It probably won't surprise real estate investors to hear that Austin is the number four city in the nation for gentrification projects. Of these, the one I'm personally most excited about is the Mueller Development that has no less than 11 major projects in the works to completely transform the area, which is three miles from downtown and the Capitol and two miles from the University of Texas.

If there's any place that screams, "Location, location, location" more than that, I don't know what it would be! Let's look at what's going on down there:

●      A 112-room, four-story Residence Inn by Marriott will go up at the southwest corner of 51st Street and Lancaster. With one and two-bedroom suites and studios, the Inn will be built for those who need longer stays, like families with loved ones in the nearby Dell Children's Medical Center. The building will also have 3,000 sq. ft. of retail space with separate access, and will be the first LEED-gold-certified hotel in Texas.

●      The Children's Medical Center, which is on Philomena Street near the Seton Administrative Offices, is gaining 72 beds and expanding its critical care capacity, as well as its cardiology department and resources for inpatient rehabilitation. The third patient tower is under construction now.

●      On the west side of Mueller Boulevard between 51st Street and Barbara Jordan Boulevard, the Austin ISD Performing Arts Center will be comprised of an open plaza measuring 59,000 sq. ft. with a parking garage adjacent to a 1,200-seat auditorium and a 225-seat black box theater.

●      The Pecan Street Demonstration Lab at the southwest corner of Berkman Drive and Antone Street will house a staff of scientists working with more than 200 volunteer residents in the area to study human behavior and energy use.

●      New apartments by Simmons Vedder will go up next to the Mosaic at Mueller Apartments at Mueller Boulevard and Philomena Street. With a total of 301 units, the buildings will be four stories, with five two-story buildings designed as live-work structures. Ten percent of the apartments will be part of the Mueller Affordable Homes Program for families earning 60 percent or less of the city's median income level.

The remainder of the projects include the 28,000 sq. ft. Austin Children's Museum, the new Austin Playhouse, a 75,000 sq. ft. H-E-B grocery store, and the 16-acre Mueller Market District, which will include a 110,000 sq. ft. shopping center. Finally, the Mueller Trailer Eats is expected to be a popular site along Airport Boulevard near the Mueller Central Information Center and next to the Browning Hangar. It will feature various trailer park eateries that will be open seven days a week.

The entire development is expected to bring more than 10,000 additional residents into the area with a matching 10,000 permanent jobs. This is in keeping with the principles of new urbanism, which is the foundation of this whole project. The idea is to create neighborhoods that are modeled on old European villages, with a strong sense of community among both business owners and residents. There will be lots of foot traffic, environmentally sound construction, historic preservation, and energy conservation. The word "awesome" comes to mind.

I think it goes without saying that property values in the area are on the rise. This is a prime opportunity for investors to buy older homes, remodel and flip, or to hold them as rentals. Definitely something you want to keep on your radar.

Posted by Monte Davis on
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