Austin Business Journal

Monday, April 14, 2008 - 2:53 PM CDT

A more than $10 million renovation effort will bring a new lobby to the 816 Congress Ave. building, including a major art installation.

The renovation design by Austin-based STG Architects will completely rework the building’s plaza and lobby and should be complete next month. Grubb & Ellis Realty Investors LLC is overseeing the project. Several works of art will be on permanent display in the plaza and lobby, including a 16-foot sculpture by Harold Roach and an 11-foot by 66-foot piece from artist Barbara Strasen comprised of 60 lenticular panels.

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Tags: austin, austin real estate, development by Aria
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 Matthew Kirdahy, 01.10.08, 12:00 PM ET

The Lone Star State shines brilliantly in a list of the best places to work in the U.S. when some economists peer into their crystal balls for 2008.

Austin, Fort Worth, Houston and San Antonio all rank high on the latest forecast data from Moody’s (nyse: MCO - news - people ) Economy.com. McAllen, Texas, is expected to have the highest job growth rate, as its leisure and hospitality, educational and health services and commercial construction jobs flourish.

“While the economy is cooling, Texas continues to generate more jobs than the national average,” said Krista Piferrer, deputy press secretary to Gov. Rick Perry. “Unemployment is low in Texas, thanks in large part to a favorable business climate that encourages businesses to expand or relocate to our state.”

In Pictures: Best Cities For Jobs 2008

Even still, Salt Lake City, in all its tech-job abundance, looks like it will remain No. 1 since Forbes.com’s most recent ranking ( see last year’s story).

To compile the rankings for the Best Cities For Jobs list forecast, we used five data points, weighted equally: the state’s unemployment rate, job growth, income growth, median household income and cost of living for full-year 2006 (only partial data is available so far for 2007). We measured the largest 100 metropolitan areas, as defined by the U.S. Census Bureau, and obtained the data from Moody’s Economy.com.

The numbers are compiled based on greater metropolitan areas; it’s also important to note that this list doesn’t weigh specifics like job composition or job stability, two significant characteristics that will appeal to any job seeker.

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Tags: austin, economy, growth, jobs by Aria
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REAL ESTATE

Developers lining up for Green project

City is speeding up timeline for downtown redevelopment site

By Shonda Novak
AMERICAN-STATESMAN STAFF
Tuesday, March 18, 2008

Developers, start your clocks.

The city is adhering to a speedier-than-usual timeline for bidders competing for a choice downtown real estate opportunity — the redevelopment of the Thomas C. Green Water Treatment Plant at West Cesar Chavez and San Antonio streets.

In addition to local interest, the project is expected to attract national attention.

Proposals to transform the plant, which is being decommissioned, are due April 30. Developers would make presentations to the City Council starting May 14, with the council expected to select a winning bidder June 19.

“It’s beyond fast track… but we fully intend to keep this pace,” Byron Johnson, the city’s purchasing officer, said after a meeting Monday in which city officials outlined the vision for the project.

And in a first for the city, the conference was videostreamed. Johnson said the city received more than 20 calls from interested viewers in such places as California and New York.

“We anticipate significant national interest, just based on overtures we’ve received over the past couple of years as the national and international development community heard we were considering redeveloping that property,” said Fred Evins, project manager for the Green redevelopment in the city’s Economic Growth and Redevelopment Services Office. “I think it’s a reflection of our overall economic health and the vitality of our downtown,” which is experiencing a retail and residential resurgence.

The city sees the six-acre redevelopment as pivotal to the revival of a once largely industrial part of downtown that is getting housing, shopping, entertainment and cultural and civic attractions, including a new central library and a new home for KLRU and its “Austin City Limits” music show.

Ultimately, Green is seen as a key link in the city’s vision to connect downtown’s western edge to the Austin Convention Center via the planned extension of Second Street.

