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Kim Gatley
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enior Vice President & Director of Research at REOC Austin

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Goodnight mixed-use development to add 3,500 homes, retail, parks

goodnightAU_logo

The first 107 of 3,500 homes completed as of June, much more to come in the following years.

Members of the Goodnight family and Benchmark Development have begun constructing the first lots of what will be 3,500 homes in the Goodnight mixed-use development on East Slaughter Lane in the Onion Creek area in May.

Goodnight, formerly known as Goodnight Ranch, is a 700-acre development with homes for sale in various price ranges, 225,600-square-feet of retail and business space and land for a future Austin ISD school. Construction of the development is expected to take 10-15 years.

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Highland Mall soon to be college campus

Highland Mall

Highland Mall

ACC seeks to maintain regional value for closing shopping center

Contrary to popular belief, Highland Mall is still open—but not for long.

Austin’s first regional indoor shopping center closes to consumers April 30 after 44 years to make room for Austin Community College’s expanding Highland Campus, which debuted last fall in the former JCPenney building. The closure enables ACC to begin work on the campus’s next phase, a $152.8 million makeover of the mall’s central area approved by district voters last November. …Read Entire Post

NAI REOC Austin sells 42.6 acre Pflugerville tract

REOC Austin recently assisted in the sale of 42.6 acres on Heatherwilde Blvd. in Pflugerville, Texas. The site is located near existing and future mixed-use residential developments and is situated only one mile north of the Dell Computer Campus in Austin. 

The property will be developed as a K thru 12 parochial school operated by the Lutheran School Association.  The school will be perfectly positioned to serve the community with an academically-advanced private school.

Kurt VanderMeulen, Senior Vice President, and Joyce Jane Weedman, Senior Vice President, both with REOC Austin represented the seller – Otello Investment Management, LLC.  The Buyer was represented by Paul Joseph of Paul Joseph Commercial, Inc.

New life for Macy’s at Highland Mall

Austin Community College recently purchased the Macy’s store at Highland Mall located at 4300 Highland Mall for $5 million.  The two-story Macy’s (223,000 sf) is slated to close in March.  ACC purchased the building,  along with a Dillard’s store acquired last May, for future expansion.  …Read Entire Post

Texas State poised for boom

Texas State master plan

Millions are being spent to expand the campus of Texas State University, located at 601 University Blvd. in San Marcos.  A sum of $633 million worth of construction is slated to take place in the coming years to accommodate more students.  To learn more about the major projects currently under construction and ready to break ground as well as those in planning stages, check out the Campus Construction page or read Texas State poised for boom (Austin Business Journal, 1-29-10).

Site for Montessori School purchased in North Central Austin

Omsai Joint Venture, LLC has purchased 3.75 acres on Metric Lane, just north of Parmer Lane, from Catoosa Springs Partners, LP.  The site is adjacent to Westview Middle School and Parmer Lane Elementary.  NAI Austin’s Josh Hubka, a Land Specialist and CCIM Candidate, represented the buyer, who plans to build a 10,000 square foot Montessori School with an enrollment of 160 children, ages 2-5.  This will be the first Montessori School in Austin for Ashok Someshwar, the buyer, who currently has two schools in Plano.  He plans to sell the excess land to a medical office developer.

NAI Austin is one of Austin’s most experienced commercial real estate firms and the Austin area representative for NAI GlobalTM, the industry’s largest global network of real estate service-providers, comprising 5,000 brokers in 325 offices serving more than 55 countries worldwide. For more information on NAI Austin, please visit www.naiaustin.com.