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CAPELLA   AUSTIN  NEWSLETTER

May 19, 2019

The Avenue is a planned 246 room hotel at 721 Congress Ave.  The lower levels are set back to highlight the facades of the State and Paramount theaters while the hotet's windows were designed to resemble stage curtains. See story below.
(Renderings courtesy Nelsen Partners)


Austin Is Top City For Retail Investment Through 2022, Report Says

ABJ - 5/17/2019

Austin is the best city in the country for retail investment through 2022 due to rising rents and tightening vacancy rate, according to the spring 2019 market outlook report from Ten-X Commercial. Ten-X Commercial projects retail rents in the Austin area will grow 9 percent from $22.10 per square foot in the fourth quarter of 2018 to $24.06 by the end of 2022.

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Austin Jobless Rate Near 20-Year Low Amid Booming Local Economy

Austin American Statesman - 5/17/2019

Austin’s unemployment rate fell to 2.3% last month, according to the Texas Workforce Commission, a level it last hit nearly two decades ago in December 2000.  Austin’s extremely tight labor market has been a beacon nationwide for people looking for work.

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Skyscraper To Blend Progress With Preservation On Austin's Main Strip

ABJ – 5/16/2019

The former Reynolds-Penland menswear store at 721 Congress Ave., at the northeast corner of Eight Street, is a challenge to develop as it's only 42 feet wide and 7,000 sq. ft.  Jim Ritts, CEO of Austin Theatre Alliance along fellow board member and architect Brad Nelsen, acquired the next-door property and came up with a plan that would replace the empty corner building with a high-rise hotel while ensuring the long-term preservation of the historic State Theatre and Paramount Theatre. 

The result: a modern Hyatt Centric hotel dubbed The Avenue. Hyatt purchased the site with entitlements in February and is expected to break ground in September.


More..


Data Dive: Austin Apartment Market Cranked Up Even Higher, Trend Report Shows

ATX Real Estate News, Jan Buchholz – 5/13/2019

Austin’s apartment market started out the new year with full momentum, according to the Austin Multi-Family Trend Report, released today. Published locally by Austin Investor Interests, principal Robin Davis, the report provides some interesting data for 1Q:
• There were 23 investment sales, involving 6,305 units, January through March.
• Eight were student housing developments; only two were near the University of Texas campus.
• More than 50 percent of those sales were for Class B properties — usually between 10 and 25 years old.


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A rendering of the Knoll at South Congress, a new  308-unit luxury apartment
project being planned on South Congress Avenue.

(see story below)

Texas a Leader In STEM Jobs

Recon - 5/13/2019

Three Lone Star metros are ranked in the top five on the AEI Housing Center's rankings of the best cities for STEM (science, technology, engineering, and math) jobs. Dallas-Fort Worth took the top spot overall, No. 2 Houston ranked tenth in STEM employment (207,070 jobs);  Austin ranked fourth overall.

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Austin-Area Home Sales Jump 15% But Prices Appear Stable

ABJ - 5/16/2019

There's a new number to know in Central Texas real estate. There were 3,035 single-family home sales in the Austin metro in April, yielding a relatively large 15% jump from the same month a year before, according to the latest Austin Board of Realtors data. In April, the median single-family home price in the metro reached $320,000, a year-over-year increase of 1.6%.

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Inimitable Austin Condo Lists For Record $25 million, Agents Say

Austin American Statesman - 5/15/2019

As a real estate agent specializing in the luxury market, Cord Shiflet has seen countless palatial homes — but nothing like the 30th floor penthouse in the Four Seasons Residences. Currently for sale at $25 million, he said it’s a record list price for a downtown Austin condominium.  The $25 million amount is a record both in terms of the total list price and the $1,923price-per-square-foot cost.


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More Investment Capital Aimed at Texas Capital

ABJ – 5/15/2019

Austin is enjoying the most venture investments since at least the start of 2013. A New York City-based fund wants to get in on the rush. 2048 Ventures has selected Austin as one of the places it wants to invest some of its $27 million first fund.

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New Eatery Coming To Downtown Austin Park

ABJ – 5/15/2019

The owners of East Austin restaurant and butcher shop Salt & Time plan to open later this year a cafe in downtown Austin's Republic Square Park. Salt & Time Cafe is set to open in late summer or early fall in the city-owned park bounded by Fifth, Guadalupe and Fourth streets, next to the federal courthouse

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Austin’s Novi Labs Raises $7 Million For Growth, Names New CEO

Austin American Statesman - 5/16/2019

Austin-based Novi Labs, which makes technology for oil and gas companies, announced Thursday that it has raised $7 million in its latest funding round.  The startup said it plans to use the funds to scale its technology team and invest in the next generation of its well planning technology.

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In The Money May 13:  More Than $35M In Deals Reported, Including For Spa Stays And Whiskey Distillers

ABJ – 5/13/2019

Five companies reported about $35.6 million in funding deals and offered securities this past week.
• Elligo Health Research Inc. reported obtaining about $20 million from 19 investors.
• Milk + Honey, an Austin-based chain of spas, has raised $7 million.
• Fat Tire Tours Holdings LLC reported raising roughly $3 million from 23 investors.
• Treaty Oak Brands LLC reported collecting about $2.7 million from 18 investors.
• NarrativeDx Inc. reported obtaining $1.9 million from 10 investors.
• Richard’s Rainwater Inc. reported obtaining about $1 million from nine investors.


