3 notable mixed-use, residential projects to pop up in Austin suburbs
About two out of three newcomers to the Austin area end up settling in the suburbs, and that is producing an impressive building boom in the region.
Here’s a rundown of three more new projects:
• In Pflugerville, about 20 minutes north of downtown Austin, City Council is pondering whether the city should partner in a 45-acre project called Pecan District. Developers plan to start building apartments at Pecan Street and Heatherwilde Boulevard in December, and they told city officials their involvement could mean the difference between a $400 million project with a huge parking lot and a $1.2 billion development with community amenities such as a hotel and amphitheater. The Austin American-Statesman chronicles the discussions in this article, and Community Impact Newspapers summarized the developers’ pitch here.
• In Smithville, about 45 minutes east of Austin, a 42-acre mixed-use development has been approved by City Council. Austin-based Capella Capital Partners is behind the project, which includes multifamily residential, a hotel and assisted living/senior housing. It also proposes retail to include a store, bank, convenience store and eateries, according to this article in the Austin American-Statesman.
Austin Business Journal went behind the scenes earlier this year to talk to some of the key movers and shakers behind Smithville’s real estate renaissance in an exclusive cover story: click here to read it.
• And in Bastrop, economic stewards have chosen a finalist to redevelop a vacant lot on Main Street where three buildings burned down. Stone Cobalt Partners, a joint venture out of Austin and Katy, plans to build a 4,500-square-foot mixed-use building that will yield a restaurant and retail spaces on the ground floor, offices on the second floor, a balcony overlooking Main Street and possibly a rooftop terrace for special events, according to this article in the Austin American-Statesman.
Source: Austin Business Journal