Land For Sale
EAST RIVERSIDE ANALYSIS
Perhaps no single development has had the kind of impact that can be expected as a result of the planned campus for Oracle Corp. Oracle’s new lakeside facility will be 560,000 square feet, slightly larger than the Frost Bank Tower in terms of square footage. Oracle has been increasing its presence in Austin for years, and the company stands to bring droves of new jobs to the city, and explosive growth to the East Riverside Corridor. In contrast to the tech boom/bust of the late 1990's, a company like Oracle represents a long-term, stable investment in our community. Oracle was founded nearly 40 years ago, and is currently the second-largest software company in the world. According to the Austin Chamber of Commerce, Oracle presently employs well over 1,000 people in Austin, and upon completion of the campus, they are expected to increase their Austin workforce by about 50 percent.
East Austin has gone through a major transformation over the past 20 years. During a period of unbridled growth in Austin and the surrounding area, the East Riverside Corridor (ERC), with its location and accessibility to downtown, has seen a significant share of Austin's new development and gentrification. The East Riverside Drive area is comprised of newly constructed, and developing, urban centers that are moving to better connect area residents, employees, and visitors with the airport, Lady Bird Lake, downtown, the University of Texas, and the Mueller Redevelopment, in addition to enhancing local service to ever increasing amenities along East Riverside Drive itself. Buildings further removed from transit stops, and located off of East Riverside Drive, offer a range of housing options for a variety of demographics, and provide small-scale neighborhood services so that people can walk and bike to things in their immediate neighborhood. Opportunities for home ownership are abundant, creating stable neighborhoods, both along and just off of East Riverside Drive. Ongoing higher density development provides additional housing options and opportunities to create affordable housing through development bonuses so that the area continues to be socially and economically sustainable.
Within the ERC Zoning District, there are four “Hubs” where the City of Austin is encouraging the most intensive development. Properties within a hub boundary are eligible for development bonuses in exchange for a specified community benefit, i.e. affordable housing, open space, improved bicycling facilities, commercial or office spaces, and improved flood and water quality controls. This property lies within one of these four ERC Hubs, and is eligible for the densest development allowed for within ERC guidelines.
The ERC Master Plan has been developed to encourage the cohesive transformation of the East Riverside area, emphasizing the importance of transit-oriented and walkable developments throughout the corridor. The Master Plan includes a proposed rail line that is to be located in the median of East Riverside Drive, in very close proximity to the property, and extends throughout the length of the Planning Area, connecting the airport to downtown Austin and beyond. The plan also calls for a major transit station at the intersection of East Riverside Drive and Pleasant Valley, which is also in the immediate vicinity of the subject tract.