Another multifamily tower to rise high above Austin’s Rainey Street

Add another proposed apartment high-rise to the glut of construction in the Rainey Street area.

Lee Development & Construction of Austin aims to build a roughly 33-story tower at 48 East Ave., the Austin American-Statesman repots, although design hasn’t been finalized.

No zoning change is required for the project, which will cost an estimated $60 million, the Statesman reports. Lee Development CEO Robert Lee told the newspaper he hopes to obtain building permits from the city and break ground by the end of the year.

Click to read more at Austin Business Journal.

CBRE Forecasts Continued Growth In Revpar For San Antonio Hotels

Trio of sales indicative of investor demand

SAN ANTONIO – July 13, 2017 By year-end 2017, San Antonio hotels are forecast to see a revenue per available room (RevPAR) increase of 3.9 percent, more than the national projection of 3.0 percent, according to data from CBRE Hotels’ Americas Research.

The RevPAR increase is the result of an estimated 1.3 percent occupancy increase and a 2.6 percent gain in average daily room rates (ADR), according to CBRE Hotels’ Americas Research. San Antonio market occupancy rate levels are forecast to range from 62.4 percent for lower-priced hotels to 70.2 percent for upper-priced hotels in 2017.

“With Houston’s market still in decline, and the Austin and Dallas-Fort Worth markets flattening out due to large hotel room supply increase, San Antonio is becoming a more attractive destination in Texas for hotel investors. A very small new hotel room supply pipeline and increasing hotel demand will help drive hotel RevPAR growth for the next few years,” said Michael Yu, senior vice president, CBRE Hotels.

Click to read the rest of this Press Release. 

 

Harris Bay to buy downtown San Antonio building

Real estate investment firm Harris Bay announced Wednesday it is in contract to purchase the Commerce Building in downtown San Antonio and move its Texas office there.

Though the sale price was not disclosed, Bexar County’s latest appraisal of the 40,000 square foot, eight-story building at 314 E. Commerce St. was $2.875 million.

Click to read more at San Antonio Business Journal.

3 things to know about sale of 156-acre 3M campus in Northwest Austin

3M Co. has agreed to sell its 156-acre campus in far Northwest Austin to a local real estate investor and now plans to shift hundreds of employees to a new site about 15 miles away.

Here are some of the interesting aspects of the move:

  • 3M (NYSE: MMM) will move its Austin regional operations — about 800 people in positions such as research and development, marketing and supply chain operations — to a new 272,000-square-foot office building, dubbed “Parmer 3.3,” in the Parmer business park in Northeast Austin in the first quarter of 2019. 

Click to read more at Austin Business Journal.

CBRE Raises $60,000 at Fifth Annual Austin Charity Golf Bash

AUSTIN, Texas – June 26, 2017 CBRE, a commercial real estate services firm, raised $60,000 at its annual Charity Golf Bash in Austin this year. The event is organized by the firm’s Austin employees and supports six nonprofit organizations.

“I’m proud of the hard work and dedication of the employees who volunteer their time for this event each year. Since 2013, our Austin employees have raised more than $215,000 for charity through philanthropic events,” said Scott Senese, senior managing director of CBRE’s Central Texas region.

This year’s event, held at TopGolf, benefits the following organizations:

  • Any Baby Can
  • Austin Habitat for Humanity, in support of CBRE’s Shelter Program
  • Boys & Girls Club of Austin
  • Combat Wounded Outdoors
  • Girlstart
  • Freedom14 Camp

“We couldn’t do this each year without the generous support and sponsorship from many of Austin’s real estate service providers. It’s rewarding to see everyone come together and raise funds for great causes that benefit our community,” said Elyse Kaire, CBRE Cares Austin co-chair and a senior operations analyst at the company.

This year’s event featured the largest silent auction to date, with goods and services valued at more than $20,000, as well as a raffle, golf with Topgolf pros, and a wine pull.

CBRE Foundation, a nonprofit, public benefit corporation that funds the company’s philanthropic initiatives, matched a portion of funds raised, further amplifying the event’s success.

 

 About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).  The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.  Please visit our website at www.cbre.com.

 

$200M mixed-use development planned for New Braunfels

South Texas Capital is hoping its new mixed-use development may someday be fit for the prince it is named after.

Solms Landing, named after Prince Carl of Solms-Braunfels, is a planned $200 million mixed-use community in New Braunfels, some 45 miles south of downtown Austin, and it is the most ambitious project to date by James Mahanand South Texas Capital.

Click to read more at Austin Business Journal.