The May 2019 Real Estate News Roundup

Spring, of course, is real estate’s season of Black Fridays — busy, busy, busy.  Though the number of new listings in Austin was down slightly in April as compared to 2018, the number of closed sales was up by 16%, indicating buyers, sellers and real estate professionals had plenty to keep them busy.

Commercial real estate was hopping, too, with plans being made for south of the river, Rainey Street, and the UT campus area. Target plans a store for East Austin — sure to be a hit — and in other retailer news, James Avery plans a second corporate headquarters in Cedar Park.

If you’re in the market for a 34,000-square-foot mansion in California, read on!

Experts Evaluate Area South of the Lake

City planners recently updated developers and real estate professionals about the 20-year plan for the downtown area immediately south of the Lady Bird Lake. Recently updated projections forecast 8.5 million square feet of retail and residential development. Projects are expected to include the redevelopment of the Austin American-Statesman property and the One Texas Center office building. The city wants to see lots of parks, and community plazas, in addition to a reorganization of the street grid.

Big Bucks for Big Building

The 50-story residential tower planned for the Rainey Street area is expected to cost more than $99 million, according to Dallas-based developer Genesis Real Estate Group. The project, which has a Red River address, is called “The Travis” and will have 414 apartment units. It will be built where the 1980s-era Villas on Town Lakes used to be.

New Student Housing Near UT

Meanwhile, a $50 million student housing project is slated for 1900 Nueces Street. The 18-story apartment building will include two above-ground parking levels and provide 153 units for UT students. The architect on the project is the same one who designed The Independent, the Jenga-style condo tower on West Street downtown.

Small Target Store Going into Saltillo

Target Corp. recently announced plans to open a small-format store in the 10-acre Saltillo mixed-use development that’s under construction in East Austin. The store, to be located at 901 E. 5th Street, is expected to be around 24,771 square feet, whereas a typical Target store is 80,000 to 100,000 square feet. With construction beginning in September, the new store will likely open next year, according to a Target spokeswoman, as reported in the Austin American-Statesman.

James Avery Plans Second Headquarters in Cedar Park

Kerrville’s James Avery Artisan Jewelry is planning to invest $13 million on a new facility in Cedar Park. The company is expected to acquire land along the 183-A tollway near Scottsdale Drive on which they will construct the 35,000-square-foot facility. James Avery employs about 300 people at its main corporate office in Kerrville and plans to employ around 100 at the new Cedar Park office, which is expected to open in summer 2021. A small corporate office in North Austin is home to about 40 James Avery employees.

California Palace Has Yet to be Snapped Up

Celebrity plastic surgeon Raj Kanodia of the TV show “Dr. 90210” hasn’t been able to find a buyer for his 34,000 square-foot home in Bel Air, California. It’s been listed for more than a year at $180,000,000 but no takers to date. The 9-bedroom, 20-bathroom house has a 2,000-bottle wine cellar and 29-foot ceilings. There’s also a spa, theater, gym and three kitchens. While he waits for a buyer, Kanodia is willing to rent the house for $1.5 million a month.