Interesting ABJ article about a Minneapolis developer's recent opening of an office here in Austin. They want to work on new warehouse and senior housing projects, but also have their eye on on developing a highrise downtown eventually.
Quote:
Initially, United Properties plans to develop industrial space and apartment communities in the Austin metro, followed by senior living, Delk said. The company will also likely look for development opportunities in San Antonio.
Changes in consumer behavior during the pandemic, including a rapid increase in e-commerce with most retail stores closed, has shown there is likely a demand for more warehouse and other industrial space in the months and years to come, he said.
Developing a mixed-use tower with a major hotel brand attached in downtown Austin had been one of United Properties’ top priorities ahead of the pandemic, Delk said. Those plans are on hold until the company can assess what type of demand there will be for office and hotel space following the crisis.
United Properties is the largest developer in the Twin Cities area, where it developed 5.2 million square feet of commercial space from 2017 to 2019, according to data compiled by the Minneapolis/St. Paul Business Journal. The firm developed a total of 6.4 million square feet in that time frame and in addition to industrial work is also active in asset classes like office, retail and medical.
One of its largest projects to date — a $433 million tower with a Four Seasons hotel, offices and condominiums — is under construction in downtown Minneapolis.
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https://www.bizjournals.com/austin/n...r-to-open.html
The specificity of that passage about the downtown tower is really intriguing to me. It makes me wonder how far they'd gotten before the pandemic hit, and whether we'd heard of it here before.
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