Agenda_Item_5_1 file_Downtown_Development — original pdf

Backup

Downtown Commission January 15, 2020 DOWNTOWN AUSTIN DEVELOPMENT UPDATE PHOTO: MICHAEL KNOX DOWNTOWN AUSTIN OVERVIEW As of October 2019 Next Update: April 2020 DOWNTOWN AUSTIN DEMOGRAPHICS • Millennials (ages 23-38) make up 50% of downtown residents* • Baby Boomers are moving into downtown, increasing their share in the past few years* • Well paid, highly educated population • Workforce is on pace with Austin’s growth rate As of October 2019 • Residential is triple Austin’s growth rate Source: ACS 2018 DOWNTOWN AUSTIN IS UNIQUE …. BUT! STATE OF DOWNTOWN 2019 REPORT ECONOMIC HIGHLIGHTS • Highest concentration of city's workforce is in downtown • Place of employment for Austin's young creative • class Innovative hub containing a host of notable companies, co-working spaces, and flexible commuting options • Anchor of Austin's tourism industry drawing millions • Energized with development and public/private to Austin investment • Budding residential neighborhood DOWNTOWN AUSTIN IS UNIQUE …. BUT! DOWNTOWN’S GROWTH OVER THE LAST 20 YEARS • More than 35 MSF have been developed • Almost 40% of new SF delivered was residential development • Scale of development has reached a new level Photo: RALPH BARRERA/AMERICAN-STATESMAN and BRONTE WITTPENN/AMERICAN-STATESMAN DOWNTOWN AUSTIN DEVELOPMENT OVERVIEW DOWNTOWN AUSTIN IS UNIQUE …. BUT! All product types are represented in the development pipeline • Ten projects Completed in 2019 • 20 projects Under Construction • 19 projects Planned • Large scale projects • Mixed Use is here to stay DOWNTOWN AUSTIN IS UNIQUE …. BUT! DOWNTOWN AUSTIN DEVELOPMENT BY THE NUMBERS • 35 MSF has been developed in the last 20 years…. At the current rate, that amount will be matched in less than 10 years. • Retail/Restaurant revival with increasing amount of new space in mixed-use projects As of 1/10/2020 ! DOWNTOWN DISTRICTS Development is happening throughout downtown led by: • Core/Waterfront • Waller Creek • Rainey Street • Lower Shoal Creek CORE/WATERFRONT Downtown Metro Rail Guadalupe 6X Indeed Tower • Explosive Growth • Mixed Use is a common theme • Large scale projects such as Guadalupe 6X, Indeed Tower, and the Downtown Metro Rail Station amongst others are changing the downtown landscape. www.downtownaustin.com WALLER CREEK Innovation • Tunnel is now complete • Waterloo Greenway will provide a much-anticipated amenity and attraction for the market starting with Waterloo Park • Many projects are underway Block 36 Waterloo Park Austin Marriott WALLER CREEK Waller Creek / Palm District Planning Process: Addressing current and future demand of this fast- growing area • Innovation District/Central Health Brackenridge Campus • Waterloo Park and Greenway • Red River Cultural District • Convention Center • Transit Station • Palm School • MACC SXSW Center • Proximity to UT Austin and UT Medical Campus • Guadalupe and Lavaca corridor growth anticipating Cap Metro Orange Line • Mix of civic and commercial spaces State Capitol Complex UPTOWN/CAPITOL Travis County Civil and Family Courthouse SOUTH CENTRAL WATERFRONT RiverSouth • Community led master plan and pending regulating plan • Future location of Cap Metro Blue Line river crossing • Emphasis on public space and density South Central Waterfront RAINEY The Quincy 70 Rainey 44 East Avenue • Rapid Growth • Transit Study (ATD) • Large-Scale Residential Towers LOWER SHOAL CREEK • Public Investment followed by Private Investment • Seaholm and Green Water Redevelopment Austin Proper The Republic Canopy by Hilton The Independent DOWNTOWN AUSTIN IS UNIQUE …. BUT! DOWNTOWN AUSTIN’S RESOURCES https://downtownaustin.com/ Thank You Contact us at daa@downtownaustin.com Michele Van Hyfte, AIA LEED AP BD+C, Vice President of Urban Design Jenell Moffett, MBA, Director of Research & Analysis