Transcript DAA Mission Statement - Greater Columbus Georgia Chamber

DOWNTOWN:
AUSTIN’S ECONOMIC DRIVER
Charlie Betts
September 25, 2014
DOWNTOWN AUSTIN ALLIANCE
• PID formed in 1993 to address
the unique needs of
Downtown Austin
• Focus Areas:
• Clean and Safe
• Transportation and Great Streets
• Parks and Green Spaces
• Retail Recruitment
• Economic Development
• Culture, Arts and Entertainment
Mission: To preserve and enhance the value and vitality of downtown Austin
DOWNTOWN AUSTIN
PUBLIC
IMPROVEMENT
DISTRICT
BOUNDARIES
DOWNTOWN SNAPSHOT
• 8,500,000 square feet of office
space
• 123,178 daytime employees
• 10,000 residents
• 6,400 hotel rooms
• 2,002 hotel rooms under
construction
Photo by Dan Herron
EVERYONE HAS A STAKE IN DOWNTOWN
• Downtown is the economic
engine of Austin.
• Value of downtown acre 28 times
more potent than city & 80 times
more potent than county.
*Sources: Urban3, Travis Central Appraisal District; 2013
APARTMENTS RECENTLY COMPLETED
Ashton
258 apartments
Completed 2009
Gables Park Plaza
290 apartments
Completed 2010
Coming Soon
• Gables Park Tower (185 Units)
• Capital Studios (135 units)
• 3 Eleven Bowie (358 units)
• Austin Skyhouse (320 units)
Whitley
266 apartments
Completed 2013
DOWNTOWN APARTMENT MARKET
• 650 apartment units currently under construction
• 2,819 apartment units built since 2000
• Average price per square foot is $2.41 – roughly twice
citywide average
• Downtown apartment occupancy is 89.1%
Source: Capitol Market Research, June 2014
DOWNTOWN CONDOMINIUMS
RECENTLY COMPLETED
Austonian
178 condo units
Completion 2010
Four Seasons Residences
148 condo units
Completion 2010
Spring
247 condo units
Completion August 2009
W Hotel & Residences
159 condo units
Completion 2011
*Coming 2015: Seaholm Residences - 280 Condos, all reserved
DOWNTOWN CONDOMINIUM MARKET
• 2,479 condominium units built downtown since the year
2000
• 98% of the recently completed or units under
construction have been sold
• Average price per square foot is $556
• Average unit size 1,465 SF
Source: Capitol Market Research, June 2014
DOWNTOWN VISITORS
• 6,400 hotel rooms downtown
• 2,002 hotel rooms under
construction in downtown
• Downtown hotel occupancy rates
80.7% (YTD through June 2014)
• $4.5 billion in economic impact
generated by visitor spending in
Austin
• $204.80 Average Daily Rate
Citywide is $ 129.00
Source: Austin Convention & Visitors Bureau
ONGOING INVESTMENTS IN THE TOURISM INDUSTRY
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JW Marriott – Congress Avenue & 2nd St
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1015-room JW Marriott broke ground
October 2012
Hampton Inn University/Capitol opened
October 2012
Hyatt Place opened
Four Seasons: $16 m renovations
Hampton Inn: $1 m renovation
Hilton Austin: 2008 $4 m for upgrades to
rooms and Finn & Porter restaurant; $2 m
budgeted for more renovations this year
Hilton Garden Inn: $4 m renovation
Hyatt Regency: $24 m over the last 3 years
Omni: $10 m in ongoing makeover
Sheraton: $15 m renovation
W Hotel: 250-room hotel as part of a $260
m mixed-use development on 2nd Street
DOWNTOWN OFFICE
• 8.5M SF of office space
• 123,178 daytime employees
• 746,562 SF office space under
construction
• Average price per square foot:
$38.90
• 90.6% occupancy rate
RETAIL RECRUITMENT PROGRAM
• Full-Time Retail Recruiter
• Geographic focus on Congress
Avenue and Historic East Sixth
Street
• Recruit existing local and regional
businesses looking for new or
additional locations
• Contracted consultants to focus
on national tenants and strategy
DOWNTOWN AUSTIN
PLAN
Led by McCann Adams
Studio with community
input and city guidance
• Transportation
Framework Plan
• District Plans
• Parks and Open Space
Master Plan
• Waller Creek Master Plan
• Adopted by City Council
December 2011
EAST DOWNTOWN:
PLANS IN PROGRESS
QUESTIONS?