The Statesman confirmed today what many of us have been expecting, the former offices of the Texas Press Association located at the corner of Fifth Street @ West Avenue, will be razed and construction to commence on a 39 story condominium.
Known officially as Fifth & West Residences, it is the first condo project in downtown Austin to reveal official plans to begin accepting reservations since Seaholm. Seaholm Condos is notable as it was announced almost exactly one year ago, and was fully reserved within just a few days of that announcement.
We first learned about Fifth & West earlier this year when the project came before the Downtown Commission, and we observed just how compact a footprint the building will have. So, maximizing FAR was crucial to developing the site. One of the more notable pieces the developer offered for density bonuses was subsidized Car2Go, B-Cycle, and Shoal Creek Conservancy memberships for each residence. It is to be determined if those commitments carried through the entitlement process.
[Interior renderings by Michael Hsu Office of Architecture]
Tall and slender (think Spring Condos) because of the property’s small foot print, combined with the the impact of the Capitol View Corridor, the building’s architecture will be a unique triangular tower, with the longest plane facing southeast. The surrounding businesses, notably Austin Urban Vet, Kung-Fu Saloon, Jerry Kunz design, and Molotov, will remain untouched by the vertical development.
Below is a summary of what we know about Fifth & West Residences:
- Project name = Fifth + West Residences
- Address = 501 West Avenue, Austin, TX 78701
- Project type = condominium
- Number of residences = ~154
- Target pricing = ~$740 per foot, on average
- Building height = 448ft
- Unit sizes = average of 1,624 sf (1, 2, 3 bedroom plans)
- Developer = Riverside Resources
- FAR = ~20:1
- Architect = GDA Architects (Interior Michael Hsu)
- Anticipated delivery = Autumn of 2017
It’s interesting to see how a large Capitol View Corridor impacts vertical development, forcing architects and developers to finesse the building envelope.
Pre-sales process will be announced soon. Until then, if you’re interested in making a reservation, contact us for more details!