About Jude Galligan

Jude Galligan, REALTOR, Principal of REATX Realty and publisher of Downtown Austin Blog (aka. "DAB"), spends his time matching remarkable people with remarkable properties in Austin’s urban core. A resident owner in downtown Austin, Jude serves on the Board of the Downtown Austin Alliance (DAA) and the City of Austin Downtown Commission. Contact Jude.

Jude Galligan | January 11, 2015 | Leave a Comment

70 Rainey Signals Condo Tower

70_Rainey_Street___A_Downtown_Austin_Condominium

The popular Rainey Street district may host the next condo tower to be announced in downtown Austin. Known simply as 70 Rainey, the four lot assemblage, currently occupied by several mobile food trucks, is situated just east of the Mexican American Cultural Center.

While we’ve been expecting a tower on this site, it is noteworthy that 70rainey.com indicates the tower will deliver as condos for sale, rather than previous reports of a multi-family tower with apartments for rent.

Outline of the site, and adjacent 64 Rainey owned by the MACC

The site has been in play for several years and has seen several owners.

The current owner, Freemont Holdings, LLC – a related company of Manhattan developer Sackman Enterprises, acquired the site last year from local Riverside Resources.

City of Austin filings indicate that the site plan might not be fully fleshed out. As of last October engineers are seeking 200 residences, for a total project size of 531,806 sf.

This is a nuanced change from what the project was originally entitled for, and new City of Austin ordinances for density in Rainey Street could hand-tie the developers ability tweak the building. The new desired height of the tower has increased to 35 stories due to smaller floor plates in the revised building plan.

Summary of what we know about 70 Rainey:

Number of dwellings = 200 (86 1bd, 110 2bd, 4 penthouse)
Building size = 531,806 SF
Number of stories = 35 (tbd.)
Number of parking spaces = 478
Amenities include: onsite restaurant, 24 hour concierge, pool, gym, great streets sidewalks

After years without any new condo towers, the past 18 months have given downtown Austin three official announcements: Seaholm, Fifth & West, and The Independent. The only building to see vertical construction so far is Seaholm, but site work has begun on Fifth & West.

Interestingly, those condo towers are located within two blocks of each other, and each is anchored to West Avenue. It would be great to spread some of that excitement to the east of Congress Avenue, and perhaps that will be 70 Rainey… but maybe we’ll just as soon see 99 Trinity, or the three towers proposed by Waller Park Place.

-Jude

Filed Under: downtown austin

Jude Galligan | November 19, 2014 | 15 Comments

How Much Convention Center Is Too Much Convention Center?

Block 8 sits in the southern shadow of the Four Seasons Residences, just west of the Austin Convention Center. There are signals that the City of Austin is posturing for another Convention Center eminent domain battle (à la the Whittington Saga Part 1 & Part 2, which we wrote about in 2008).

City Staff recently recommended that the City acquire the southern tracts of what’s known as Block 8 to be part of an expansion of the Austin Convention Center, the first step in a larger proposed expansion.

The Convention Center currently sprawls over six city blocks, and hosts 881,400 square feet of space. The City Memo states that there is “solid evidence” for expansion and is wanting up to 305,000 in additional square feet! No doubt the abundance of downtown hotel rooms recently built, and under-construction is part of that “evidence”.

You can view the memo in a recent report from the Austin Monitor, though talks about this have been going on behind closed doors for a while before this.

Plat map of the southern half of Block 8

Below is the breakdown of current ownership of the southern half of Block 8 that the city is intending to initially acquire:

101 E Cesar Chavez / 302 E Cesar Chavez – this is one of the most awkward buildings in downtown Austin. The tenant, Casa Chapala, recently closed its doors. Public records show the lot to be owned by Bloctavo Holdings LLC / John Calhoun Miller, a real estate attorney in Texas.

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304 & 306 Cesar Chavez – downtown’s purveyor of Aprilias and Vespas, AF1 seems to hide in plain sight. Owned by Bandy Real Estate LLC, a family operated LLC located in Kingsland, TX.

AF1 Racing

316 & 316 1/2 Cesar Chavez – A lovely surface parking lot (sarcasm), adjacent to the Christian Science Reading Room. Public records indicated this is owned by Bloctavo Holdings / John Calhoun Miller, a real estate attorney in Texas.

the view of the lot looking to the north

102 / 104 Trinity – The Christian Science Reading Room, owned by the First Church of Christian Science.

front exterior of the Christian Science Reading Room

Southwest Strategies has been marketing the assemblage of the southern half of Block 8, hoping to get a developer to build with a long-term ground lease.

They describe Block 8 as follows:

The Block 8 Tracts are an assemblage of 4 smaller tracts. Currently, the western portion of the property along San Jacinto is improved with a two story building containing 6,103 sq. ft. currently leased to a restaurant on a short term basis. The central part of the assemblage is improved with a one story building containing 5,320 sq. ft. Tenant is on a month-to-month lease. The eastern portion of the assemblage consists of a paved parking lot utilized for contract parking and an owner occupied one story building consisting of 4,161 sq. ft.

