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Downtown: Austin’s Economic Driver

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Downtown: Austin’s Economic Driver. Charlie Betts September 25, 2014. Downtown Austin Alliance. PID formed in 1993 to address the unique needs of Downtown Austin Focus Areas: Clean and Safe Transportation and Great Streets Parks and Green Spaces Retail Recruitment Economic Development - PowerPoint PPT Presentation
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Charlie Betts September 25, 2014 DOWNTOWN: AUSTIN’S ECONOMIC DRIVER
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Page 1: Downtown:  Austin’s Economic Driver

Charlie Betts

September 25, 2014

DOWNTOWN: AUSTIN’S ECONOMIC DRIVER

Page 2: Downtown:  Austin’s Economic Driver

DOWNTOWN AUSTIN ALLIANCE

• PID formed in 1993 to address the unique needs of Downtown Austin

• Focus Areas: • Clean and Safe

• Transportation and Great Streets

• Parks and Green Spaces

• Retail Recruitment

• Economic Development

• Culture, Arts and Entertainment

Mission: To preserve and enhance the value and vitality of downtown Austin

Page 3: Downtown:  Austin’s Economic Driver

DOWNTOWN AUSTINPUBLIC

IMPROVEMENT DISTRICT

BOUNDARIES

Page 4: Downtown:  Austin’s Economic Driver

DOWNTOWN SNAPSHOT

• 8,500,000 square feet of office space

• 123,178 daytime employees

• 10,000 residents

• 6,400 hotel rooms

• 2,002 hotel rooms under construction

Photo by Dan Herron

Page 5: Downtown:  Austin’s Economic Driver

EVERYONE HAS A STAKE IN DOWNTOWN

• Downtown is the economic engine of Austin.

• Value of downtown acre 28 times more potent than city & 80 times more potent than county.

*Sources: Urban3, Travis Central Appraisal District; 2013

Page 6: Downtown:  Austin’s Economic Driver

APARTMENTS RECENTLY COMPLETEDGables Park Plaza 290 apartments Completed 2010

Ashton258 apartmentsCompleted 2009

Whitley266 apartments Completed 2013

Coming Soon• Gables Park Tower (185 Units)

• Capital Studios (135 units)• 3 Eleven Bowie (358 units)• Austin Skyhouse (320 units)

Page 7: Downtown:  Austin’s Economic Driver

DOWNTOWN APARTMENT MARKET

• 650 apartment units currently under construction

• 2,819 apartment units built since 2000

• Average price per square foot is $2.41 – roughly twice citywide average

• Downtown apartment occupancy is 89.1%

Source: Capitol Market Research, June 2014

Page 8: Downtown:  Austin’s Economic Driver

DOWNTOWN CONDOMINIUMS RECENTLY COMPLETED

Austonian178 condo units

Completion 2010

Four Seasons Residences148 condo units

Completion 2010

Spring247 condo units

Completion August 2009

W Hotel & Residences159 condo units

Completion 2011

*Coming 2015: Seaholm Residences - 280 Condos, all reserved

Page 9: Downtown:  Austin’s Economic Driver

DOWNTOWN CONDOMINIUM MARKET

• 2,479 condominium units built downtown since the year 2000

• 98% of the recently completed or units under construction have been sold

• Average price per square foot is $556

• Average unit size 1,465 SF

Source: Capitol Market Research, June 2014

Page 10: Downtown:  Austin’s Economic Driver

DOWNTOWN VISITORS

• 6,400 hotel rooms downtown

• 2,002 hotel rooms under construction in downtown

• Downtown hotel occupancy rates 80.7% (YTD through June 2014)

• $4.5 billion in economic impact generated by visitor spending in Austin

• $204.80 Average Daily Rate Citywide is $ 129.00

Source: Austin Convention & Visitors Bureau

Page 11: Downtown:  Austin’s Economic Driver

ONGOING INVESTMENTS IN THE TOURISM INDUSTRY• 1015-room JW Marriott broke ground October

2012

• Hampton Inn University/Capitol opened October 2012

• Hyatt Place opened

• Four Seasons: $16 m renovations

• Hampton Inn: $1 m renovation

• Hilton Austin: 2008 $4 m for upgrades to rooms and Finn & Porter restaurant; $2 m budgeted for more renovations this year

• Hilton Garden Inn: $4 m renovation

• Hyatt Regency: $24 m over the last 3 years

• Omni: $10 m in ongoing makeover

• Sheraton: $15 m renovation

• W Hotel: 250-room hotel as part of a $260 m mixed-use development on 2nd Street

JW Marriott – Congress Avenue & 2nd St

Page 12: Downtown:  Austin’s Economic Driver

DOWNTOWN OFFICE

• 8.5M SF of office space

• 123,178 daytime employees

• 746,562 SF office space under construction

• Average price per square foot: $38.90

• 90.6% occupancy rate

Page 13: Downtown:  Austin’s Economic Driver

RETAIL RECRUITMENT PROGRAM

• Full-Time Retail Recruiter

• Geographic focus on Congress Avenue and Historic East Sixth Street

• Recruit existing local and regional businesses looking for new or additional locations

• Contracted consultants to focus on national tenants and strategy

Page 14: Downtown:  Austin’s Economic Driver

DOWNTOWN AUSTIN PLAN

Led by McCann Adams Studio with community input and city guidance• Transportation

Framework Plan

• District Plans

• Parks and Open Space Master Plan

• Waller Creek Master Plan

• Adopted by City Council December 2011

Page 15: Downtown:  Austin’s Economic Driver

EAST DOWNTOWN: PLANS IN PROGRESS

Page 16: Downtown:  Austin’s Economic Driver

QUESTIONS?


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