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Tags: austin, development, downtown, green building, urban development by Aria
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HOUSING

Austin-area foreclosures up, but well below U.S. pace

AMERICAN-STATESMAN STAFF
Saturday, March 15, 2008 Home foreclosures are rising in Central Texas, although the region continues to avoid the worst effects of the national housing slump.

The 340 postings for the April 1 auction are up 15 percent for Travis County compared with a year earlier, according to Foreclosure Listing Service Inc.

That was the third increase in a row, said Georgy Roddy, president of the Addison company.

By contrast, there were only three increases in all of 2007 and four each in 2005 and 2006.

Overall, postings rose 5 percent for Travis, Williamson, Hays and Bastrop counties for April. They’re up 12 percent for the year.

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Tags: austin, economy, foreclosures by Aria
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Wednesday, March 5, 2008

In the largest redevelopment opportunity ever for downtown Austin, the city has issued a request for proposals for the purchase and redevelopment of the Thomas C. Green Water Treatment Plant and the adjoining Austin Energy Control Center. The two properties total about 6.1 acres or 5 city blocks.

The Green and Austin Energy sites are being heralded by city and business leaders as the missing anchor between the Second Street Retail District and the future activity of the Seaholm District redevelopment. The properties could bring the most significant retail to downtown to date, city leaders say. The city also plans to direct 40 percent of the property tax proceeds from the redevelopment to an Austin Housing Trust Fund towards creating affordable housing in the urban core.

The minimum purchase price will be based on the final appraised value of the properties. The preliminary appraised value is $41 million, but a final appraised value should be determined before March 31.

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Tags: austin, austin real estate, building, downtown, economy, environment, green, neighborhoods by Aria
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Wednesday, March 12, 2008 - 2:52 PM CDT

The San Antonio-based developer is building the 276-unit Residences at Oak Hill on a 45-acre tract west of the intersection of State Highway 71 and U.S. Highway 290 in Southwest Austin.

Dustin Slack, vice president of multifamily development for McShane, says that with single-family home prices in Southwest Austin pushing the limits of affordability, there’s an opportunity for new luxury rental communities that appeal to the area’s growing high-tech workforce.

“There is an enormous demand for luxury rental communities due to the recent completion of the corporate headquarters for AMD (Advanced Micro Devices Inc.) together with over 1 million square feet of new corporate campus office space in the immediate area,” says Slack. He also points out that the project is positioned near Sunset Valley to the east and the Hill Country Galleria to the west.

The garden-style rental community will feature a combination of one-, two- and three-bedroom units ranging in size from 600 square feet to 1,300 square feet.

Slack expects the first units to be available in January 2009.

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For more information about this or any Austin real estate project, email me.

Tags: austin, austin real estate, building, condos, economy, investing, neighborhoods, real estate, real estate outlook, where to buy by Aria
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Builders, consumers increasingly turning to metal roofs for durability, energy-efficiency and sustainability

By Nancy Keates
THE WALL STREET JOURNAL
Sunday, March 09, 2008

More home builders and renovators are saying no to asphalt-shingle roofs, heralding a revival of interest in slate, clay tile, wood shake and other historically popular materials that are considered both aesthetically pleasing and less harmful to the environment.

But most of these options are impractical. Slate and clay tile are heavy and might require structural reinforcement. Wood isn’t durable and offers limited fire resistance. And next to mass-produced asphalt shingles, all of them cost a small fortune, even on a moderate-size home.

There is one asphalt alternative whose resurgence is on a fast track: metal. Metal roofs are increasingly appearing on new homes and renovations because of their style and relative affordability. Some even mimic the look of slate and wood shakes.

Architectural metal roofs in new-home construction reached a projected 30 percent of the market in 2007, up from 23 percent in 2004, according to the National Roofing Contractors Association’s latest member survey. Meanwhile, fiberglass-asphalt shingles were used in a projected 44 percent of new residential projects in 2007, down from 50 percent in 2004. Slate roofs slipped slightly in that period to a projected 5.1 percent of new homes, while clay-tile roofs grew slightly to a projected 4.6 percent, and wood shakes slipped to a projected 2.1 percent.

