbanspace will establish its new office in the tower, said Kevin Burns, Urbanspace CEO and founder.

…

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"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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"Dense condo development on tap for Taylor"

Austin Business Journal shares, "Taylor is set to get some new housing — in the form of a dense condo project — as economic growth in the rural city foreshadows a population boom.

Austin-based Metropolitan Development Company LLC is behind the condo project on Taylor’s Second Street, according to an announcement. It also will include some commercial space, said Pawel Hardej, principal at Metropolitan Development.

The project — called The Ferguson — will have eight garden homes, 16 townhomes, 60 condos and five live-work spaces on about 1.5 acres at the intersection of Ferguson and Second streets. The units will range from 575 to 1,534 square feet.

Prices will begin in the mid-$200,000 range.

“On purpose, we did not throw in an expensive…

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"750-plus homes headed to Elgin to continue housing boom"

Austin Business Journal shares, "Elgin’s housing boom is set to continue after City Council approved an amendment to a previously approved development agreement that will allow the developer to build more dense housing in an upcoming master planned community.

The original development agreement for Southside Meadows, as the development is called, was approved in May 2023 and would have seen 526 single-family homes built, but that number has swelled to 763 with the amendment approved Sept. 3, according to the meeting agenda. The homes are being planned as developers descend upon Elgin to build thousands of new homes.

Developer Hariharan Kuppuraj owns the 174 acres where the master-planned community will be built along County Line Road, just south…

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"Developer teeing up big master-planned project in Lockhart"

Austin Business Journal reports, "A North Texas-based developer appears to be gearing up to build a 178-acre master-planned community on the southeast side of the Barbecue Capital of Texas.

The project in Lockhart by Intermandeco GP LLC could bring hundreds of single-family homes, townhomes or apartments — as well as commercial space — to the 1500, 1600 and 1700 blocks of South Commerce Street. Representatives of Allen-based Intermandeco detailed its initial plans during a Lockhart City Council meeting on Sept. 3.

Council members voted unanimously to establish zoning on the site, including 28 acres of medium-density commercial, 18 acres of high-density residential and 132 acres of medium-density residential.

The Marilyn Riddle Trust is the…

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"Austin's apartment construction rate is 3rd highest in the nation"

CultureMap Austin writes,"Austin has been in such an building boom that even a slowing rate of new apartment buildings is still one of the fastest in the country. According to a new insight report from RentCafe, the Austin metro area has the third highest new apartment construction rate nationwide, after previously holding the No. 1 title in 2023.

The report from August 7 analyzed new apartment construction data across 369 U.S. metropolitan statistical areas (MSAs). For the purpose of the study, only apartment buildings containing 50 or more units were included. Any U.S. metros with fewer than 300 units or fewer than two properties/buildings were excluded.

The top two metros that outperformed Austin are New York (No. 1) and Dallas (No. 2) with…

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