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Cielo Property Group — one of Austin’s most aggressive, young development companies — has another project in the works: a potential six-story office building with street level retail catty-corner from The Foundry, which is in the site preparation phase.
“We’ve assembled 36,000 square feet (of land) northeast of The Foundry,” said Bobby Dillard, co-principal of Cielo. “We love East Austin. To be right by (Capital Metro) rail is really meaningful.”
Click to read more at Austin Business Journal.
A new hotel planned for West Sixth Street in downtown Austin would be one of the first of its kind in the United States.
Paperwork has been filed with the city to build a Canopy by Hilton hotel at 612 W. Sixth St., on a packed section of the commercial strip that has housed various bars and restaurants over the years, as first reported last week by Community Impact. Austin’s Urban Design Group, a prominent engineering and design firm that is also handling the look of the new Central Library and The Independent apartment skyscraper, filed the papers.
Click to read more at Austin Business Journal.
Add another proposed apartment high-rise to the glut of construction in the Rainey Street area.
Lee Development & Construction of Austin aims to build a roughly 33-story tower at 48 East Ave., the Austin American-Statesman repots, although design hasn’t been finalized.
No zoning change is required for the project, which will cost an estimated $60 million, the Statesman reports. Lee Development CEO Robert Lee told the newspaper he hopes to obtain building permits from the city and break ground by the end of the year.
Click to read more at Austin Business Journal.
Trio of sales indicative of investor demand
SAN ANTONIO – July 13, 2017 – By year-end 2017, San Antonio hotels are forecast to see a revenue per available room (RevPAR) increase of 3.9 percent, more than the national projection of 3.0 percent, according to data from CBRE Hotels’ Americas Research.
The RevPAR increase is the result of an estimated 1.3 percent occupancy increase and a 2.6 percent gain in average daily room rates (ADR), according to CBRE Hotels’ Americas Research. San Antonio market occupancy rate levels are forecast to range from 62.4 percent for lower-priced hotels to 70.2 percent for upper-priced hotels in 2017.
“With Houston’s market still in decline, and the Austin and Dallas-Fort Worth markets flattening out due to large hotel room supply increase, San Antonio is becoming a more attractive destination in Texas for hotel investors. A very small new hotel room supply pipeline and increasing hotel demand will help drive hotel RevPAR growth for the next few years,” said Michael Yu, senior vice president, CBRE Hotels.
Click to read the rest of this Press Release.
Real estate investment firm Harris Bay announced Wednesday it is in contract to purchase the Commerce Building in downtown San Antonio and move its Texas office there.
Though the sale price was not disclosed, Bexar County’s latest appraisal of the 40,000 square foot, eight-story building at 314 E. Commerce St. was $2.875 million.
Click to read more at San Antonio Business Journal.
3M Co. has agreed to sell its 156-acre campus in far Northwest Austin to a local real estate investor and now plans to shift hundreds of employees to a new site about 15 miles away.
Here are some of the interesting aspects of the move:
Click to read more at Austin Business Journal.