It’s true that the block sits on a prime redevelopment location. It’s near the convention center, has CBD zoning, and “is unencumbered by any Capitol View Corridors.”

Per the Austin Business Journal, “City officials invested about $110 million to expand the convention center in 2002 by several city blocks.”

In their memo, the City states that it has already sent what’s called a Letter of Intent to Acquire to the property owners, and is also already throwing around eminent domain references (though the memo does state that the City will make a good faith attempt to acquire the properties at market value).

The above lots are just the first part of the plan. From the Austin Monitor: “Rizer suggests the city will need to acquire ‘the equivalent of three to four City blocks‘ to accumulate enough room for the additional space.”

As a resident of downtown, the prospect that an additional three to four blocks of CBD zoned downtown Austin land, currently occupied by thriving businesses, would be annexed by a sprawling Convention Center is alarming. This would divide downtown Austin using brute force malaise-era design principals. The City should instead be investing in sustainable design that enhances the preciously compact pedestrian experience our downtown currently affords to residents and visitors.

I call BS on the dogma that Convention Centers can only expand horizontally. City leadership should invite world class designers to show us a better path to expand vertically on the already significant Convention Center footprint.

-Jude

Filed Under: austin history, austin neighborhoods, austin news, city council, development, downtown austin, Real Estate

Jude Galligan | October 24, 2014 | 3 Comments

Austin Fairmont Hotel To Break Ground November 3rd

Some people, myself included, were beginning to think downtown Austin’s Fairmont Hotel was becoming development vaporware. Back in March there was proof-of-life when they began fencing off the site.

Today, according to a press release sent to DAB, the Fairmont Austin, the first hotel providing direct access to the Austin Convention Center, is announcing that it has secured financing and will break ground on November 3, 2014.

Colony Capital has stepped in with project financing for the $370 million luxury hotel, which is expected to open June 3, 2017.

The site, located at the northeast corner of Cesar Chavez & Red River is a 1.74-acre parcel situated along the bank of Waller Creek. The hotel will be notable for having a direct connection to the Austin Convention Center, via an arial promenade being designed by Thomas Phifer and Partners (the firm selected by the Waller Creek Conservancy to develop a master plan for the Waller Creek district).

The finished building will no doubt add to downtown Austin’s skyline. At 595 feet tall, it will be second tallest structure in downtown Austin – the tallest being the 56 story, 680-foot Austonian.

Summary of what we know about the Fairmont Hotel…

Number of rooms = 1,066
Number of stories = 37
Square Feet = 1.4 million
Building Height = 595 feet
Delivery = June 2017

-Jude

Fairmont Hotel, Red River @ Cesar Chavez, southwest POV

Filed Under: Downtown Austin Districts, Railyard District, waller creek Tagged With: austin hotels

Jude Galligan | October 14, 2014 | 7 Comments

Fifth & West Residences: The Next Austin Condo Tower

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 dog park

residence interior

building entrance

view from east

view from north

[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.

A large Capitol View Corridor cuts through downtown Austin, Fifth & West to the left

Pre-sales process will be announced soon. Until then, if you’re interested in making a reservation, contact us for more details!

-Jude

Comparison of GDA Architect’s rendering to what the corner of 5th & West looks like today

Filed Under: austin towers and high rises, Downtown Austin lofts, condos, apartments, Real Estate

Jude Galligan | September 22, 2014 | 8 Comments

Downtown Austin Streets Are Safer With Uber & Lyft

Update: 10/16/2014: The TNC Ordinance passed Council with a 6-1 Vote. Council member Chris Riley’s press release HERE.

We celebrated Amber’s birthday this past weekend with friends and family hanging out with us at the Shore condos, and later crawling Rainey Street. Everyone had a great time… and plenty to drink.

As we wrapped up the evening I observed 6-7 people use Uber to get themselves home safely.

I was struck by how effortless ride sharing is, and that it effectively keeps a percentage of drunk drivers off the streets of Austin. Remarkable.

I think back to just last year, when getting a cab was a non-trivial event. I’ve always been frustrated with taxis in Austin. They are notoriously difficult to locate, arrive late, or didn’t arrive at all. The result is that people would make the poor decision to just drive themselves after having a night on the town.

In cities where ride sharing is embraced, I fully expect to see data showing a drop in the number of DWIs.

Austin leadership should pay attention, and we’ll be watching as this topic goes before Austin City Council on the 25th.

