Charlie Betts
September 25, 2014
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
DOWNTOWN AUSTINPUBLIC
IMPROVEMENT DISTRICT
BOUNDARIES
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
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
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)
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
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
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
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
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
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
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
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
EAST DOWNTOWN: PLANS IN PROGRESS
QUESTIONS?