Downtown Austin Experiencing Boom in Real Estate Development Plans
Regent Property Group, Austin’s leading luxury property group, reports four major projects planned for the Market District in Downtown Austin.
Austin, TX (PRWEB) June 26, 2012
Regent Property Group reports multiple plans for new development in the Downtown Austin Market District, located on the western edge of downtown, which includes a proposed 493,000 square feet of office space, 70,000 square feet of retail and 370 apartments. Schlosser Development Corp. is behind most of the new plans in the Market District. These projects, along with in-demand Eanes ISD homes and a population growth of 6% a year, make it clear that Austin is booming.
As Austin grows in both population and in number of businesses, office space is in high demand. At 86% occupancy and with few large spaces available, the average rental rates downtown are at least $6 higher per square foot than the rest of Austin, and landlords are almost doubling rent during renewals. “Landlords on the residential side of real estate are following similar cues in raising rents,” Austin REALTOR® Brian Talley notes. “This has made it a prime time to consider purchasing a home, and a REALTOR® can help locate one close to all the excitement of downtown.”
Other projects by Schlosser Development Corp. include Whole Foods Market flagship store, an office and retail complex that houses HomeAway and West Elm, and a retail center with Office Max, Starbucks, and Pure Austin Gym, all favorite spots for downtown residents and Austinites located in popular neighborhoods like nearby Barton Creek homes and Lake Austin homes.
One element of the new development planned will be a 35-story building with 42,586 square feet of office space, 3,385 square feet of retail and 359 apartments. The biggest project will provide additional office space for Whole Foods Market, which tentatively plans to double its corporate staff to 1,300. On Third Street and Lamar Boulevard, Schlosser Development plans to break ground on a 25,000-square-foot, three-story retail and office project in mid-April. The three-story building will consist of 16,000 square feet of retail space on the ground floor and 8,500 square feet of office space.
About Regent Property Group:
Brian Talley is the founder and owner of Regent Property Group. He is ranked among the top 1% of selling agents out of the 5,313 Austin Board of REALTOR® members. Over the past four years, Talley has been a top producer closing multi-million dollars´ worth of transactions for homes located all over Austin. Talley has been active in real estate since 1998 where he began his career working in retail development, sales, and marketing. He formed Regent Property Group to serve the needs of Austin´s residential real estate clients, helping people buy and sell luxury homes in the greater Austin area. Contact Regent Property Group today at 512-554-9714.
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