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Downtown Is the Economic Engine of Austin, Contrib- Downtown Austin’S Outsized Impact Is Even More Uting More Than $540 Million in Tax Revenue in 2018

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Downtown Is the Economic Engine of Austin, Contrib- Downtown Austin’S Outsized Impact Is Even More Uting More Than $540 Million in Tax Revenue in 2018 STATE of DOWN AUSTIN TOWN 2019 02 DOWNTOWN AUSTIN ALLIANCE Table of Contents State of Downtown Austin Economic Development Report 2019 DOWNTOWN AUSTIN 05 06 08 ALLIANCE MISSION STATE OF PUBLIC THE VALUE OF DOWNTOWN IMPROVEMENT DOWNTOWN AUSTIN DISTRICT AUSTIN To create, preserve and 10 17 20 enhance the value and DOWNTOWN OFFICE EMPLOYMENT DEVELOPMENT MARKET AND TALENT vitality of downtown 24 28 32 Austin. HOUSING AND HOTEL, RESTAURANTS RESIDENTS CULTURE AND AND RETAIL ENTERTAINMENT 35 38 40 CONNECTIVITY PUBLIC SPACE RANKINGS AND ACCESS DOWNTOWNAUSTIN.COM 03 04 DOWNTOWN AUSTIN ALLIANCE State of Downtown Austin Growing. Thriving. Emerging. 2018 DOWNTOWN 14.9M BY THE NUMBERS SF MULTI-TENANT OFFICE SPACE 14,671 $13B DOWNTOWN RESIDENTS TAXABLE 10,615 Property 93,665 Hotel Value DOWNTOWN EMPLOYEES ROOMS Introduction For more than 25 years, the Downtown Austin Alli- that serve as a window to first wave development ance has been committed to the economic prosperity trends. As the trusted stewards of this special place, of downtown Austin. We use our expertise to ensure we will continue to provide expertise, vision and lead- downtown continues to serve as an amenity for ership that help downtown Austin grow in a respon- Austin’s 2 million residents and 27 million annual sible, accessible and sustainable way for the benefit of visitors, while it also continues to grow and thrive as the entire region. the economic engine of our region. We are committed to ensuring downtown Austin is Additionally, Austin has quickly established itself the downtown you will always love. as part of a new, emerging class of 21st century cities The State of Downtown report is a market snapshot illustrating the central role downtown plays as Austin's economic, SOURCE: US CENSUS BUREAU, BUREAU OF LABOR & STATISTICS, COSTAR, TRAVIS COUNTY APPRAISAL DISTRICT, DOWNTOWN AUSTIN ALLIANCE. AUSTIN DOWNTOWN DISTRICT, APPRAISAL COUNTY TRAVIS COSTAR, OF LABOR & STATISTICS, BUREAU US CENSUS BUREAU, SOURCE: governmental and cultural center. DOWNTOWNAUSTIN.COM 05 Downtown Austin The Downtown You Will Always Love DOWNTOWN MARTIN LUTHER KING JR. BLVD AUSTIN ` BOUNDARIES 15TH STREET Downtown PID Boundary Downtown Austin Plan 11TH STREET Boundary I-35 GUADALUPE STREET GUADALUPE LAMAR BLVD. CONGRESS AVE. 4TH STREET CESAR CHAVEZ STREET BARTON SPRINGS ROAD EAST RIVERSIDE DR About the Downtown PID In 1993, the downtown property owners petitioned the mercial properties (over $500,000) within the PID. City of Austin to create a Public Improvement District We use this revenue to provide direct services (PID) to address the unique needs of downtown Aus- supporting downtown’s safety and cleanliness. We also tin. The PID is currently authorized through 2023. The work as a full-time advocate for downtown through Downtown Alliance’s primary funding source comes dozens of programs and initiatives that increase down- from a special assessment on privately owned, com- town’s value and vitality. 2019 ALLIANCE, AUSTIN DOWNTOWN SOURCE: 06 DOWNTOWN AUSTIN ALLIANCE ANALYSIS BOUNDARIES For this report, unless otherwise noted, we consider downtown to be generally defined as the area bordered by Martin Luther King Jr. Boulevard on the north, Lady Bird Lake on the south, I-35 on the east and Lamar Boulevard on the west. This area is roughly 1,100 acres and represents 0.5% of the City of Austin's total land area. DOWNTOWNAUSTIN.COM 07 The Value of Downtown Austin The Economic Engine of Our City Not Taxable 5.9m-12m <460,000 12m-28.3m 460,000-1.1m 28.3m-70.2m 3D TAXABLE VALUE PER ACRE 1.1m-1.8m 70.2m-193.9m AUSTIN, TX 1.8m-3.1m >193.9m 3.1m-5.9m DOWNTOWN'S by Percent Share SHARE OF AUSTIN'S ASSESSED VALUE 12% 9.6% 10% 8% 6% 4% 2% 0% SOURCE: TRAVIS COUNTY APPRAISAL DISTRICT, STATE OF TEXAS COMPTROLLER, URBAN3, MAP BASED ON 2014 DATA MAP BASED URBAN3, TEXAS COMPTROLLER, OF STATE DISTRICT, APPRAISAL COUNTY TRAVIS SOURCE: 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 08 DOWNTOWN AUSTIN ALLIANCE Making an Impact The Downtown Austin Alliance has long known that of hotel tax and sales tax generated has increased by 18%. downtown is the economic engine of Austin, contrib- Downtown Austin’s outsized impact is even more uting more than $540 million in tax revenue in 2018. impressive when considered in a greater context. This tax revenue pays for education, parks, emer- With an average assessed value of $16 million per acre, gency services and more throughout the entire city, downtown is 20 times more valuable than the citywide not just downtown. Despite its small geographic area