Metal roofs boast a number of advantages. They are regarded as more fireproof than wood shakes and traditional asphalt shingles, and they last up to twice as long, contractors say. They can withstand high winds and, when treated with coatings and finishes, they reflect heat, helping keep the house cool and utility bills down in hot climates. As concerns mount over used asphalt shingles clogging up landfills, many consumers like having a roof that is often both recycled and recyclable.

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Tags: austin, building, economy, environment, green, investing, real estate by Aria
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CENTRAL TEXAS DIGEST

Austin area job growth rebounds

COMPILED FROM STAFF REPORTS
Friday, March 07, 2008 TEXAS WORKFORCE COMMISSION

Job market up 4.2% in January; unemployment same as year ago

Central Texas’ job growth rebounded to 4.2 percent in January, as the region’s employment market continued to outperform most other areas of the country.

The unemployment rate was 3.9 percent, the same as in January 2007, the Texas Workforce Commission reported.

The region’s job market was growing at more than a 4 percent pace in early 2007 but slowed later in the year.

Job growth fell to 3 percent in December.

Statewide, the unemployment rate was 4.3 percent in January, compared with 4.5 percent a year ago.

By comparison, the U.S. jobless rate was 4.9 percent in January, down from 5 percent a month before.

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Tags: austin, economy, growth, jobs, money by Aria
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Wednesday, March 5, 2008 - 3:50 PM CST

Austin Business Journal

The steel and glass residential towers set to reshape the downtown Austin skyline aren’t a pipedream. They’re coming–and they’re going to be filled, a new study shows.

The analysis from Texas economist Ray Perryman suggests that while the nation battles a housing correction, Austin’s residential market remains relatively healthy. Moreover, says Perryman, there is clear demand among Austinites to live in the city’s vibrant downtown.

There are currently about 6,000 people living downtown. And with about 4,000 residential units under construction or planned around downtown, that population is expected to double over the next two years. Perryman says with the Austin area adding more than 40,000 new residents annually, the local housing market will continue to fair well, and rising energy costs and traffic woes will drive a growing interest in urban living.

“This housing market will fundamentally support the type of housing being developed downtown,” Perryman said at a morning press conference at City Hall organized to discuss the report. “There is an amble population to absorb these units.”

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Tags: austin, building, buyers, condos, downtown, economy, investing, neighborhoods, real estate, urban living by Aria
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BERNANKE’S MORTGAGE RELIEF PLAN

By Jeannine Aversa
ASSOCIATED PRESS
Wednesday, March 05, 2008

WASHINGTON — Ben Bernanke is using his bully pulpit to try to keep more Americans from getting swept up in a wave of home foreclosures.

Bernanke, chairman of the Federal Reserve, urged mortgage lenders Tuesday to reduce the principal on loans for many people whose homes are no longer worth as much as what they owe. He also suggested that the Federal Housing Administration broaden its insurance program and let more people switch from subprime mortgages to cheaper, federally insured loans

“This situation calls for a vigorous response,” Bernanke said in a speech to a banking group in Orlando, Fla.

Even with relief efforts under way by industry and government, foreclosures and late payments on home mortgages probably will increase “for a while longer,” Bernanke warned.

Rising foreclosures threaten to increase the problems in the housing market and the economy.

“Reducing the rate of preventable foreclosures would promote economic stability for households, neighborhoods and the nation as a whole,” Bernanke said. “Although lenders and servicers have scaled up their efforts and adopted a wider variety of loss-mitigation techniques, more can, and should, be done,” the Fed chief said.

Some owners can avoid foreclosure by selling their homes to pay off the loans. But that’s not possible when the homes are worth less than the mortgage balance.

Bernanke acknowledged that reducing balances might be a tough sell to lenders.

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Tags: austin, austin real estate, economy, financing, foreclosure, investing, lending, money, mortgages, politics, real estate, real estate outlook by Aria
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