Project Catalyst, Recently Renamed "4700 East," Still Moving Forward

In its August meeting, the Austin City Council approved the re-zoning measures required for Project Catalyst, recently renamed 4700 East, to keep moving forward. If the mixed-use development project proceeds as planned, it will sit on a a 97-acre site in Southeast Austin and will neighbor Oracle’s new 40-acre corporate campus.

Often referred to as Austin’s future “Third Downtown" (with the Domain North being Austin’s “Second Downtown”), Nimes Capital has proposed building 4,700 residential units, 600 hotel rooms, 4 million square feet of office space, 60,000 square feet of medical and dental office space, and 435,000 square feet of ground-floor commercial space at 4700 East. In short, an “urban village” would be created in this area near the corner of East Riverside Drive and South Pleasant Valley Road that would basically offer, well, everything!

The city could require developers to offer hundreds of income-restricted affordable housing units, but it would only do so if the developers build structures above the restricted height of 60 feet. To maintain the promise of affordable housing in the area, the developer is currently promising that 8-12% (400-550) of the units will be income-restricted as a trade off for greater building heights. Additionally, the developer formally committed to reserve 10 units for people who are transitioning out of homelessness. These housing units will be paid for with vouchers supplied by the Ending Community Homelessness Coalition.

In order for 4700 East to be built, there are some other buildings that will need to be removed for this project to move forward. For this reason, developers have been slowly purchasing apartments in the area over the course of the past several years. The buildings that would be removed, which are roughly 60% student-occupied, are The Ballpark North and Town Lake, as well as the Quad East, West and South. The properties account for a total of 3,702 bedrooms and 1,308 units, according to city documents. Developers will also ensure gradual displacement of current residents in the area—250 of the existing units on site will not be redeveloped or demolished for five years in an effort to defray displacement.

Construction is not envisioned to begin on 4700 East before 2020. However, once the project is officially approved by the Austin City Council, the development will be built slowly over a 25 year period in five different phases along the way. The developer will return to the city council for a third and final hearing in September, at which it will need to receive at least six votes in favor to pass.

Austin FC

The City of Austin has it all—live music, great food, hike & bike trails, and fantastic schools.  But, for a long time, the city has lacked one ingredient that some would say is essential to a major city.  In fact, as the 11th most populous city in the United States, it is highly unusual that Austin doesn’t yet have several of these yet... 

What ingredient are we talking about?  That’s right—a professional sports team.  The University of Texas hasn’t minded the absence, as college sports have basically been our pro team of choice in Austin.  Avid pro fans can also always look north to Dallas, south to San Antonio or east to Houston to scratch the itch even more.

In 2016, the Austin Sol (ultimate frisbee) became the very first professional sports team in Austin, although most Austinites would be hard pressed to tell where and when they play (Can you?).

However, on September 5th, everyone will know that a PROFESSIONAL sports team is coming to town.  Austin FC, a Major League Soccer (MLS) team will host a groundbreaking ceremony for a $242 million North Austin soccer stadium. The stadium site, located on 24 acres at McKalla Place near The Domain, is on track to host the league's 27th team beginning in the spring of 2021.

According to the Austin Business Journal, Dave Greeley, the president of the Austin FC parent company Two Oak Ventures, hopes to make an additional announcement in the coming weeks about the details of a separate training facility for the team that is also in the works. 

In addition, we all know one of the investors in Austin FC. We know him not just from the movies, but also from his face at all of the UT home games.  Matthew McConaughy has joined the investor group bringing the team to town.  According to McConaughy, "Austin FC is a healthy investment in our city's culture and future. The most diverse and borderless game in the world is now coming to one of the most multicultural, creative and diverse cities in the world."

So, Austin…How should we react to getting our first MAJOR professional sports team?  Well, in the words of McConaughy, I guess we should all just say, “All right. All right. All right!”

48 East Condominiums to be Zoned as a Hotel

48 East is the one of the latest and most unique condominium development projects to be approved in the Rainey Street District.  It’s unique because the Austin-based STG Design building will actually be zoned as a hotel, which will be powered by Airbnb.   

It’s confusing, but innovative. The concept is a 33-story, 239 unit building that combines the comfortable qualities of a short-term residential rental with the amenities and efficiency of a hotel. 

Once constructed, the building will offer units for sale in the price range of $300,000 for a 454 square feet studio to up to $1.2 million for a 1390 square feet, multiple bedroom condominium. Residents will have the opportunity to rent out their units via Airbnb for up to 180 days per year. 

Airbnb plans to charge 25% off the top and will provide “MasterHost” services at each property for items such as guest check-in, cleaning and linen service.  An added amenity will be local “Airbnb Experiences” for guests—events that involve hosts sharing their own takes on local culture and activities.

Condominiums can be purchased furnished or unfurnished and will feature additional features such as an extra lockable closet to store sensitive belongings and digital locks for keyless entry.    The building itself will include amenities available to all owners and guests, including co-working spaces, hotel-style food and beverage offerings, a spa-inspired fitness center, and a rooftop pool deck.

Property owners will be responsible for hotel occupancy taxes as well as property taxes and will not be allowed homestead exemptions on property taxes. 48 East is expected to open in 2021. 

What is your opinion of this condo/hotel/Airbnb concept?  Do you like the idea of a downtown condominium building built for short term rentals? Make your opinion known in the comments below!

Bouldin Creek Development to Add Needed Office Space to South Lamar

Austin’s next high end office development is coming to the Bouldin Creek Neighborhood at South Lamar and Oltorf.

The Bouldin Creek Office Complex will house 165,000 square feet of office development and 2,500 square feet of retail shops, all fronting South Lamar. The location of this office complex, just 1.2 miles from downtown, will attract many potential tenants, including technology, marketing and financial services firms, as well as law and accounting firms.

The project will have an open-air feel and beautiful views of downtown, as it plans to house a rooftop deck and two acres of green space bordering Bouldin Creek.

When can we expect to see shops and offices open at Bouldin Creek? This project is designed by Austin architect Michael Hsu and is expected to deliver by the summer of 2020.

Interested in homes in the Bouldin Creek Area? Homes sold for a average price of $630,000 in this area last year! Check out all available listings here: