Real Estate

Travis County Commissioners recently passed a $35 million contract with Mobile Loaves & Fishes, a nonprofit organization, to construct 640 housing units for those experiencing homelessness in Burleson Village. The units will be split between microhomes (under 400 square feet) and RV units. The housing complex will additionally offer mental and physical health services, addiction services, Family Eldercare, and restorative justice. Site preparation is estimated to take two years, with the first residences moving in by mid-2025.

For more information on the Texas real estate market, free news and reports can be found online. These resources include Texas Housing Insight, Austin-area housing news, Home Price Index, and Central Texas housing reports.

The Austin Housing Finance Corporation, The Vecino Group, and Caritas of Austin are collaborating on a $53 million affordable housing project called The Libertad Austin. Located at 900 Gardner Road, the development will offer 198 units across three four-story buildings with 50 one, 95 two, and 44 three-bedroom floor plans ranging from 653 to 1,052 square feet. Most of the apartments will be reserved for families who are at or below 30 to 60 percent of the median family income, while the remaining 50 will be for people who are experiencing homelessness. The Libertad Austin project is part of a larger effort to create more affordable housing options for the Austin community.

Prologis Inc. is beginning construction on a five-building industrial complex located on 75 acres along Brushy Creek Road in Cedar Park, Texas. The two parcels of land, one 68 acres and the other seven acres, were purchased from National Instruments Corp. Construction is scheduled to begin in the spring or early summer, with completion expected by 2024. This news is part of an ongoing trend of industrial development in the Austin-Round Rock area, as evidenced by the Texas Quarterly Commercial Report from the Texas Real Estate Research Center.

Construction is beginning this spring on a 53,300-square-foot EVO Entertainment venue in Hutto, Texas. This $25 million project is slated to open in spring 2024 and will feature eight theaters, ten bowling lanes, 7,200 square feet of gaming space, a bar/lounge area, a patio, and private event space. Located within Townwest Commons, this venue is expected to provide a unique entertainment opportunity for locals and visitors alike.

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.