There area quite a few exciting developments currently going on in the Austin real estate market. One of them is the new luxury apartment tower, Legacy at Town Lake. Located at the corner of Rainey and Cummings streets, Legacy is a 31 story, 187 unit tower. Building is underway by the California-based Legacy Partners Residential Development Inc., and their New York-based partner BlackRock Inc.

Needless to say, this project is huge, and one of the nice things about it is that the diversity of suites within it means it's accessible to a wide range of people. Suites will range in size between 650 an around 2,900 square feet, priced between $1,330 and $6,939 per month, depending on the level of luxury desired. There will even be nine units with subsidized rents, for tenants whose annual income is 80 per cent or less of the city's median income. In addition, there will be a 265-car garage. Legacy at Town Lake should be opening in the fall of 2008, and judging by the quality and diversity, it should fill up fast. Interested parties should consider reserving a suite while they still have some choice.

Legacy isn't the only exciting new development. There's also an 18-story, 232-unit residential complex going in on Second Street, and another near the corner of West Fifth and North Lamar.

Further, the airport area sub-market is an important one in many cities, and Austin will soon be joining their ranks. A new $50 million mixed-use development project is going in close to the Austin-Bergstron International Airport. Airport Gateway, as it will be known, is going to be situated on 58 acres on the south side of SH 71, by the Met Center campus. The project has been proposed by St. Croix Capital Corp. and is slated to include a hotel and 30,000 square feet of retail space. Remaining space will include a large industrial building and some empty one acre lots for the development of further building projects.

Finally, the 22-story building at 301 Congress Ave. has been purchased by the Houston-based Hines Interests LP. This building, located next door to the historic Davis Square, is already 3/4 rented for mixed-use retail. It features 24-hour security, attached parking, a fitness center, bank, meeting room, mail room and luxurious, pedestrian-friendly lobby and lower floor. Many retail suites are still available.

Austin is truly moving up, as un-used space makes way for real estate opportunities. If you want to get on board, don't hesitate to contact me for more information.