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News – Austin

* This news feed is generated through NewsTalk Texas, provided by the Real Estate Center at Texas A&M University

​​​​GARLAND – GroundFloor Development has teamed up with the city on a $30 million residential and commercial project on the northwest corner of S. Garland Ave. and W. Ave. B in downtown.

The four-acre site is currently​​ home to a Chase Bank building, the former Wyatt's Cafeteria, and other commercial buildings.

GroundFloor will tear down the vacant cafeteria and replace it with a 255-unit apartment​ project. Called The Draper, the building will include a community center and outdoor pool.

In phase two, the developer will renovate the five-story bank building for new tenants. Chase will remain in the property. 

Texas logoThe Real Estate Center has more information like this online:

​​​​COLLEGE STATION – ​​Texas' initial unemployment claims increased to 51,500 the week ending Oct. 17, the second straight week of increases. 

This brings the total since March 21 to 3.7 million, according to data from the U.S. Department of Labor (DOL).

Unemployment insurance claims remain three times higher than pre-pandemic levels.

"This upsurge in initial claims is not driven by the extended Pandemic Emergency Unemployment Compensation program," said Real Estate Center Research Economist Dr. Luis Torres. "This is contrary to what is being observed nationally."​ 

The number of Texans who continue to claim unemployment insurance decreased for the sixth straight week to 690,200 the week ending Oct. 10.

"Continuing claims broke through the 700,000 barrier, a positive note for the labor market," said Dr. Torres. "The fall in continuing claims continues to be the silver lining, but it is not clear if these people have become re-employed or have permanently left the labor force as workers exhaust their unemployment benefits. 

"September's labor force numbers indicate that around 172,000 left the labor force, a sign that people are not being re-employed but instead are deciding to leave the labor force," Dr. Torres said.

Fewer people in Austin, Dallas-Fort Worth, ​and San Antonio filed new unemployment claims during the week ending Oct. 10. New claims also fell in McAllen, Brownsville, and Laredo.

In contrast, claims increased in Houston as the energy industry continues to struggle. More claims were also filed in El Paso.

Using data from the DOL and the Employment and Training Administration, the ​Center has estimated unemployment claims for Texas' major and border metros since March 21:​

  • Houston-The Woodlands-Sugar Land, 846,400 claims;

  • Dallas-Fort Worth-Arlington, 804,700 claims;

  • San Antonio-New Braunfels, 255,400 claims;

  • Austin-Round Rock, 216,800 claims;

  • McAllen-Edinburg-Mission, 99,300 claims;​

  • El Paso, 83,900 claims;

  • Brownsville-Harlingen, 44,400 claims; and

  • Laredo, 25,900 claims.

Layoffs continue in the industries that can't socially distance as well as in construction.

Administrative/support/waste management/remediation services, construction, retail trade, healthcare and social assistance, and accommodation and food services represented the sectors with the most unemployment claims through Oct. 10. 

Last week, new national unemployment claims decreased for the second straight week to 787,500, the lowest since the pandemic hit the economy. This brings the 31-week total to 65.3 million.

SAN ANTONIO – SOJO Urban Development has completed SOJO Commons​, a 27-home townhome community at 774 E. Locust St. 

The property has three-story floor plans starting in the $500,000s.

Amenities include garages, rooftop​ decks, elevators, and a​​ pool. 

G.W. Mitchell Construction was the general contractor. Alamo Architects designed the project. 

texaslogo.pngThe Real Estate Center has more information on housing:​

​AUSTIN – CAF Capital Partners has purchased The Aspect by Cortland, a 308-unit apartment complex at 4900 E. Oltorf St. 

Built in 2001, the property has one- to three-bedroom units. Rents range from $1,061 to $1,964. 

Amenities include a business center, clubhouse, fitness center, pool, and pet play area. 

Newmark represented the seller, Atlanta-based Cortland. 

texaslogo.pngThe Real Estate Center has more news like this online for free:

​​ARLINGTON – Cogent Capital has wrapped up work on a 937-unit Extra Space Storage facility.

The five-story, 100,6​65-sf project includes an interior drive aisle, detached single-story units, and a 900-sf sales office. 

Extra Space Storage will manage the property. 

ARCO/Murray provided complete design-build services.

Texas logoThe Real Estate Center has more on the North Texas retail market:

Source: REBusiness Online