Mountain View
Austin Business Journal
Two new housing developments planned for fast-growing suburb
Hutto’s wave of housing construction shows no sign of slowing, with two new projects in the works for the rapidly growing community northeast of Austin.<\p> The two projects, discussed at a Hutto City Council meeting earlier this month, would add hundreds of housing units to the rural city, where the population has more than doubled over the past decade. <\p>
3 Austin suburbs boast of big business opportunities
The rural landscape that once rolled past on the drive between Austin and San Antonio is no more, as homes, industrial facilities and retail centers have largely filled in the open spaces along I-35.<\p> The three biggest cities along the route that are closest to Austin — Kyle, San Marcos and Buda — have been at the forefront of that boom. And they're still growing.<\p>
Funding flows to local AI startups
Startups involved in artificial intelligence have been raising money in Austin for decades.<\p> But there's a new wave rolling in: Early-stage startups using the engine of big-name generative AI to build specialized tech platforms for specific uses.<\p>
Austin suburb aims to demolish business park still under construction
The city of Bee Cave says in a court filing that it was misled and misinformed about the development of an industrial business park in its extraterritorial jurisdiction area, which it contends could cause "irreparable harm" to the area. <\p> Bee Cave filed an updated response in its ongoing lawsuit to stop the construction of the West Austin Business Park, a 270,000-square-foot, 80-bay industrial development, stating that the developers deliberately left the city "in the dark for over a year” about the industrial nature of the project and that the developer didn’t properly share plans because it knew it would face pushback.<\p>
Suburb pushes to finally make something of its downtown
Travis Mitchell has been talking about revamping Kyle's downtown for so long that he's progressed from doing so as a private citizen to a member of the City Council to the occupant of the mayor's office. Now in his third – and final – term leading the city south of Austin, his words are transforming into action.<\p> Kyle, the second fastest-growing city of its size in the country, has been working publicly and privately to acquire entire city blocks downtown and revamp a dormant public process to gather input from residents about what they want. The aim is to work with private developers to have the first buildings occupied by the end of the decade. <\p>
LA real estate firm buys back into Austin
A prominent West Austin shopping center near the shores of Lake Travis has changed hands, and there's still room for tenants that want to set up shop there. <\p> Los Angeles-based Westwood Financial LLC, a shopping center-focused real estate firm, purchased Trails at 620 for an undisclosed price Sept. 17, said Adam Hawkins, partner at Partners Capital, which sold the property and is the investment platform of Partners Real Estate. Partners originally purchased the site in 2020 as part of a previous investment fund, according to an announcement. <\p>
How CRE will benefit from interest-rate cuts
The long-awaited cut in interest rates that came last week was largely celebrated by commercial real estate investors and developers, with many saying the news signals a much-needed turning of the tide for the industry. <\p> The Federal Reserve on Sept. 18 said it was lowering the target range for the federal funds rate by half a percentage point, a more aggressive cut than many industry watchers were expecting for the Fed's September meeting. The cut is widely expected to unlock liquidity in commercial real estate financing and, in some cases, spur deals that were unable to pencil even just a week ago.<\p>
Wine without the consequences? Brandon Joldersma has it covered
Versatility and a love of learning turn out to be good traits to possess when carving out a niche in the beverage industry.<\p> Take the case of Brandon Joldersma, who credits his natural curiosity and willingness to take on new responsibilities for helping him ascend to his current posts — CEO of non-alcoholic wine company Surely Wines and its low-alcohol sister brand Arlow.<\p>
South African eatery set for Austin debut, expansion
Popular South Africa-based Nando’s Peri-Peri plans to open its first Austin restaurant later this year — and it's already looking to add more in the city.<\p> The flame-grilled chicken restaurant, known for its use of peri-peri spice, is in discussions to add several locations in Austin, Chief Brand Officer Sepanta Bagherpour said. Its first location here, at 1825 McBee St. in the Mueller neighborhood, is slated to open Nov. 12, according to Bagherpour.<\p>
Nearly $2B for ABIA expansion about to be OK'd
