South Congress Avenue Sees Development, National Retail Move In

Shortly after Home Slice Pizza opened on South Congress Avenue in November 2005, the power went out. The gas pizza ovens did not rely on electricity, so co-owners Terri Hannifin and Jen Strickland decided to stay open. They found enough flashlights to make sure the kitchen was safe and asked an employee to bring in a guitar. A customer who lived in the neighborhood ran home and brought back a bag of candles. Over the past 14 years, the development of the power grid is just one of many changes along the corridor, business owners said. Many local businesses—including antique store Uncommon Objects, which opened in 1991 and relocated in 2017—have been priced out due to sharply rising property values. Click to read more at www.communityimpact.com.

Austin real estate brokerage strives to become hot spot for downtown art shows

Residential real estate brokerages aren’t typically located in prime downtown storefront space, but Austin has at least two enterprises with that appealing amenity.

Urbanspace, owned by Kevin Burns, operates expansive offices on West Fifth Street, which includes an interior design practice and home furnishings, while DEN Property Group at West Third and Guadalupe streets is both an office and an art gallery that includes selected compositions for sale.

Click to read more at Austin Business Journal. 

Co-Op District awaits regulatory OK; Mixed-use project aims at ‘sleepy little town’ north of Austin

Williamson County and Hutto are working to finalize an economic development deal for the mixed-use Co-Op District, a 25-acre development that could create a new economic focal point in the small town northeast of Austin.

Plans call for a new city hall, library and private development such as apartments, restaurants, retail and office space, a movie theater and a hotel north of Highway 79 and west of downtown Hutto. In other words, it could be a pivotal step for the rapidly growing suburban community.

County commissioners are considering whether to create a special taxation zone for the project. Although they did not vote on the measure at their Tuesday meeting, County Judge Dan Gattis signaled the measure has support.

Click to read more at Austin Business Journal. 

Homes, shops, offices to spring up near Dell HQ

A California real estate firm is poised to invest $200 million in a mixed-use development at the busy intersection of State Highway 45 and I-35 in Round Rock.

Round Rock City Council unanimously approved last month a memorandum of understanding with Mark IV Capital for 65.5 acres on Greenlawn Boulevard.

City officials may offer incentives for the master-planned project, which would include at least 1 million square feet of commercial and residential development. That’s roughly equivalent to what Barton Creek Square mall has to offer, in terms of square footage.

Click to read more at Austin Business Journal. 

More high-rise homes, offices and shops set to go vertical near The Domain in Austin

More than five years have passed since I wrote about fledgling real estate development and brokerage company Capella Commercial LLC. A lot has happened since.

The firm has built more than 500,000 square feet of self storage in multiple locations across the Austin metro with another 500,000 square feet that will be completed around the country by the end of next year. Some of those projects are underway in Tulsa, Oklahoma; Birmingham, Alabama; and Nashville, Tennessee.

 Click to read more at Austin Business Journal. 

More industrial space to rise in Buda; $14M earmarked for ‘economic activity’ hub

An industrial complex with more than 600,000 square feet of leasable space is set to rise on a 30-acre parcel of grassland just east of I-35 in Buda, south of Austin.

Exeter Property Group hopes to break ground on the first phase — a 300,000-square-foot building — in early 2018. Hays County has agreed to an incentives deal that would rebate 15 percent of the property taxes for the site at buildout, increasing to 30 percent once the developer finds a tenant with at least 50 employees.

Click to read more at Austin Business Journal.