average. According to a 2018 International Downtown (0.5% of Austin), tax revenue generated downtown Association Report examining 24 peer downtowns, represents a major asset to the city, accounting for downtown Austin’s assessed value per acre is also high 9% of all property tax, 47% of all hotel tax and 10% of relative to other downtowns, which average five times all sales tax in the city limits. Since 2015, the amount more valuable than their respective cities. DOWNTOWNS MAKE UP A SMALL SHARE OF THEIR CITY’S LAND AREA BUT HAVE SUBSTANTIAL ECONOMIC IMPORTANCE. DOWNTOWN EQUIVALENTS Downtown is 0.5% of the city's land area but accounts for 10% of Austin's total assessed value. With $13B in Taxable Value, downtown generates 20 times more tax revenue than the city average on a per acre basis. The economic tax impact of a building such as Frost Bank Tower is equivalent to the tax output of 200 single family homes or 50 Barton Creek Malls. One-third of downtown's land is tax exempt, yet downtown contributed more than $540M in combined tax revenue in 2018. Downtown's share of Austin's property value has doubled in the last 10 years, reinforcing its economic importance to the region. DOWNTOWNAUSTIN.COM 09 Downtown Development Shaping the Center of the City Growth and Opportunity In 2018, Austin was ranked the fastest growing large With current zoning and pace of development, city in America, and you do not need to look further downtown has hit just over half of its development than downtown to see it for yourself. In the last year, capacity. Demand remains strong, although office, downtown Austin has experienced a significant amount residential and hotel markets are limited by supply. As of development in all categories at a larger scale than Austin looks to revise its land development code in the ever before. Since the Downtown Alliance completed its coming years, adding supply in downtown is a critical future development capacity analysis in 2016, down- solution to meeting Austin's housing demand, more town has developed almost 11 million square feet. pedestrian activity and overall economic output. KEY TAKEAWAYS ▶ At 70 million square feet developed, downtown has hit just over half its development capacity according to current land development codes. ▶ With such a strong market demand for development in the urban core, adding supply will produce a number of benefits including increased activity and economic output. 2018 COMPLETED 5th + West Residences Residential PROJECTS Fairmont Hotel Hotel Hyatt House Hotel Miller Blueprint Building (The Goodnight) Restaurant Third + Shoal Office Travis County Ronnie Earle Building Office UT Robert B. Rowling Hall Education PROJECTS UNDER HOTEL OFFICE RESIDENTIAL RETAIL CONSTRUCTION 5th & Brazos Hotel 300 Colorado 70 Rainey Street Plaza Saltillo Austin Proper Hotel & Residences SXSW Center Alexan Capitol Canopy by Hilton Block 71 Gables Republic Square PARK East Austin Hotel Block 185 Plaza Saltillo Apartments Waterloo Park Marriot Hotel at Cesar Chavez 200 E 18th The Independent The Otis Hotel and AC Hotel Offices at Saltillo East INFRASTRUCTURE State Office Building #1 Downtown Transit Station 405 Colorado RiverSouth 10 DOWNTOWN AUSTIN ALLIANCE DOWNTOWN MARTIN LUTHER KING JR. BLVD AUSTIN'S EMERGING PROJECTS 15TH STREET Recently Completed Under Construction Planned 11TH STREET Master Planned 9TH STREET I-35 LAMAR BLVD. 6TH STREET CONGRESS AVE. CESAR CHAVEZ STREET EAST RIVERSIDE DR Downtown's value and impact across the city will continue to rise as the downtown development boom continues at a brisk pace. Above is a snapshot of downtown’s current development projects as of March 1, 2019. DEVELOPMENT 48 M POTENTIAL 70M 9.5 M SF Existing SF Redevelopment OR UNDER SF Planned OPPORTUNITY SOURCE: DOWNTOWN AUSTIN ALLIANCE EMERGING PROJECTS DATABASE PROJECTS ALLIANCE EMERGING AUSTIN DOWNTOWN SOURCE: CONSTRUCTION OR PROPOSED DOWNTOWNAUSTIN.COM 11 DOWNTOWN DEVELOPMENT SINCE 1999 (by SF) 5.26% 1% Non-profit Other 3% Retail/Restaurant 5% Civic DOWNTOWN DEVELOPMENT 24% Hotel 38% 22% Residential Office KEY TAKEAWAYS ▶ 35 Million square feet have been developed in the last 20 years. ▶ The downtown skyline is expanding in all directions, with residential development accounting for the most development in the last 20 years. By the Completed Under Construction Numbers by sq ft 5M Residential 4M Development 3.2M ACCOUNTED FOR ALMOST 3M 40% 2M OF NEW SF 1M IN THE LAST TWENTY YEARS 0M 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12 DOWNTOWN AUSTIN ALLIANCE PROJECTS RECENTLY COMPLETED MARTIN LUTHER KING JR. BLVD AND UNDER Judges Hill CONSTRUCTION BY UT/ District DISTRICT Northeast District Uptown/Capitol District 5MSF + Delivered Waller Northwest Creek 500k-5MSF District District Delivered 11TH STREET Up to 500KSF Delivered LAMAR BLVD. Core/Waterfront District I-35 Market/ Lamar District Lower Shoal Creek District CONGRESS AVE. CESAR CHAVEZ
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