Land currently occupied by a small condo building on the edge of downtown Austin will soon become a 40 story apartment tower, the Austin American Statesman reports.
Located along Lady Bird Lake and adjacent to Rainey Street, the spot is currently home to a condo development called Villas on Town Lake that has 58 units. 80% of the owners voted to sell and were given an estimated $500,000 to $930,000 each depending on the size of their condo, although actual amounts weren’t disclosed.
Located at 80 Red River Street, the new development by Genesis Real Estate Group will have 400 units spread over 40 floors and 400,000 square feet, plus parking, and may eventually have a second tower with more units, depending on market demand.
The city will have to approve the site plan before construction can begin and no total cost has been announced yet.
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The Austin Business Journal reports on a new study that finds that when rent is factored in, wages are down in Austin.
From 2005 to 2015, post-rent wages were down .5 percent in Austin. Just over half of Austinites rent and median rent is $1,045. Median income for households is $57,690 in the Austin city limits.
Austin’s economy has been growing over the last decade and the expanding tech industry is partly responsible. Rent has also grown over 25 percent over that same time period. The difference was most pronounced in the post-rent wages of blue-collar and service workers who saw an almost 10 percent drop in their wages. In the tech industry, workers saw their income expand by two percent.
Despite the drop in post-rent wages, Austin has seen robust employment numbers. Blue-collar employment was up by 15.3 percent, employment in the service-sector went up 39 percent, and employment in the knowledge industry (which includes tech), was up by 46.6 percent. In total, Austin’s employment went up 35.4 percent.
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Local groups are urging the Austin City Council not to delay the CodeNEXT process, the Austin Business Journal reports.
A group of Austin City Council members, Kathie Tovo of District 9, Alison Alter of District 10, Leslie Pool of District 7 and Ora Houston of District 1 proposed extending how long the public can comment on the new rules before they go into effect. They worry that the new rules will harm the character of the single-family neighborhoods in the central core of Austin.
The Real Estate Council of Austin (RECA), and Evolve, a pro-urbanist collective made up of several Austin advocacy groups, both oppose adding time to the process, which they say has already taken too long.
RECA and Evolve encourage the city to stick to their deadline, which is scheduled to go to City Council for final approval next April. They are concerned that the CodeNEXT process has already taken three years, millions of dollars and tons of public comment, and doing nothing will only exacerbate problems with traffic, unaffordability, and income segregation in the city. They do not consider the first draft to be perfect, but are optimistic about working with the city and staff to improve future drafts.
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Wondering what parts of Austin are the most expensive to rent an apartment and which are the most affordable? Curbed Austin has the lowdown.
Downtown Austin has the top rent at a median of $1,990 for a one-bedroom per month, East Cesar Chavez is $1,650 and Holly is $1,600.
Austin was the 33rd most expensive place to rent an apartment in the US for May. Median rent for a one bedroom apartment is $1,050 per month and a two-bedroom is $1,340.
Across the city, the Rosewood and Windsor Park neighborhoods saw rent increase at the quickest pace, by 9 percent.
Hyde Park, the Triangle area, and Rosedale were areas that were priced more affordably in the $1,000 range. East Riverside, Dawson-Galindo, Pleasant Valley, Montopolis, East MLK-183, North and West University, and Windsor Park were other areas of the city that were at or below the $1,000 median rent.
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After being number one for the past two years on the Kauffman Foundation’s ranking of the best cities to start a new business, Austin has fallen to the number two spot, the Austin Business Journal reports.
There were 51 new small business owners for every 100,000 residents in the Austin area in 2016 and there were 104.5 new businesses for every 1,000 businesses. Miami edged Austin out slightly to nab the top spot.
Rounding out the top five cities for entrepreneurs are Los Angeles, San Diego, and Las Vegas.
Across the country, a little less than a third of adults started new companies each month last year, which is roughly 310 out of every 100,000 people. This is slightly down from 2015, but more than 2013.
The number of women entrepreneurs declined, but the ethnic diversity of those starting new businesses is increasing.
Are you an entrepreneur new to Austin and looking for an apartment to be home base so you can concentrate on making that green? Give Apartment Experts South a call today at 512-416-8100 and leave the apartment hunt to us so you can do what you do best!
Hutto residents soon won’t have to drive all the way into Austin for their entertainment, the Austin Business Journal reports.
A former agricultural building will be converted into a mixed-use entertainment building to the tune of $105 million.
The Hutto City Council approved the project last week. They will work with MA Partners on the redevelopment of the Co-op District, which is located near Short Street and Highway 79. The area surrounds a former cotton gin.
The city has owned the building and the 25 acres that the gin sits on for 14 years. The building was opened as an event space in 2015.
There are plans in the works to add offices, restaurants, and a movie theater, as well as a new Hutto city hall and a police station. Construction is on tap for the beginning of next year.
