As the Broadmoor campus continues to take shape, this huge 16-city-block development is projected to impact the greater North Austin area, along with residential property investors, significantly. All told, the project will include an urban oasis of parks and 23 trails, high-end retail, restaurants, entertainment venues, hip office space, and apartments.
While its neighbor, The Domain, could be classified as a competitor, the overall feel from Brandywine Realty Trust is that the two will feed off of one another, creating an urban core that is predicted to rival Downtown Austin.
If a secondary urban core area comes to pass, such a locale could significantly impact two of Austin’s biggest economic threats: ballooning traffic and rising housing costs. While Austin clustered around linear areas like Loop 360, MoPac, and 183, there are only two truly walkable, dynamic, and mixed-use core areas in greater Austin: Downtown and The Domain.
Through a pattern where more office space supports the need for added residential space, which, in turn, drives demand for more shopping, restaurants, and entertainment, Downtown’s transformation has evolved over the last two decades. The same could be true for The Domain and the Broadmoor development.
Demand for office space in the greater Austin area shows no signs of slowing. As families continue to move north to take advantage of school districts and more reasonably priced homes, traffic issues are also pushing more employers to adopt North Austin campuses. Because of these dynamics, it’s predicted that residential real estate in the greater North Austin area and neighboring suburbs will continue to grow and appreciate, and the demand for single-family homes and rental properties will also rise for the foreseeable future.
As growth continues, today represents an excellent opportunity to invest in residential real estate in and around North Austin. If I can help, reach out to me anytime.
Image credit: Photo by Raphaël Biscaldi on Unsplash