It’s no secret that Austin continues to grow at an incredibly rapid pace. Signs of the growth over the past year are visible throughout the city, from new commercial buildings and hotels making their marks on the downtown Austin skyline to new restaurants and retail stores changing the landscape and culture on the ground. The local real estate market has shown this boom throughout the year, with home prices and sales rising steadily, due to both the economic landscape of Austin and Texas and the influx of people moving to the city each day. Living space in downtown Austin continues to be in high demand as well, even with the rapid construction of new apartments and condos that has taken place throughout the year.
Though the Central Texas population continues to grow the most in the suburbs, downtown Austin has been an epicenter for growth in more than just the residential market, with many of the ongoing and planned developments occurring in the downtown area directly around The Austonian. Work is progressing steadily on the Seaholm District just west of the luxury high-rise. The mix-used reimagining of the iconic Seaholm Power Plant will feature residential, office space, and retail, including Trader Joe’s, Athenahealth, and and Boiler Nine Bar + Grill, the newest restaurant concept from Jeff Trigger and Chef David Bull of La Corsha Hospitality Group – the talent behind The Austonian’s Congress trio.
It was also a big year for new hotel developments, with Austin continuing to draw tourists to the city thanks to events like South by Southwest and F1, which attract visitors from across the nation and the world. From the JW Marriott and the downtown Westin, which are well on the way to completion, to the Fairmont and Hotel Granduca which have recently begun construction, the pace of Austin’s hotel activity is comparable to that of much larger cities like New York and Washington D.C.
Commercial real estate has also boomed in the past year, with new office buildings both beginning and completing construction in the downtown area. From the 3rd and Colorado tower to the IBC Bank Plaza and the expansion of the Whole Foods Headquarters, these new offices have filled up quickly as more companies flock to downtown Austin.
The downtown real estate market acts as evidence of the wide variety of new developments cropping up in the area, not just the sheer amount. The Austonian continues to be in the heart of the action, and as the city continues to grow and change, residents can expect their quality of life to become even richer.