-Jude

Filed Under: austin transit, entertainment district, girls night out

Jude Galligan | September 11, 2014 | 5 Comments

Hard Hat Tour Photos of Seven Apartments (née 7 Rio), Scheduled To Open This Winter

seven_apartments_austin_highrise_southern_view

Admittedly, I was one of the disappointed spectators when the original concept, proposed as “7Rio”, was reduced to 23 stories.

Still, for the past 18 months, or so, many of us have been eagerly watching the construction site at the corner of 7th @ Rio Grande. Earlier this year I speculated that Seven could even “go condo,” but it appears that multi-family development continues to have legs.

Now that downtown Austin’s Seven Apartments is approaching completion, and will be delivering residences this winter, we were invited to take a hard-hat tour of the tower. This would be a great opportunity to get some insight into a new community that’s about to open in our neighborhood. I could also start to compare how Seven will compete with existing downtown Austin apartments for rent.

I love taking hard-hat tours. There’s no better opportunity to see the guts of a building. For me [and definitely NOT Amber!] riding up the bone-jarring ear-splitting construction elevator adds to the excitement. Peeking through the elevator’s diamond perforated sheet metal, accepting your fate as it creeps higher, you get a unique sense for how each additional floor impacts your perspective of what’s around you.

Here’s what we know about Seven:
Average Residence Size = 924 sf
Average Price per SqFt = $3.05 per month
Number of floors = 23
Number of residences = 220 (172 1bds, 48 2bds)

More pictures from the tour after the jump!

Jude Galligan | August 27, 2014 | 1 Comment

Seaholm Condos Move From Reservations To Contracts

Seaholm condos at 222 West Ave, rendering by STG Design

According to a press release sent to Downtown Austin Blog, 80% of the reservations for the under-construction Seaholm condos have become full contracts.

Last October nearly all 280 residences at the Seaholm condos were snapped up in a matter of days of the project being announced. The resulting frenzy of buyers trying to reserve units became a bit of a cluster, leaving subsequent people interested with the singular option of joining a wait list. Now, I expect, many of those existing Seaholm “wait-listers” will very happily absorb the remaining 20% (56 units) prior to the building’s opening next year.

Seaholm was the first downtown Austin condo project announced post-recession.

When announced last year there were precisely zero competing high-rise condo proposals, no remaining inventory from the last building cycle, nor were there many downtown resales to whet buyers’ appetites. Combined with below market rate pricing [relative to the newer downtown towers], the swell of interest in Seaholm was not at all surprising. Seaholm’s rapid absorption reflects superb timing.

Trader Joe’s, the national grocery chain anchoring the development, should be open by the time the residences begin to receive their certificates of occupancy next year. We’re stoked to see that the Seaholm “district” will be immediately active with retail and residents upon the building’s opening. The entire development will be a solid addition to the increasingly pedestrian fabric of downtown Austin.

Interestingly, Seaholm could be getting a neighboring tower within a couple of years, too. Earlier this month Constructive Ventures announced a revitalized proposal for a 50+ story tower caddy-corner to Seaholm.

-Jude

Seaholm condos – Northwest elevation. Renderings courtesy of STG Design

Filed Under: downtown austin, Real Estate

Jude Galligan | August 8, 2014 | 1 Comment

50+ Story Downtown Austin Tower Envisioned By Constructive Ventures

[UPDATE 12/17: this project has been confirmed through multiple sources and will be marketed at “The Independent“]

The Statesman is reporting some exciting news for the Austin Energy Control Center site.

Back in 2010, Constructive Ventures entered into a “Master Development Agreement” with the City of Austin for an agreed upon “transfer price” of $14,500,000. Now that the economy is starting to show signs of strength, the developers think the next couple of years could be the right moment to deliver a 50+ story condo and office tower.

Constructive Ventures has a strong track record of development in Austin, including: Spring Condos, Barton Place, Pedernales Lofts, and Este.

The 1.7 acre site is located immediately north of the Seaholm condos, which is under construction, and west of 360 condos. The site is one of the last missing pieces for developing the southwest district of downtown Austin.

While still a vision, if built, this would be an impressive addition to the downtown Austin skyline. More important is this development would further improve the street-level experience for pedestrians.

Summary of what we know:

– 400 residences (condos for sale)
– 50+ stories
– 120,000 square feet of office space
– 15,000 square feet of retail and restaurants

The design has shifted from a two-tower plan to a single tower, and the architect of record is Brett Rhode, who also designed 7rio, Aspen Heights, and The Catherine (née Aquaterra).

Construction could begin as early as Q4 of 2015. Expect capital market conditions to dictate exactly when it could happen. Whenever it begins, expect 2.5 years to complete construction.

Just for fun, in the image you see above, we’ve overlaid a building massing onto the site in order to show [very crudely!] how a 50+ story tower fits into the skyline. From the Statesman article, architect Brett Rhode said “the tower will be a mostly glass, with landscaped areas on different levels that will break down the scale of the building and enhance its visual appeal.”

-Jude