Remember the plans for the 7 Rio condo high rise? It’s back in play, with a new scaled down plan focused on renters rather than buyers.
The original proposal by CLB Partners was an attractive 32-story point tower. According to an updated site plan application filed in late October, developer/applicant CWS is seeking entitlements for a “24-story building with approximately 221 multi-family units [for rent] and associated ground floor uses, along with parking and utility improvements.” 198,612ft total and the plan does call for retail, or some commercial use on the ground level.
The building will be situated along W. 7th Street, including the southeast corner of 7th Street and Rio Grande. In previous plans for 7 Rio, I recall the inclusion of Ranch 616, but the latest footprint looks to leave it untouched.
7 Rio has spent at least four years on the City’s Downtown Austin emerging project poster, and it is still there as of the most recent publishing with the attached description: “Plans are on hold for a 32-story condominium tower at W. 7th Street and Rio Grande by Dallas-based development company CLB Partners. The 158-unit project will also have about 7,400 square feet of new retail space on the ground floor. The project, being designed by local architectural firm Rhode:Partners, is expected to cost more than $50 million.” I expect that info will be updated soon.
Interestingly, in the comments to the site plan application, it reads: “Parkland fees will be required for payment at $650/unit.” This yields $143,650 to City of Austin Parks & Recreation‘s coffers. I’d like to see that money stay in downtown Austin, and used for downtown public open space.
I haven’t seen new renderings, but reducing the height to 24 stories and intending to build 221 dwellings indicates the original point-tower-over-podium design might be discarded. Interestingly, as it relates to building height, a comment from City staff is that while the site is inside of a Capitol View Corridor, the project could still be allowed up to a maximum of 560 feet.
About Jude Galligan
Unfortunately, the parks money may well be used to “secure land” for “watershed protection” or other purposes on the periphery. On the bright side, the new skate park between House Park and 12th St. seems to be getting a TON of usage. What was once a dead zone after ACC hours is now teeming with life and a pleasure to walk around (as a resident of North Downtown).
Thanks, Sean. Interesting point about watershed protection. That skate park is outstanding and I see people of all ages using it. Check this out…
http://downtownaustinblog.org/2011/07/22/new-downtown-austin-bmx-park-from-above/
There’s a distance limit on where the parkland money can be spent. I can’t remember, but it may up to a mile. Now, as the crow flies, that could include a large area, including the lake and Pease Park. But, it certainly wouldn’t allow for purchasing watershed lands. Plus, I’m not aware of any watershed lands that have been purchased with park funds. Quite the contrary, we’ve been working hard to get public access to the watershed lands, having to ensure that access will be consistent with the water quality purposes for which the lands were purchased.
[...] Resources is under construction of their 20 story building at 3rd Street & San Jacinto. 7 Rio looks like it is being repurposed as a rental product and could break ground this [...]
jude, with all the rentals going up, particulary on rainey street, how will this effect property values for owners?
@Camille, when the downtown Austin apartment towers are completed, I expect to see downward pressure on rental rates in the short-medium term. Efficient markets would predict that lower rents will lower ROI for investors, thus reducing values. But, the dominant buyer profile is still seeking primary or secondary residence (not a rental for investment purposes). Moreover, most downtown buildings like Milago cap the number of leases (investors) allowed, so the market might not feel the effect at all.
The greater impact on value will come from the added retail amenities and people from these buildings, creating more vibrancy in the community, which has a direct positive effect on values for owners.
thanks jude. the waller creek project will be a great enhancement for the village, shore and milago as well. this is all very exciting.
what about the proposed condo on the corner of caesar chavez and red river. also, what are your thoughts on the train in front of the mac?