The project will be completed with a mix of public and private funds. $5 million will come from the city of Hutto and $100 million will be raised from private investors.
Hutto is rapidly increasing in population, and fact grew by 53 percent between 2010 and 2014.
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Austin came in number 18 on WalletHub’s new ranking of the best cities in the country to start a business, the Austin Business Journal reports. The city ranked the highest of any city in Texas.
The rankings were determined using assessments of the overall business environment, access to resources, and business costs. Austin had a strong showing in the category for “access to resources”, which includes things like venture capital funding per capita and the local talent pool.
Austin was 127 in the US for business costs, which includes office space cost and cost of living. For business environment, Austin was 4th in the nation. This metric looks at things like the growth in the number of small businesses, work week length, startups per capita and more.
The Kauffmann Foundation ranked Austin as one of the best cities in the country for small businesses and American City Business Journals ranked Austin top in support for small businesses.
Looking to start your own small business in Austin? Apartment Experts North can help you find an apartment so you can focus on being the boss. Give us a call today at 512-339-4411!
Looking to have dinner or drinks out and don’t want to leave Man’s Best Friend at home? Austin’s vast number of restaurants and bars that allow pets mean you don’t have to! Culturemap rounds up the most dog and owner friendly places in town.
The ABGB not only allows dogs, they have an American Pale Ale called the APA! APA that gets changed up each quarter. $1 from the sale of each pint goes to Austin Pets Alive and ABGB hosts adoption events and fundraisers often. The menu features delicious pizzas (including gluten free options), small plates, pizza, salads, and sandwiches using local ingredients.
Banger’s Sausage House and Beer Garden on Rainey features a fenced-in dog run, water bowls, and a menu for dogs to keep Fido happy. Humans can enjoy a spot under the trees and a huge beer selection and housemade sausages. Banger’s also has Mega Mutt Mondays with puppies and vendors aimed at pets, as well as regular fundraisers for charities that benefit our animal friends.
Contigo’s gorgeous patio near Mueller is dog-friendly too. Enjoy their great beer and wine selection and tasty South Texas ranch-inspired food made with local ingredients while your pup chills under the table.
Round Rock even has gotten in on the dog welcoming act. Greenhouse Craft Food offers a menu featuring local ingredients straight from the farm as well as local beers. Their small patio welcomes dogs that are happy to just chill while their owner eats.
The Little Darlin’ has a gigantic outdoor area under the trees covered with grass that is just perfect for your dog to play while you enjoy their Southern Comfort Food menu and a beer, glass of wine, or cocktail.
If you didn’t find a dog-friendly patio in our neck of the woods, check out Culturemap Austin for the full list. If you’re looking for a dog-friendly apartment in Austin, give Apartment Experts North a call today at 512-339-4411. We can help you find the perfect apartment for everyone in the family!
After years of slapping the owners with fines after failed inspections, two local apartment complexes may finally be shut down, with the City of Austin providing money to relocate residents, the Austin American Statesman reports.
The Austin City Council is likely to vote today to provide $600,000 from the city’s Housing Trust Fund in assistance to the 20 total displaced residents. The money would total $36,000 per unit and would provide $1,600 for moving expenses, $9000 for emergency housing, $3,000 for deposits at new apartments, and about $22,500 to subsidize rent at the new apartments for up to 2 and a half years.
The complex located at 1127 E. 52nd St.’s problems include fire damage that wasn’t repaired, concrete stairs and supports that are falling apart, and a failing joint that supports the 2nd floor overhang. The complex next door at 1205 E. 52nd St. has wood on the 2nd floor walkway that is rotting, a cracked facade, and damaged balcony and rooftop cantilevers. The owners have been fined more than $800,000 over the last two years and the city has liens against both buildings.
While some residents have been concerned about the safety of the building for some time, others are more concerned about where they will live once they are forced to leave their apartments. Rent is between $400 and $700 a month, a rarity in Austin.
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Most people would say that Austin has the most expensive rent in the metro area, but surprisingly, as CultureMap reports, that’s not the case.
Leander had the most expensive rent for last month out of 13 cities in the greater Austin area, a recent report found. Leander’s median rent was $1,110 compared to Austin’s $1,080.
Austin is expected to be back on top soon, though. Rent in February was down 6.9 percent in Austin over a year ago. If this month is consistent with what happened a year ago, rent will be $1,160 in Austin compared to just $1,140 in Leander.
Georgetown is the fastest-growing rental market around Austin. The city’s rent increased 13.2 over a year ago to $1,030. Jollyville came in 2nd with a 4.4 percent increase to $940. Rent in both places was more than the Texas median rent of $887.
Your rental dollar goes farthest in San Marcos, where the median monthly rent is $860, Wells Branch, where rent is $880, and Kyle, where rent is $900.
Ready to make the move to a new apartment in the Austin area? Apartment Experts South can help! Give us a call at 512-416-8100 to find your perfect new home today!