Downtown Demand:Urban Development is in High Demand Across Texas
Source: Texas Real Estate Business
Dawn Pick Benson

Downtown Demand: Urban Development is in High Demand Across Texas
As Texas’ population continues to grow and become increasingly urban, demand for in-town residential living continues to rise. Developers are responding to this desire by offering new urban, high-end apartment and condominium living environments. To find out more about this trend, Texas Real Estate Business recently spoke with Texas developers about their new urban development projects.

The Market District - Austin
The Market District is Schlosser Development Corporation’s four-block urban retail project in downtown west Austin. The project will offer 800,000 square feet of mixed-use development, and it will house the largest Whole Foods Market in the country, as well as the Whole Foods Market corporate headquarters. The Market District will offer unique signage, local art and cultural elements, and pedestrian-focused, street-level retail.
The project is meant to bring Austin back to its downtown, according to Gregory Kallenberg, creative and design director at Schlosser Development Corporation. “We’re hoping that by offering the best in shopping, eating and entertainment, the Market District will create a beacon for our city and anyone who visits it.”
In order to create a unique urban destination, Schlosser is investing $1 million in art, culture and community elements. “This includes everything from pedestrian wayfinding to lush landscaping to public art for the Market District,” he explains.
The Market District will include several distinct projects. The first phase of Fifth and Lamar was completed in 2000 and includes 35,000 square feet of retail, 20,000 square feet of fitness and 35,000 square feet of office. Phase II is set to begin construction next year, and it will include 16,000 square feet of retail, 100 to 130 residential units and a 350-car garage.
Whole Foods Market is located at 525 North Lamar Boulevard and 550 Bowie Street. It includes 200,000 square feet of office space on six floors — 170,000 square feet of which is leased to Whole Foods Market for its corporate headquarters. There is also 85,000 square feet of retail space that is entirely leased to Whole Foods Market.
Sixth & Lamar will be a redevelopment of the prior Whole Foods Market building located at 601 North Lamar. The project will be redeveloped in two phases. Phase I will be a redevelopment of the existing building and will offer 105,000 square feet of mixed-use space. Phase II will be an additional 60,000 square feet of mixed-use space and 700 to 800 parking spaces. Construction will begin on the project during the third quarter of this year, and completion is expected in the fourth quarter of 2006. Signed tenants for this project include REI, Anthropologie and BookPeople.
Shoal Creek Walk will offer approximately 250,000 to 300,000 square feet of mixed-use space, which will include structured parking, retail, office and residential/hotel components. Primary construction will commence in 2006 with an estimated completion date in the fourth quarter of 2007.

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