Development Updates in Austin:
Construction is set to begin on several large projects in Austin, Texas, this year. Despite troubling interest rates, it is an exciting time for local real estate developers as the city welcomes a number of new developments across various asset classes.
Pearson Ranch Development
Work has begun on Phase One of Inspire Development’s $2 billion Pearson Ranch project in northwest Austin. The Austin-based firm is leading the development, noting that they have started construction on the project’s first apartment complex, The Eden. The mixed-use project will include 2,500 condominiums and apartment units, 2.6 million square feet of office space, two hotels, 30 acres of green space, and 200,000 sq. ft of retail, restaurant, community, and cultural space.
CLD Realty’s Retail & Entertainment Project
Austin-based developer CLD Realty has proposed the development of 7 one-story buildings alongside retail and restaurant space at 2260 Main Street. The 48,000-square-foot complex is expected to cost about $8 million, and construction is scheduled to begin in March of 2023. CLD’s Ryder Jeanes commented on the project: “We are looking for neighborhood services that seek to take advantage of the tremendous growth in east Buda and the Sunfield community.”
Hotel Openings
The Hyatt Centric Congress Avenue Hotel in Austin is nearing completion, according to Denver-based developer McWhinney. The 31-story hotel at 721 Congress Avenue in downtown Austin will offer 246 guest rooms (including five suites) alongside 2,560 square feet of meeting and event space. The hotel is scheduled to open in February of 2023.
Tag(s):
Texas Digest