As the Broadmoor campus continues to take shape, this massive 16-city-block development is projected to impact the greater North Austin area, along with residential property investors, significantly. All told, the development will include an urban oasis of parks and 23 trails, along with high-end retail, restaurants, and entertainment venues, sprinkled with modern offices and apartments.
While The Domain could be dubbed a competitor, the overall feel from those spearheading the project, Brandywine Realty Trust, is that the two will feed off of one another, creating an urban core that is predicted to rival Austin’s Downtown.
But that’s not all. If a secondary urban core area comes to pass, such a layout could significantly impact two of Austin’s biggest economic threats: rising traffic and housing costs. While Austin clustered around linear areas like Loop 360, MoPac, and 183, there are only two walkable, dynamic, mixed-use core areas in greater Austin: Downtown and The Domain.
Downtown’s transformation has evolved over the last two decades, through a pattern where more office space supports the need for added residential space, which, in turn, drives demand for more shopping, restaurants, and entertainment. The same could be true for The Domain and the Broadmoor development.
All-the-while, the demand for office space demonstrates no sign of slowing. As families continue to move north to take advantage of school districts and more reasonably priced homes, traffic issues are also pushing more employers to adopt North Austin campuses.
Because of these factors, it’s predicted that residential real estate in the greater North Austin area and neighboring suburbs will continue to grow and appreciate, and the demand for single-family homes and rental properties will also rise for the foreseeable future.
Today represents an excellent opportunity to invest in real estate in and around what’s dubbed as Austin’s “Uptown.” If we can help, reach out to us anytime.
Image credit: Photo by Blake Wheeler on Unsplash