News

“Tesla Set to Expand Austin Gigafactory With $717 Million Project”

“Tesla Set to Expand Austin Gigafactory With $717 Million Project”

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Tesla is set to embark on a massive expansion of their Austin Gigafactory, located at 1 Tesla Rd., with the addition of 1.4 million square feet of space. The project, estimated to cost $717 million, is composed of four buildings, the largest of which will be a 693,093-square-foot facility known as Cell 1. This will be accompanied by a 423,032-square-foot Drive Unit, a 321,186-square-foot Cathode, and a 2,560-square-foot Cell Test Lab. Construction on all four buildings is set to begin this month. The Texas Real Estate Research Center has reported that this is just one of many industrial news stories for Austin-Round Rock and the rest of the state.

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oreevo, a shared kitchen space in Austin, the number of tenants renting space to start a food business has increased by 20% since the start of the pandemic. “Small Businesses in Texas Fighting an Uphill Battle to Pay Rent”

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Small Businesses in Texas Struggling to Make Rent

Recent data from Alignable, the largest online referral network for small businesses, shows that Texas is second in the country when it comes to rent delinquency. 45% of businesses surveyed said they were delinquent on rent in December, up two percent from November and up 22% from last December. New York has the highest rate at 55%.

Alignable attributes the rent delinquency to economic pressures such as higher-than-usual inflation and lower consumer spending. Restaurants are leading the pack with 52% of owners saying they were unable to make the December rent in full and on time, a record for 2022. This is 10 percentage points higher than November.

Kelsey Erickson Streufert, spokesperson for the Texas Restaurant Association, attributes the high rent delinquency rate in Austin to the city’s retail rent per square foot, which is up 8.41% year-over-year. This is the highest increase among the four major metros in the state.

In response, Austin restaurants are pivoting, streamlining their menus, reducing their hours, and relying more on delivery and catering concepts. They are also turning to shared kitchen spaces.

At Y

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“Apple’s Major Investment in Austin: A Major Boost for Central Texas Real Estate”

“Apple’s Major Investment in Austin: A Major Boost for Central Texas Real Estate”

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Welcome news for Central Texas! Apple Inc. is investing an additional $100 million into their Austin campus, according to the Austin Business Journal. This investment is a major boost for the real estate sector in Central Texas, especially during a time when recession fears are looming and many tech employers are scaling back their presence in the area. Facebook, for example, has backed out of their plans to occupy Austin’s next tallest skyscraper. Additionally, Amazon.com Inc. and Google Inc. are both facing layoffs.

At Yee-Haw Development Marketing Group, we understand the importance of these investments for Central Texas. We help housing developers in the area market and sell new housing developments. We are thrilled to hear of Apple’s commitment to the Austin area and are excited to see what the future holds for Central Texas!

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Affordable senior-living project on the way to Austin

Affordable senior-living project on the way to Austin

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​​​​AUSTIN – DMA Development Co. LLC is developing Arbor Park, a $17 million
senior-housing facility.

The four-story project will have 147 units for adults aged 55+. Some units
will be reserved for tenant​s making below 80, 50, or 30 percent of the area
median income.

It will have a large community area with a kitchen, ground-floor library,
private courtyard, fitness center, floor lounges, laundry facilities, and high
ceilings.

Opening is slated for late 2023.

[![texaslogo.png](https://assets.recenter.tamu.edu/Images1/NewsTalk/NTTInfo.png)](https://www.recenter.tamu.edu/articles/technical-
report/Texas-Quarterly-Commercial-Report)Looking for more [Austin-area senior
living news? ](https://txrec.io/34h22SX)The Texas Real Estate Research
Center’s got you covered. ​

​

​​Source: [Connect CRE​](https://www.connectcre.com/stories/affordable-senior-
rental-project-begins-to-take-shape-in-austin/)

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Georgetown acres becoming industrial project

Georgetown acres becoming industrial project

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​GEORGETOWN – Bridge Logistics Properties has purchased 92.5 acres at 5501 S.
I-35 for the development of a seven-building industrial property.

Bridge Business ​​Park will inclu​de at least one million sf of industrial
space and 30,000 sf of office space.

The two largest buildings will be 298,080 and 274,320 sf with 36-ft clear
heights. ​

The next four buildings will range from 77,760 to 174,720 sf. They will have
32-ft clear heights.

Amenities will include walking trails, an outdoor pavilion, and pickleball
courts.

Bridge received approval for an annexation and zoning request for the property
last year.

Construction will begin in fourth quarter 2023. Delivery is slated for fourth
quarter 2025.

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