Every morning, we send you a free email packed with Austin news, business, and entertainment. Join 20,000+ readers who wake up to Austonia's newsletter.
Local news and fun, every day 6am.
Featured
austonia newsletter
Most viewed
A mixed-use development known as Mirador will be located off the 130 Toll and Highway 71. (Hines)
A $500 million mixed-use development spanning 1,400 acres is coming to Southeast Austin, near Tesla’s headquarters at Giga Texas.
Plans for the development by Houston-based real estate firm Hines include 2,500 houses along with multi-family and townhomes, and commercial land. Hines is partnering with Trez Capital, Sumitomo Forestry and Texas-based Caravel Ventures.
The development, which is known as Mirador, will be located off the 130 Toll and Highway 71, which the developers say provides easy access to the Circuit of the Americas Formula 1 racetrack and other Austin attractions like restaurants, parks and live music venues.
Hines also boasts amenities like a 60-acre lake, over 600 acres of greenbelt, community parks, trails and a swimming pool.
“As Austin continues to grow into the tech epicenter of Texas, coupled with a supply-constrained market, the demand for new housing is at its highest,” Dustin Davidson, managing director at Hines, said. “Mirador will be critical in providing more options for Austin’s growing population and we are excited to work alongside our partners given they each provide a unique and valued perspective in single-family development.”
The local housing market has been hot in recent years, with home sales accelerating earlier in the pandemic. In July 2021, the Austin metro area hit its pricing peak at $478,000. As Austonia previously reported, the area has been expected to see the Tesla effect, with the new workforce driving up demand for housing and other services.
The single-family houses are expected to be developed over the course of six years, in phases. Construction on the homes is expected to start this year and home sales will begin in 2023.
- Real Estate - austonia ›
- Luxury real estate to get special tax status under 'blight' statute in ... ›
- Austin sees record-breaking real estate year in 2021 - austonia ›
- What billionaires like Elon Musk look for in Austin real estate - austonia ›
- Austin luxury real estate market booms in pandemic - austonia ›
- What $10 million (or more) can get you in Austin real estate right now ›
- Austin's housing market is hot, but buyers feel burned out - austonia ›
- Fall breeze begins cooling Austin housing market ›
- Six-story development breaking ground in East Austin in 2022 - austonia ›
- Alpine-X looking to bring indoor ski resort to Austin - austonia ›
- Mixed-use community coming between Austin and San Antonio - austonia ›
- 750-Unit Multifamily Development coming to South Austin - austonia ›
Popular
Elon Musk has proposed once again to buy Twitter for $54.20 a share.
The news that Musk is offering to carry on with the $44 billion buyout was first reported by Bloomberg. Now, a filing with the Securities and Exchange Commission shows Musk made the proposal in a letter to the tech giant on Monday.
The New York Stock Exchange temporarily halted trading in Twitter stock twice Tuesday, first because of a big price move and the second time for a news event, presumably the announcement of Musk's renewed offer.
While the per share offer price on this latest proposal remains the same as the original offer, it’s unclear if Musk has made other term changes or if Twitter would reject it. According to other reports, a deal could be reached this week.
The stock closed at $52.00/share Tuesday, indicating market uncertainty around the $54.20 offer.
After Musk informed Twitter of plans to terminate the original agreement in July, Twitter sued. A trial has been expected in Delaware Chancery Court on Oct. 17.
With the proposition of a buyout on the table again, it revives the question of whether Musk might move Twitter from San Francisco to Central Texas.
He’s done so with some of his other companies. Tesla’s headquarters in southeast Travis County had its grand opening earlier this year and tunneling business The Boring Company moved to Pflugerville. At least two other Musk companies, SpaceX and Neuralink, have a Central Texas presence without being headquartered here.
Technology journalist Nilay Patel this afternoon voiced concerns that owning Twitter and Tesla together could be problematic for Musk, as his Tesla manufacturing facilities in Germany and China are both in countries that have disputes with Twitter over content moderation and censorship.
Telsa shares fell after the Twitter news became public, before rallying to close up, at $249.44.
- Elon Musk challenges the Kremlin to a fight on Twitter - austonia ›
- 8 Austin Twitter accounts you should follow - austonia ›
- Elon Musk succeeds in buying Twitter for about $44 billion - austonia ›
- A man near Austin offers land for Elon Musk to move Twitter - austonia ›
- If Elon Musk's deal works out, will Twitter move to Austin? - austonia ›
- Elon Musk says rumors about his travel are a security issue - austonia ›
While searching for a place to live, Austin renters will face monthly rates of nearly $3,000, a recent guide from rental marketplace Dwellsy shows.
The median rent in August this year was $2,930, a more than 86% increase since August 2021. That’s $820 more than the nationwide median asking rent in August and puts Austin just below the Bay Area, Boston and New York for large cities with the most expensive asking rent.
“Within this group, Austin, TX stands out for the highest increases in asking rent, which has nearly doubled since this time last year,” the study notes.
Outside of those large cities, however, others are seeing even higher rent spikes. Metro areas that ranked above Austin in one-year increases include those like Kansas City, MO with a 112% change in rent since last August and Tucson, AZ with a 124% change.
The data reflects large apartment communities, single-family homes and 2-6 unit buildings.
- How Austin rent stacks up against other major cities - austonia ›
- Austin had the second-highest jump in one-bedroom rents in U.S. ... ›
- 'Boomtown' Austin could soon end as rent, renewal rates soar ... ›
- Austin's rent jumps higher than almost any other U.S. city as rental ... ›
- Austin tops Texas cities for rent growth in 2021 - austonia ›
- Austin rents continue post-COVID rise thanks to homes frenzy ... ›
- Guide to where to rent in Austin's neighborhoods - austonia ›
- The cost of living is rising but Austin is outpacing the country - austonia ›
- Airbnb for dogs app lets locals rent yard space for pets - austonia ›
- After COVID lull, Austin sees biggest year-over-year rent increase ... ›
