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Downtown: Austin’s Economic Driver

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  1. Downtown: Austin’s Economic Driver Charlie Betts September 25, 2014

  2. 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

  3. DOWNTOWN AUSTIN PUBLIC IMPROVEMENT DISTRICT BOUNDARIES

  4. 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

  5. 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

  6. Apartments Recently Completed Ashton 258 apartments Completed 2009 Gables Park Plaza 290 apartments Completed 2010 Whitley 266 apartments Completed 2013 • Coming Soon • Gables Park Tower (185 Units) • Capital Studios (135 units) • 3 Eleven Bowie (358 units) • Austin Skyhouse (320 units)

  7. 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

  8. Downtown Condominiums Recently Completed Spring 247 condo units Completion August 2009 Austonian 178 condo units Completion 2010 Four Seasons Residences 148 condo units Completion 2010 W Hotel & Residences 159 condo units Completion 2011 *Coming 2015: Seaholm Residences - 280 Condos, all reserved

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. EAST DOWNTOWN: PLANS IN PROGRESS

  16. Questions?