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The Austin real estate market continues to boom as the pandemic draws to a close. Austin office space is becoming very occupied again, and continued relocation efforts from major US tech companies are bringing capital and new development to the area.
Dallas developer, Lincoln Property Company, and San Antonio’s Kairoi Residential have unveiled plans for a downtown skyscraper called 98 Red River. The building is expected to be between 1022 and 1034 square feet, which would make it the tallest building in the state. The tower is slated to have a 240-unit hotel, 700,000 sq. ft. of office space, 240 residential units and ground-floor retail.
Austin-based AQUILA Commercial has broken ground on a 110,000 square-foot office project in the East Austin submarket. The project is expected to be delivered by late 2023 and will bring more office space to a booming area of the city. The project will also be LEED Silver certified.
After years of planning, Lincoln Property Company and Phoenix Property Co. plan to break ground this quarter on the Republic, a 48-story office building in downtown Austin. The project is yet another sign of the desire for downtown office space as companies return to office and relocate.
Hines is set to develop Mirador, a $500 million master-planned community in Southeast Austin. The project will encompass 1,400 acres and contain over 2,500 single-family homes, over 1,500 apartments, and plentiful commercial space. There will also be over 600 acres of greenbelt, a 60-acre lake, and ample parks. Construction will begin later this year and will be among the most substantial projects the city has seen.