Over the last five years, the East Austin neighborhood in Austin, Texas, has transformed from sketchy to hip. Renters, homeowners, businesses, and, above all, developers are moving in.
The New York Times reports that real estate investors have built hundreds of apartments and added millions of square feet of retail and office space in the area. Developers are taking advantage of East Austin’s proximity to the Sixth Street entertainment district and the Plaza Saltillo commuter rail station.
“The main reason people are coming to the east side is for the coolness factor,” said Jay Lamy, a principal with Aquila Commercial who represented C3 Presents and is an investor in the neighborhood. “If we can keep the residential, retail, restaurants and hotels coming, it’s only going to fuel the desire for more companies to locate here.”
Thanks to all the buzz, property prices have increased to $350 per square foot, from $160 per square foot in 2012.
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