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Rapidly Changing South Austin Gets More Luxury Apartments

Austin American Statesman – 5/17/2019

More luxury apartments are coming to a rapidly transforming part of far South Austin.  South Florida real estate investment firm PointOne Holdings has partnered with developer NRP Group to construct a new 308-unit luxury Class-A apartment community at 8103 S. Congress Ave., just north of Slaughter Lane.

The project, called the Knoll at South Congress, will feature a club room and business center, a high-end fitness center, a resort style pool, and a dog park and pet spa.  Construction on the 13.3-acre site is expected to begin in the next few weeks.

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Another Downtown High-Rise: Horizon Bank Plans 15-Story Tower

ABJ – 5/7/2019

A 15-story office tower could soon replace the Horizon Bank building at the corner of West Fifth and Nueces streets in downtown Austin.Initial plans call for the two-story building at 600 W. Fifth St. to be demolished and replaced with a 263,619-square-foot tower; nearly half of the building — seven floors — will be parking.

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Visa Grows Tech Center In North Austin

ABJ – 5/14/2019

Visa Inc. has outpaced projected growth at its Austin technology center.  The credit card company now leases more than twice as much square footage as it did when it entered the market in late 2012, while also more than doubling its initial hiring projections.  Visa leases well over 450,000 square feet in buildings one through four at Research Park Plaza in North Austin.

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Apple Expands Ahead Of New $1 Billion Austin Campus

Austin American Statesman - 5/17/2019

Apple is leasing more space in Austin, even before breaking ground on its future $1 billion campus.  The company confirmed Friday that it has a short-term lease for the entire Riata Corporate Park 8 building, located less than a mile from Apple’s existing campus at West Parmer Lane and Delcour Drive. Apple also confirmed that it has leased a building at North Austin’s Parmer Innovation Center.

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Central Health Will Tear Down Former Brackenridge Hospital; Redevelopment Plans Remain Uncertain

Community Impact - 5/15/2019

 

Central Health will demolish the former University Medical Center Brackenridge hospital, also known as the Brackenridge campus, this summer. The Travis County health care district owns 14.3 acres of property surrounding the 9-story hospital tower at Red River and 15th streets in Central Austin. 

The demolition is part of Central Health’s plan to redevelop the property, generating revenue to fund health care for county residents with low incomes.  The University of Texas Board of Regents voted to lease two tracts of the Brackenridge campus.  While the demolition is moving forward, there are no firm plans yet for the property’s remaining four tracts.

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Bastrop, Builders Move Forward After Ban Ends

ABJ – 5/16/2019

After nine months, Bastrop has ended a regulatory framework meant to curb some development.  The moratorium, enacted last August and extended in November, amounted to a stay of accepting or processing certain permits so the city could evaluate its subdivision, zoning and stormwater regulations.  With the moratorium over, the city will also implement a temporary enhanced permit review process.

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Six-Property, $311 Million Multifamily Portfolio Sold


Recon - 5/14/2019

Ascenda Capital and American Landmark Properties have purchased a six-property, 2,284-unit multifamily portfolio. Provident Realty Advisors sold the assets for $311 million. The properties are:

• 576-unit, 93% occ., Hyde Park at Wells Branch, 2801 Wells Branch Pkwy., Austin, renamed Beck at Wells Branch;
• 350-unit, 96% occ., Hyde Park at Ribelin Ranch, 9900 McNeil Dr., Austin, renamed Asten at Ribelin Ranch;

• 306-unit, 97.7% occ., Manor at Castle Hills, 1835 Lockhill Selma Rd., San Antonio, renamed Alon at Castle Hills;
• 320-unit, 96.8% occ., Hyde Park at Lake Wyndemere, 2109 Sawdust Rd.,The Woodlands, renamed Artisan at Lake Wyndemere;
• 486-unit, 95.1% occ., Hyde Park at Enclave, 12951 Briar Forest Dr., Houston, renamed Hayden at Enclave;
• 256-unit, 96.8% occ., Lakepoint at Las Colinas, 5353 W. Las Colinas Blvd., Irving, renamed The Blvd. 


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New Proposed Location For Dougherty Arts Center

ConnectMedia – 5/14/2019

The Austin City Council has approved the relocation of the Dougherty Arts Center from its current spot at 1110 Barton Springs Rd. to Butler Shores on Lady Bird Lake. The more than 70-year-old building that houses the arts center had been deemed “beyond repair” by a 2010 needs assessment.  The new facility will be built with the help of $25 million in bond funds on two Austin Independent School District softball fields, behind the Zach Theatre.

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Did You Know?
  • Austin ranks No.1 for growth over the last decade and No. 4 for growth over the last year.
  • Although six flags have flown over Texas, there have been eight changes of government.
  • On May 10, 1969 Pete Schourek, pitcher (Cincinnati Reds), was born in Austin.
CAPELLA FEATURED SALES
Randall Beaman with Capella Commercial, LLC represented the Seller on the sale of 1108 Nueces, a prime downtown re-development opportunity located in Austin’s Central Business District and within walking distance to the State Capital.  The site was home to a 2,755 SF office built in 1957, most recently used as a law firm. There was a recent zoning approval for Downtown Mixed-Use on the site.
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HELEN JOBES, CCIM
Capella Commercial, LLC
512.617.6336 Office
512.422.9214 Cell

helen@capellatx.com

6836 Bee Cave Road, Suite 330
Austin, TX 78746






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