News

Ultra Hospitality LLC is working on constructing two hotels in Manor, Texas which will be situated on 6.1 acres. The first hotel, a Hampton Inn & Suites, is set to start construction in June 2021 and will be completed by July 2024. It will be a four-story building with 57,600 square feet and 100 rooms, and is estimated to cost around $11.5 million. The second hotel, a Towneplace Suites, is scheduled to begin construction in July 2021 and will be finished by August 2024. It will also be four stories with 57,400 square feet and 96 rooms, and the estimated cost is $12 million. For more news on Austin hotels, visit the Texas Real Estate Research Center’s website.

The Morgan Group Inc. is set to begin construction on Pearl Burnet MF, a seven-story, 400,543-sf multifamily property at 11901 Burnet Rd. in Austin, Texas on March 17. Designed by STG Design, the 345-unit tower will include a four-level parking garage and is estimated to be completed in February 2025, at a cost of $70 million. This project marks a significant investment in the area, providing new housing and employment opportunities.

Partners Real Estate recently finalized the sale of six acres within The Commons at Rivery to Novak Commercial Development. The site at Williams Dr. is slated to be the location of a 300-unit multifamily property, with four stories and featuring more than 45,000-sf of space devoted to retail, service, and restaurant businesses. Construction of the first phase of retail space is set to begin in the second quarter of 2023, with overall completion scheduled for 2025. This news follows a larger trend of mixed-use projects, multifamily properties, and retail developments in the Austin area. The Texas Real Estate Research Center offers more information on these topics in their Texas Quarterly Apartment Report, Texas Quarterly Commercial Report, and Austin Retail News.

EastGroup Properties has announced the development of 350 Texas Industrial, a 128,716-square-foot industrial project in Round Rock, Texas. The project will comprise two warehouses on nine acres at 350 Texas Avenue, with both buildings featuring 28-foot clear heights. Pross Design Group Inc. is the project designer and construction is set to begin on April 17, 2021 and expected to be completed in January 2023. This news follows a report from the Texas Real Estate Research Center which contains updates about industrial developments in the Austin-Round Rock area.

Apple will begin construction of its second phase of the Parmer Lane campus in Austin, Texas, next month. This phase, dubbed Capstone Phase Two AC09, will be a four-story building totaling 203,941 square feet and will be completed in March 2025 at a cost of $120 million. Additionally, plans have been filed for a five-story facility, which will measure 368,726 square feet and will cost approximately $100 million. The project is estimated to be worth $1 billion and will accommodate up to 15,000 employees in total. HKS Architects has been tapped to design the buildings. The campus, which was initially developed for engineering, R&D, operations, finance, sales, and customer support, will span three million square feet when completed.