Charlie Betts September 25, 2014 DOWNTOWN: AUSTINS ECONOMIC
DRIVER
Slide 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
Slide 3
DOWNTOWN AUSTIN PUBLIC IMPROVEMENT DISTRICT BOUNDARIES
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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
Slide 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
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APARTMENTS RECENTLY COMPLETED Gables Park Plaza 290 apartments
Completed 2010 Ashton 258 apartments Completed 2009 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)
Slide 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
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DOWNTOWN CONDOMINIUMS RECENTLY COMPLETED Austonian 178 condo
units Completion 2010 Four Seasons Residences 148 condo units
Completion 2010 Spring 247 condo units Completion August 2009 W
Hotel & Residences 159 condo units Completion 2011 *Coming
2015: Seaholm Residences - 280 Condos, all reserved
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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
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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
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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 & 2 nd St
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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
Slide 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
Slide 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