Austin has approximately 54,000 new residents moving to the city each year.

Since 2006, Austin has encouraged development and community engagement to help support a rapidly-increasing population density in and around the downtown area. With approximately 54,000 new residents moving to the city each year, Austin is one of the fastest growing cities in the United States.1,2

As a result of this significant population growth and other aspects of CIM’s qualified community process, we recognized downtown Austin as a Qualified Community in 2006 and identified the need for office space as well as residential and retail projects in the community.

 

In 2007, we embarked on a 7.8-acre multi-phase, mixed-use development project in downtown as part of a Master Development Agreement with the City of Austin. The first phase was the transformation of the historic decommissioned Seaholm Power Plant into 124,000 square feet of creative office space. Our team completed the project in 2014 and leased the entire building to Athenahealth.

Seaholm
Seaholm

In 2015, we began the ground up development of a 62,000-squarefoot creative office and retail building and a parking garage. This second phase was completed in 2015 and leased to Trader Joe’s and Under Armor.

Seaholm

The last phase of the project was the ground up development of Seaholm Residences, a 280-unit condominium tower. We completed this phase in 2016 and presold all units prior to breaking ground.

The Independent

Our work in Austin didn’t stop after we completed the three projects in the Master Development Agreement. In November 2015, CIM acquired a 1.7-acre land site next to our Seaholm development project and developed a landmark 58-story condominium tower known today as The Independent. The project consists of approximately 370 residential units, 13,500 square feet of ground floor retail and a parking garage.

Since we initiated work in Austin, we have completed several projects to help support the city’s significant growth. We continue to identify opportunities to help expand housing options for residents and support the growing demand for office and retail space.

Penn Field

1 United States Census Bureau. “Metropolitan and Micropolitan Statistical Areas Population Totals”. www.census.gov/data
2 United States Census Bureau. “New Census Bureau Estimates Show Counties in South and West Lead Nation in Population Growth”. www.census.gov/newsroom/press-releases/2019/estimates-county-metro.html

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