Roundup of Recent Real Estate News
This month we look at some of the biggest stories impacting the future of Austin’s economic growth, affordability and quality of life.
One of the most common worries when it comes to Austin’s growth is increasing our already troublesome traffic issues. One solution is a possible subway system coming to Austin. Another approach is expanding the MetroRail system and we’ve got the details on a new $24 million MetroRail station, located just north of the Domain.
Also in the news, northeast Austin lands a $150 million campus from a global defense contractor, the inbound migration of people moving to Austin is as strong as ever, and construction in downtown Austin continues to boom!
Northeast Austin Lands $150 Million Campus From Global Defense Contractor
Aerospace and defense technology company BAE Systems is expanding its operations to North Austin—building a 390,000-square-foot facility which will hold 1,400 employees. The facility will primarily support the U.S. Department of Defense customers. Construction is scheduled to begin this year and end in 2022.
New $24 Million MetroStation
North Austin will soon be home to a new $24 million MetroRail station, located just north of the Domain. The new station will be the central feature of the mixed-use redevelopment of the Broadmoor campus. The station is scheduled for September, and it will open in summer 2022.
Subway System coming to Austin?
Project Connect, a comprehensive transit plan with a rail system that travels under downtown, will be added to November’s ballot. The downtown tunnel is estimated to be about a mile and a half and cost $2 billion. This shows the continued support of making Austin a more transit-oriented city with its ever growing population.
Are people still moving to Austin, Texas, amid Covid19?
Austin continues to be one of the fastest growing cities in America. This past July, Austin’s population hit 1 million and about ⅔ of Austin’s population growth is from migration. Austin’s Planning and Zoning Department has seen steady growth amidst the pandemic, but more hard data is needed to see how the pandemic has changed Austin’s growth.
Construction in Downtown Austin Continues to Boom!
The pandemic isn’t slowing Austin’s ever growing downtown. According to the Downtown Austin Alliance, only one project has been canceled because of the pandemic—more than two dozen projects continue to move along. “The activity that we see in downtown right now is an indication of the very healthy real estate market economy that we had when we entered this pandemic,” said Michele Van Hyfte, vice president of urban design for the Downtown Austin Alliance.
Nationwide Flood Risk Scores
Big news! Every house in the USA is about to get a “Flood Risk Score” and it may affect homeowners insurance rates. First Street Foundation launched an interactive website offering flood risk data on more than 142 million homes. They worked with 80 scientists and researchers to remap America’s flood risk in an effort to educate homeowners, buyers and the greater real estate industry.