Last week, the Austin City Council approved a massive rezoning for Circuit of the Americas (COTA), a 1,155-acre site in Southeast Austin. The request was years in the making for COTA, which has been planning a bigger tourist magnet near Austin-Bergstrom International Airport since at least 2018. The development pipeline already includes an 11-story hotel, a water park and a children’s amusement park, according to COTA chairman, Bobby Epstein. The larger vision is to create indoor and outdoor sports complexes, condos, retail space and a private motorsports club. “Step one is getting the zoning approved so that we can go back to the investors and say, ‘Come back to the table,’” Epstein said. Arm Epic Lodging Partners has signed on to the project as hotel and water park developer. Rocky Williams, an Arm Epic vice president, previously said construction on those elements of that plan could start as soon as next summer. Construction is expected to take 24 months, barring further delays. Initial design plans call for a 100,000-square-foot indoor water park, 350 rooms and 34,000 square feet of meeting and ballroom space. The zoning allows for future expansion of the hotel to up to 508 rooms.

By Christopher Neely | 12:15 PM Oct 1, 2020 CDT | Updated 11:36 AM Oct 2, 2020 CDT

In 2012, Austinites voted overwhelmingly to move into a geographical system of City Council representation, spurring the creation of 10 new districts that would each elect a representative to the City Council dais. The city is now preparing to redraw the district boundaries for the first time, an effort sure to carry political ramifications for the next decade. Three elements will determine the new look of the districts, to be finalized by November 2021 and effective by the November 2022 election: 2020 census data, the analysis and strategy of a 14-member volunteer commission, and a comprehensive community engagement process. The data will arrive by the end of March; the volunteer commission will be selected by the close of February; and community meetings will unfold between March and November. The city charter regulates the drawing of City Council districts. They should each have nearly equal population; district boundaries must touch one another; boundaries should avoid dividing established neighborhoods or communities; and they should be as compact as possible. However, government officials and residents say the ultimate goal is to provide equitable opportunity for the city’s various ethnic and racial groups to participate in local government. Overseeing the process, City Auditor Corrie Stokes said geographic representation might be the name of the system but demographic representation is the priority. Click to read more at www.communityimpact.com.

Cravey Real Estate Services, Inc. recently completed the sale of 832 Hwy 35 S leased to Dollar General in Rockport, Texas. Rockport is a waterfront retirement community about 30 miles away from Corpus Christi, Texas. The 9,014 square foot building sits on approximately 2.68 acres. Lynann Pinkham, broker associate of Cravey Real Estate Services, Inc., represented Harley Trust, and/or Assigns (Buyer) in the sale. A broker out of Dallas, Texas represented DGN Equities, LP a Georgia Limited Partnership (Seller).

Maria’s Taco Xpress, a South Lamar fixture since 1997, starting as a small food trailer and growing to a full-scale restaurant in 2006, will soon serve its last taco. Bradley Bailey, first vice president, and Adam Rabin, associate, with CBRE in Austin, represented Maria Corbalan, owner and namesake of the restaurant, in the property sale. “Maria’s Taco Xpress has been a staple of the 78704 community for more than 24 years, first as a food truck and then as the restaurant we all know now,” said Bradley Bailey, first vice president at CBRE. “We were glad to find a locally based buyer who will bring the next phase of this location to life.” The property has gone under contract to sell to a local, unnamed Austin-based investment company. The sale will be finalized in early November. This new ownership entity is working with Britt Morrison and Brett Maze from the Weitzman Group to find the perfect tenant for this iconic location. “When I came to Austin from Argentina as a young girl, I fell in love with this city and its people. My restaurant has allowed me to touch so many lives over the years and for that I am incredibly grateful,” said Corbalan. “I will continue to serve everyone until the end of the year and then I am giving the business name, equipment and a trailer to my employees of 20 years. They have been amazing, especially during these recent hard times, and I hope they can bring the same delicious tacos to Austin for many years to come. The best gift the community can give me is supporting my employees on their new endeavor.” Corbalan and her employees will continue to serve delicious food to customers through the end of the year. She will also be selling all of the iconic decorations and fixtures in the restaurant so that the Maria’s flair can find a place within other’s homes and hearts. “I have worked very hard as a woman in this city,” said Corbalan. “When I started my restaurant in 1997, beginning with a small food trailer, I never imagined how I would be able to give back to my community and brings smiles to faces with Hippie Church and food made from the heart.”

The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a Fannie Mae loan for the refinancing of Ten19 @ Friendship Lane, a 128-unit, market rate multifamily apartment property located in Fredericksburg, Texas. The property was built in 1998 and four of the units are dedicated as Airbnb units. Amenities at the pet-friendly community include laundry facility, playground, 24-hour maintenance, fitness center and grill/picnic area. The 12-year term, 30-year amortization loan was arranged through a partnership with Old Capital Lending for DCP 1019 Friendship Lane, LLC.