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Austin News Update AUSTIN NEWS UPDATE Helen Jobes, CCIM November 19, 2017 Marketing & Investment Sales 2017 Looks Like Another Record- Setting Year For Austin Home Market; Builders Experimenting With Lower-Cost Options ABJ – 11/14/2017 The Austin metro housing market is on pace for another record-setting year. There were 2,292 single-family home sales in October, according to new Austin Board of Realtors data released Tuesday. The region is on pace to record more than 30,600 sales in 2017, Austin Jobless Rate At 2.6% As Employers Add Jobs, Labor compared with 29,569 last year. Force Shrinks And a recent report by Realtor.com found Austin American Statesman – 11/17/2017 the median home price in Austin increased 63 percent from 2006 to 2016, A surge in local job creation and an unusual contraction in the labor force the fastest rate in the nation for large combined to help send the Austin-area unemployment rate to its lowest point metros. in almost 17 years. More… The metro-area jobless rate dropped to 2.6 percent in October, down from 2.9 percent the prior month and to its lowest point since it hit 2.3 percent in The Best Business Schools In Texas, December 2000, according to preliminary data released Friday by the Texas Workforce Commission. Despite the region’s tight labor market during the According To Businessweek month, local employers added about 9,100 jobs, the commission said, an ABJ – 11/17/2017 increase of 0.9 percent—about double the average rate for an October since 2000. Nine Texas universities made Bloomberg Businessweek’s 2017 list of the country’s More… best graduate business schools. Texas’ top-scoring school was Rice On The Market: Austin Developers Hope To Get Cool Price University’s Jones School of Business, at For Yeti Store After Adding Techstars To Building No. 10. UT’s McComb's School of ABJ – 11/17/2017 Business could be found farther down the list. See what Texas schools made the One of the city's most list and their overall rankings by clicking intriguing buildings is on the the link below. market. Austin-based Cielo More… Property Group is selling 220 S. Congress Ave., which currently houses the Yeti Real Estate Tech Startup Opcity Coolers flagship store and Moves Outside Downtown To one other tenant right on the Maximize Amenities shore of Lady Bird Lake at the famed "bat bridge." ABJ – 11/15/2017 Another lease with Techstars, a network and venture fund for startup companies, has been signed With one of Austin's largest venture capital that will bring the property to 100 percent occupancy. rounds of 2017 under its belt and thousands of real estate agents on its platform, Opcity Now that the 25,000-square-foot is fully leased, Cielo co-founders Rob Gandy Inc. has a new headquarters to and Bobby Dillard believe the time is right to sell to an investor. accommodate its substantial growth — with More… room to expand as that trajectory continues upward. At Texas State, Booming Construction Projects Set The real estate technology company this University, San Marcos On Impressive Path week moved into 50,000 sq. ft. at 6800 Burleson Road, an industrial pocket of ABJ – 11/16/2017 Southeast Austin near the MetCenter redevelopment and ABIA. Opcity executives Construction at Texas State University in San Marcos is booming, and it’s not chose the new location because they could because the Texas Legislature has suddenly opened its wallet wide. In fact, save on their lease rate and instead spend state governments across the country have slowly withdrawn financial support money on amenities and employee-friendly for public colleges and universities in the wake of diminishing revenue. features. Texas State University in San Marcos — with a satellite campus in Round Rock More… — is meeting the challenge head on and figuring out the math. Engineering and affiliated learning now take center stage with construction underway of the $120 million Bruce and Gloria Ingram Hall, which will be dedicated to ROOM AT THE INN: New Hotel engineering, math and science studies when completed in fall 2018. It’s the Opens Near Austin’s Airport largest construction project on campus — but many others are either under construction or in the pipeline. Click on the link below to read more. Austin American Statesman – 11/13/2017 A new hotel has opened near Austin- More… Bergstrom International Airport. The Hilton Garden Inn Austin Airport, at 7610 John New Luxury Apartment Complex Underway On Austin's Glenn Way, has 149 guest rooms, according Bustling East Riverside Drive to city planning documents. ABJ– 11/14/2017 Amenities include a fitness center, outdoor pool, patio, fire pit, 4,000 square feet of Another large apartment complex is underway in the exponentially expanding event space, 24-hour convenience store East Riverside Drive corridor. selling grab-and-go foods and