5 Facts About East Riverside Drive, Austin TX That You Probably Didn’t Know:
By Jim Young, CCIM - Twitter: @jimyoungcre , LinkedIn
1. ORACLE Corporation is Coming!
Actually, I’m sure you heard this one, and if you didn’t, you will hear it----and see it soon. Here is the article from the Austin Business Journal. (link here). On the banks of Lady Bird Lake, the site will host over 1,000 ORACLE employees, and contain over 600,000 square feet of Class A Office.
2. $92 Million Dollars of Unmet Retail Demand Within a 5 Minute Drive
What does this mean?
Simply put, if you drive in any direction for FIVE minutes from the EMOs music venue at 2015 East Riverside,
you could reach as far as the diagram to left outlines. Commercial brokers call this a ‘trade area’.
According to ESRI, a data service utilized by Certified Commercial Investment Members (CCIMs):
the DEMAND for RETAIL TRADE inside the 5 minute drive time, (diagram above), is $284 Million Dollars, yet the SUPPLY from retailers within that space is only $191 Million. We all remember the “law of supply and demand”. When there is un-met demand, we call it a Retail “GAP” because money LEAKING out of the trade area. Why is it leaking?
It is leaking because consumers then drive outside the trade area to purchase these goods & services, thereby increasing our mobility/traffic congestion.
(can someone alert RideScout CEO and mobility expert Joseph Kopser?)
I cited my data below, but feel free to email me for the full report.
This create a GAP of $92 Million dollars.
--any Major Retail or MultiFamily Developers, please contact me about area sites --
3. Condos, Townhomes and Condos – OH MY
Standard Pacific Homes, Milestone Community Builders, and David Weekley Homes are all building high end condos, townhomes, and single family homes in the East Riverside area. Most folks I talk to, including bankers, are surprised to hear that these dwellings will sell for $325,000 to $400,000.
Standard Pacific (RSI Communities) is building “Park East” at the intersection of East Riverside Drive and Frontier Valley. (image below). A big shout out to their local President, a fellow West Point Grad: “Beat Navy!”.
Just down the road, David Weekley is building at the northeast corner of Elmont & Pleasant Valley, and I hear that dwellings will sell in the high $300s, to low $400k price range.
4. $52M of the $92M Retail Gap in General Merchandise Stores
But you know what amazes me?
Im shocked to see that $4.5M of retail GAP exists in Sporting Goods Stores. This area is right on the banks of Lady Bird Lake, which old timers like me still call “Town Lake”. Hikers, bikers, Stand Up Paddleboarders (SUP), and more are all hitting the lake, and trail every day for exercise. The ESRI data seems to indicate if you want to open up a sporting goods store in this area: you will do well.
5. Creative Office Spaces Coming to 2015 East Riverside (map link)
Presidium Group, a local Austin development company has announced plans to remodel an approximately 5,000 sf building. The site is located at 2015 East Riverside, a retail shopping center with tenants such as EMO’s,and Mud Puppies. Presidium Group closes on the site in early May, and is represented by Jim Young, CCIM/Broker at Longbow Real Estate Group.
I previously represented Presidium Group, which purchased 1600 Pleasant Valley, in 2015 to develop 400+ Class A apartments overlooking downtown Austin. (ABJ Article Here). Presidium Group is very active in the area, owning several sites for building new, Class A apartment complexes, as well as having owned, and remodeled over 1,000 other apartment units on East Riverside Drive.
Last fall, Mayor Steve Adler sought to house as many Homeless Veterans as possible through a program run through the City of Austin. The word was spread through the Mayor’s office to Veteran Groups, and Veterans such as myself, and Joseph Kopser, a retired Army Lieutenant Colonel, and West Point Grad.
Presidium Group’s Co-CEOs Cross Moceri and John Griggs assisted by making over 20 units available to the Mayor’s Program.
If you would like more info about this creative office space on East Riverside Drive, please -click here for flyer- the PDF, or email me. If you are looking for more information about property and deals on East Riverside Drive, please contact me, as I love this area, and all it has to offer.
Jim Young, CCIM, Broker
Longbow Real Estate Group
West Point ‘94
11701 Bee Caves Road, Ste 250
Austin, TX 78738
jim@longbowRE.com
Twitter: @jimyoungCRE
512-565-7509
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