BG Reads | News You Need to Know (September 23, 2022)
[AUSTIN METRO]
Who controls Austin's second downtown? These developers will take The Domain, surrounding area to new heights (Austin Business Journal)
As The Domain spills well-past its original boundaries, who are the developers shaping its future? Interestingly, it's pretty much the same group that has taken downtown Austin to new heights recently.
The developer with the largest presence in The Domain is Cousins Property Inc., which really made its mark in Austin in 2003 when it built the iconic Frost Bank Tower downtown. It owns 2.1 million square feet of currently operating properties in The Domain. The company is also developing 338,000 more square feet of office space, with a further 1.5 million square feet of new office space in the pipeline. There are also longer-term options to redevelop some of its low-rise buildings into two million square feet of office space.
Cousins is planning to develop a 26-story office tower named Domain Central 1 with 456,000 rentable square feet, Cousins Senior Vice President and Managing Director Tim Hendricks said… (LINK TO FULL STORY)
Retiring Austin Habitat leader lauded for impact on housing — who'll take her place? (Austin Business Journal)
On the cusp of her retirement from the top post at Austin Habitat for Humanity, Phyllis Snodgrass was presented Sept. 21 with a key to the city in a symbolic gesture recognizing her more than six years leading the nonprofit dedicated to creating places for working families to live amid a housing affability crisis.
Snodgrass was presented with the honor by Mayor Steve Adler as Habitat volunteers begin construction of a home at 7113 Zachary Dr. in the Scenic Point neighborhood, east of U.S. Route 183 and Walnut Creek.
"I drove up here thinking that this will be my last new build and it is just super special," Snodgrass said after receiving the award and being congratulated by members of her family… (LINK TO FULL STORY)
UT Austin Enrolls Largest-Ever Student Body, Sets All-Time Highs for Graduation Rates (UT Austin)
This fall, The University of Texas at Austin has admitted its largest-ever incoming class and enrolled more students than ever before. The university has 9,109 first-time, first-year undergraduates, according to data collected on the 12th class day of the current fall term, surpassing the record high from the previous year of 9,060. Total university enrollment rose to 52,384, surpassing the all-time high of 52,261 set in 2002.
The increases, which followed another year of strong application numbers, were made possible in large part by the university’s continued commitment to improving four- and six-year graduation rates, where UT Austin once again set all-time highs in both categories. The four-year rate rose to 73.5% this year, an increase of 21 percentage points since 2012, while the six-year rate rose to 87.8%, a gain of nine percentage points during the past decade… (LINK TO FULL STORY)
Austin Transit Partnership passes $90.6 million budget on its own (KXAN)
The Austin Transit Partnership, which was created in 2020 as a separate entity to oversee Project Connect, passed its first budget as an independent group Wednesday.
Project Connect is the City of Austin’s more than $10 billion plan to create a light rail system and expand the city’s public transit.
According to budget proposal documents for Fiscal Year 2022-23, ATP’s full budget totals $90.6 million. The partnership said the new budget:
Reflects the commitment to not raise taxes beyond the amount voters approved in 2020;
Reduces personnel costs by about $2 million from the previous fiscal year;
Enhances the board’s audit functions by adding two new positions;
Allows board approval of total staffing authorization (new for this year); and
Creates and funds a new operating reserve… (LINK TO FULL STORY)
Proptech rental startup REZI doubles coverage in Austin (The Real Deal)
New York-based startup REZI has just cut a deal to more than double the number of Austin buildings where it handles rentals.
The proptech iRenter, which leases apartments from landlords above the asking price and then rents them out at a premium, has partnered with Rastegar Property Company, an Austin-based private real estate investment firm, to take over the rental of 200 units across nine of the firm’s developments in Austin… (LINK TO FULL STORY)
[TEXAS]
EPA may try to block what could be the first seawater desalination plant built in Texas (Texas Tribune)
Texas regulators issued an environmental permit Thursday for the Port of Corpus Christi to build what could become the state’s first seawater desalination plant — but the U.S. Environmental Protection Agency may refuse to accept it.
The state permit for a desalination plant on Harbor Island represents the culmination of years of business strategy, political maneuvering and lawyering effort on behalf of the port, which wants to build a large-scale facility to convert seawater from the Gulf of Mexico into freshwater. The marine desalination plant is expected to cost at least half a billion dollars to construct; an estimate provided to the Texas Water Development Board puts the cost at more than $800 million… (LINK TO FULL STORY)
Former Republican Lt. Gov. Bill Ratliff endorses Democrat Mike Collier over Dan Patrick (Dallas Morning News)
Former Republican Lt. Gov. Bill Ratliff endorsed Democrat Mike Collier over GOP incumbent Dan Patrick Thursday, adding another prominent cross-party supporter to his coalition of support. Ratliff is the most prominent Republican yet to throw his support behind Collier, whose campaign in recent weeks has emphasized his past as a former Republican. Tarrant County Judge Glen Whitley and state Sen. Kel Seliger, R-Amarillo, have also endorsed Collier. “When I ran for office, I had support from both sides of the aisle because the people of East Texas voted for the man, not the party,” Ratliff said in a news release from Collier’s campaign. “As a former elected Republican, I’m putting partisanship aside and joining the growing number of Republicans voting for the man we think is best for Texas, and that’s Mike Collier.”… (LINK TO FULL STORY)
[NATION]
After years of low mortgage rates, home sellers are scarce (Wall Street Journal)
Homeowners with low mortgage rates are balking at the prospect of selling their homes to borrow at much higher rates for their next homes, a development that could limit the supply of houses for sale for years to come.
Housing inventory has risen from record lows earlier this year as more homes sit on the market longer. But the number of newly listed homes in the four weeks ended Sept. 18 fell 20% year-over-year, according to real-estate brokerage Redfin Corp. That is an indication that sellers who don’t need to sell are staying on the sidelines, economists say.
Larry and Corina Lewis of Tarrytown, N.Y., have two children and expect to need a bigger home in the next few years. But their current 30-year mortgage rate is 2.75%… (LINK TO FULL STORY)
[BG PODCAST]
Episode 165: Discussing water supply and conservation with Taylor O'Neil, CEO, Richard's Rainwater
Today's episode (165) features Taylor O'Neil, CEO of Richard's Rainwater.
Headquartered in Austin, Richard's Rainwater is the U.S. leader in capturing and bottling pure rainwater, and is the nation’s first FDA approved cloud-to-bottle company.
He and Bingham Group CEO A.J. discuss Richard's history, the rain harvesting process, water supply and conservation, and regulatory hurdles in the industry.
Taylor is also a fellow Wake Forest University alum (Go Deacs!).
-> EPISODE LINK <-
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