Real Estate

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.

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.