Nearly $2 billion in contracts for the expansion of Austin-Bergstrom International Airport are set to be considered by the City Council on Sept. 26.<\p> The contracts — totaling $1.89 billion — would fund key elements of the effort, such as a new airport concourse. In August, the council approved about $500 million in other contracts related to the expansion.<\p>
Austin Icons: Late-night dive needs new home
As former DJs on Sixth Street, Deitrich Armstrong and AJ Johnson are well aware of the importance of a quality cheeseburger or plate of huevos rancheros at 2 a.m.<\p> It's why they bought Stars Cafe out of bankruptcy proceedings in 2022 — a rare restaurant near downtown Austin where late-night revelers and workers can grab a meal 24/7.<\p>
Real Estate Roundup: 50+ deals hit our radar
A new Manor apartment property, located near the Applied Materials Inc. site and a few miles north of Tesla Inc.'s gigafactory, has changed hands. <\p> Florida-based American Landmark Apartments purchased the Alta Blue Goose complex for an undisclosed price on Aug. 23, said ALM Chief Investment Officer Christine DeFilippis. Alta Blue Goose is located along the intersection of State Highway 130 and State Highway 290, providing quick access to some of the region’s major employers. <\p>
A lot of Smalls Sliders restaurants are aimed at Austin area
An Austin franchisee has expanded his deal with Smalls Sliders and now is planning to open nine locations of the burger joint in the foreseeable future.<\p> Last year, Jonny Rodgers, a real estate agent and partner at Den Property Group, signed a multi-unit franchise deal to bring five Smalls Sliders into North Austin, but he since has expanded the deal to nine Smalls Sliders “cans.” Rodgers also anticipates opening a total of 15 to 20 Smalls Sliders in the metro over the next five to eight years, he said. So far, Rodgers’ agreement allows him to open stores across the Austin metro, where he plans to go as far south as Kyle and Bastrop to the east, he said.<\p>
Popular brewery to reopen in San Marcos a year after Austin closure
Brian Smittle earned his first paycheck in the craft brewing industry in 1991. More than 30 years later, despite plenty of ups and downs, he's still working in it because he's still having fun.<\p> But what the founder of Thirsty Planet Brewing Co. would like is more normalcy. Over the course of Thirsty Planet's 14 years in business, it has experienced the highs of being one of the biggest craft breweries in the area as well as the lows of abruptly shutting its doors in Austin last August.<\p>
Newly filed bill aims to repeal lucrative small-business tax credit
The potentially lucrative Employee Retention Credit is, once again, the target of a repeal effort. If successful, it would roll back many claims made this year.<\p> U.S. Sens. Mitt Romney, R-Utah; Thom Tillis, R-N.C.; and Joe Manchin, I-W.V., on Sept. 18 introduced the Employee Retention Tax Credit Repeal Act, which would end the credit for any claims submitted after Jan. 31, 2024, which, they say, would help save about $79 billion over 10 years. <\p>
Tower may rise near former Statesman building
A new tower could be on tap for South Congress Avenue if a zoning change is approved Sept. 26 by the City Council. <\p> The tower — on a roughly 1-acre tract at 311-315 S. Congress Ave., which is just south of the old Austin American-Statesman building — would contain 488 residential units, 30,000 square feet of office space and 7,500 square feet for "ground floor pedestrian-oriented uses," according to city documents. <\p>
Elon Musk's X picks rural Texas spot for HQ
The world's richest man is trading high-rise offices in San Francisco for a more modest Texas building with views of an empty field.<\p> Elon Musk's X has named Bastrop as its headquarters — at least temporarily. It cited a location near the small city southeast of Austin as its official address in a recent California court filing.<\p>
Inflation is no longer the No. 1 concern for business executives
Editor’s Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business. Want more stories like these in your inbox? Sign up for The Playbook newsletter. <\p> Inflation has been the chief concern for business executives for most of the year, but as we approach the fourth quarter, that appears to have changed. That doesn't mean, however, an overall positive economic outlook has taken hold.<\p>
New coworking firm debuts here soon
There’s a new name on Austin’s coworking scene. <\p> The Malin, East Austin’s latest coworking space, more resembles an upscale hotel lobby than an office. While the space is filled with desks, conference rooms and private pods for members to use, The Malin’s atmosphere conjures feelings of a social club more than it does a cubicle-filled office. <\p>
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