City of Austin Multifamily Status Report: Second Quarter 2000
The Multi-family Status Report is produced quarterly by the Demographics and Forecasting Group in the City of Austin Planning, Environmental and Conservation Services. The report includes several different components:
Analysis
If Austin's brutally tight rental market is ever going to loosen up, the supply of new product entering the development pipeline will have to increase from the level of new stock that came in during the second quarter. Slightly more than 1,800 new apartment and condo units entered the pipeline during the quarter, although more than 2,500 units received site plan approval and should begin construction soon.
Mansions at Canyon Creek, with 332 units, will join the new multifamily corridor emerging along RM 620 between RM 2222 and US 183 where more than 2,700 apartment units have been built or started in the past three years. Other new-comers to the market include two large projects slated for the student-oriented node of product at Riverside Drive and Pleasant Valley Road--still an active sub-market after several years of intensive development and the addition of more than 4,500 units.
Positively, the diversity of new product continues to increase as is evidenced by the entry of projects like Lost Canyon on Barton Springs Road (old timers will know the site and remember the batting cage that sat within the little hollow just below Kinney Avenue), and Southwest Trails (another set of "reasonably priced units" from SWA Housing). South Austin continues to see new activity with the submission of St. Elmo Condos, Spyglass Condos, and Spring Valley Multifamily.
However, a paltry 998 units within three developments began construction during the quarter. This figure is far shy of what market demand really requires. Furthermore, only just more than 500 units reached completion. While there are almost 10,000 units currently under construction, this stock will enter a market that is way out of whack in terms of an acceptable balance of product supply and housing demand.
Ryan Robinson
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Pipeline Summary as of July 1, 2000
| |
Units |
Projects |
| Projects with Site Plans Pending |
5,386 |
31 |
| Projects with Site Plans Released |
4,111 |
26 |
| Projects Under Construction |
9,971 |
29 |
| Projects Completed |
27,954 |
120 |
| Projects with Expired or Withdrawn Site Plans |
1,857 |
10 |
| Total: |
49,279 |
216 |
Status Definitions:
Pending: Projects with plans currently being examined by Development Review but not approved yet.
Released: Projects with approved site plans but not under construction.
Construction: Projects currently under construction.
Completed: Projects completed (projects that are at least 50% finished are considered complete.)
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Projects that Changed Status from January 1, 2000 through April 1, 2000:
| 1) New Projects: 13 |
Units |
| Beacon Ridge Townhomes |
24 |
| Campus Crossing Multifamily |
348 |
| Hardrock Canyon, Phase III |
50 |
| JPI at the Ballpark |
310 |
| Lost Canyon |
29 |
| Mansions at Canyon Creek |
332 |
| Plaza Lofts |
53 |
| Southwest Trails |
160 |
| Spring Valley Multifamily |
230 |
| Splyglass Condominiums |
34 |
| St. Elmo Condominium |
45 |
| Stoneleigh at Gracy Farms |
186 |
| Westcliff Apartments |
10 |
| Total Units: |
1,811 |
| 2) From Pending to Released: 10 |
Units |
| Cahill Condos |
60 |
| Deerfield |
324 |
| Hardrock Canyon, Phase III |
50 |
| Jefferson Canyon |
309 |
| Macmora Condos |
34 |
| Maconda Park West |
232 |
| North Duval Townhomes |
32 |
| Ranch at Davis Springs |
312 |
| Rolling Oaks Apartments |
494 |
| Saddle Creek |
224 |
| The Lodge at Stone Oak Ranch |
434 |
| Total Units: |
2,505 |
| 3) Began Construction: 3 |
Units |
| Deer Park |
390 |
| Deerfield |
320 |
| Rock Harbour at Canyon Creek |
288 |
| Total Units: |
998 |
| 4) Completed: 2 |
Units |
| Crossing Place |
156 |
| The Lodge at Merrill Town, Phase II |
90 |
| Total Units: |
246 |
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Looking for historical Multi-Family Status Reports? Check out our Archives page!
Comments Please!
This document is not perfect. If you find errors, please send me an e-mail. I would be delighted to receive any feedback about this document.
Ryan Robinson, City Demographer, Department of Planning, City of Austin
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