“Some of the largest population segments in our market include millennials and baby boomers,” Austin Board of Realtors President Brandy Guthrie said. “Both of these generational segments prioritize accessibility and want to be close to restaurants, retail and entertainment. They are also looking for smaller spaces with less upkeep and a lock-and-leave lifestyle that makes mixed-use properties an attractive choice for buying a home.”
In April, the city of Round Rock approved a new townhome project located at the southeast corner of Bagdad Avenue and South Mays Street. The land was rezoned as a planned use development, which will permit low-impact businesses on the first floor of the four-story townhomes building. Restaurants and bars will not be allowed in the development, but it is located in the downtown Round Rock district near entertainment options.
In Hutto the city is negotiating a $105 million mixed-use project at The Gin at The Co-Op District property. The project, according to City Manager Odis Jones, would include a mix of retail, office space, city offices and restaurants surrounded by housing. The 25-acre project is expected to start construction in 2018.
Construction is underway on East Pecan Street west of SH 130 in Pflugerville where a 72-acre, mixed-use development will include restaurants, office and retail space, and 12 acres designated for a 254-unit multifamily housing project. The development is a quarter mile from the Northeast Metropolitan Park.
Several Realtors said the mixed-use developments are also beneficial in that they offset some of the residential tax burdens through the business-commercial tax revenue infusion.