the Garden Grille & Bar. A complementary shuttle takes In the past two weeks construction crews have cleared out thick brush at 6205 guests to the airport and other destinations E. Riverside Drive at the southwest corner where it intersects Montopolis Drive. located within 3 miles of the hotel. The site is five to 10 minutes from Austin-Bergstrom International Airport. The 360-unit complex is being developed by Trinsic Residential Group, More… headquartered in Dallas. More… In Biggest Deal Yet, Austin’s Upland Software Buys Qvidian For $50 Million Rezoning Approvals Sought For Two Proposed Residential Properties On South Congress Avenue Austin American Statesman – 11/17/2017 Community Impact – 11/14/2017 Austin-based Upland Software just keeps doing what it does — growing by acquiring Rezoning applications have been submitted to the city of Austin for two other software companies. properties on far South Congress Avenue where developers hope to build multi- family residential projects. The company said Friday that it has acquired Massachusetts-based Qvidian The first application refers to a 3.39-acre property at 4515 S. Congress Avenue Corporation, which makes cloud-based RFP that currently houses a Life Storage facility. The applicant, Lemco Holdings and sales automation software, for $50 LLC, is seeking a zoning change that would permit the construction of a 270 million. The acquisition is Upland’s largest to unit residential project exceeding the current vertical building height regulation date and will add $19.5 million in annual of 40 feet. If rezoned, attorney Michael Whellan said the maximum height would revenue for Upland Software, the company be 60 feet. said. The second rezoning application is in regards to a 0.68-acre property at 4401 More… S. Congress Avenue. Whellan said earlier this year a rezoning application at 4411 S. Congress Avenue was submitted by the applicant, Sabot Development Ltd., and this small parcel would be added to that project. The same vertical Major Overhaul Of Capital Metro Bus mixed-use zoning change is being pursued; however, the 840-square-foot System Approved, Changes To Take project includes only 30 multi-family units—24 one-bedroom floorplans and six Place Next June two-bedroom plans. Community Impact – 11/15/2017 More… Capital Metro’s board of directors approved Nov. 15 its largest system overhaul, Austin Investor Is Gobbling Up Duplexes In Research affecting more than half of its 82 bus routes Triangle starting next June. ABJ– 11/17/2017 The June service changes—which came over as part of the transit agency’s An Austin real estate investment firm has snapped up more duplexes near Connections 2025 plan approved in downtown Raleigh, N.C. — adding to an already large portfolio in that part of February—include increasing bus frequency the country. to every 15 minutes on 10 routes, modifying Artesia Real Estate paid a combined $8.42 million for some properties on 20 routes, eliminating 13 routes and adding Hawkins Street and New Bern Avenue east of downtown Raleigh. They 10 new routes. Click the link below to read include a mix of 66 duplexes and commercial space on 11.75 acres, according more about the changes. to Wake County records. More… More… Austin Software Maker Sailpoint Latest Plan For The Backyard Redevelopment Heads To Bee Raises $240M In IPO, Gets A Warm Cave City Council Welcome From Wall Street ABJ– 11/13/2017 Austin American Statesman – 11/15/2017 Software maker SailPoint Technologies got a warm welcome from Wall Street on its first day as a public company. The Austin-based company raised $240 million in an initial public offering on Thursday. The company priced 20 million shares at $12 each, according to a securities filing. That was well over the $9 to $11 per share price range the company had been seeking. More… Austin Java Will Open First Dripping Springs Location In January Community Impact – 11/17/2017 Austin Java will open a new location Jan. 1 at 3799 E. Hwy. 290, Dripping Springs. President Clint Rogers said his team is in the process of making final adjustments to the property. The new location will feature a full-service restaurant with a brewery, coffee roasting facility, lounge, playscape and a beer garden. Including the lounge and deck, Bee Cave leaders are set to consider a new plan for the stalled redevelopment it will seat close to 300 people. of The Backyard by the end of the month. More… The planned transformation of the former music venue into a mixed-use development with a music venue, a hotel and commercial uses has been on the back burner since the suburb's City Council deadlocked this summer on Austin-Based Jeweler Kendra Scott the controversial project, in part because the infrastructure plan didn't include a Set For Overseas Debut road through a neighboring property to State Highway 71.
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