Demolition Begins For Dinerstein Development

Demolition Begins For Dinerstein Development

Southwest corner of East Ave at Driskill

Snapped a pic this afternoon showing that demolition is well under way along East Ave for the 9 tract assemblage which will host a Dinerstein apartment development, expected to be called Millenium Rainey (aka Rainey Center).

Millennium Rainey along Rainey Street

Millennium Rainey along Rainey Street

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The Whitley Apartment Building Is For Sale

The Whitley Apartment Building Is For Sale

Whitley Austin

Downtown Austin’s most recently completed apartment building is for sale according to commercial real estate company CBRE’s website.

The timing is interesting because the Whitley just welcomed its first tenants only a few months ago.  And, we were very excited when Royal Blue Grocery was announced as an anchor bodega-grocery store.

Construction of the Whitley was first announced back in September 2011, and would replace the former Whitley Paper warehouse that occupied a half-block at the northeast corner of 3rd & Brazos Street (just south of the Railyard condos).

Since the building’s completion, they have already achieved 66% occupancy, according to the info on CBRE’s website.   That’s nearly 176 apartments rented in just a few months!!!

Details:
-266 units (66% leased)
-16 stories
-12,000 ft of ground level retail space (100% leased)
-333 structured parking spaces
-Price is to be determined by market

whitley-apartments-austin-exterior

View of the Whitley from southwest corner of 3rd & Brazos





Families in Downtown Austin Condos

Families in Downtown Austin Condos

families-downtown-austin

Sometimes when I’m chatting with a peer of mine about where they’d like to live, I ask them if they would consider downtown.  A common response to that question is “Well, I have (or want to have) kids….so….” as though that’s the consideration keeping them from a condo. I guess when people think of the demographic of downtown Austin (and, I guess, downtowns in general), they think that high-rises are for singles, young couples, or empty nesters – most folks don’t feel like condo buildings are places where families do or should dwell.

Well, believe it or not, there are lots of families living in downtown Austin that are bucking the stereotype.  I’ve had the chance of over the last several months to interview a few families living in downtown Austin [Read more...]





Skyhouse Apartments on Rainey

Skyhouse Apartments on Rainey

skyhouse-atlanta-austin-houston

If you are looking for a new downtown apartment to rent come late November 2013, Skyhouse Apartments on Rainey Street across from the Milago Condos may be a viable option.

They’ve been on our radar lately, most notably because of the recent announcement confirming that Royal Blue Grocery will be occupying a large part of the ground floor frontage, which will be a HUGE add to the Rainey Street District (we’re excited about the Salvage Pizza, too!).

I personally also think this is an interesting apartment development because Novare and Batson-Cook are building / have built, for all intents and purposes, the EXACT same building (the footprints of the units are a little smaller in the Austin iteration) in two other major southern cities that I’ve lived in – Houston and Atlanta.

Prices for the Skyhouse Austin [Read more...]





DAB EXCLUSIVE: First Look at Broadstone On The Lake (former RunTex store)

DAB EXCLUSIVE: First Look at Broadstone On The Lake (former RunTex store)

Broadstone on the Lake rendering2

Cities evolve.  Few quite as visibly as Austin over the past couple of decades.

We’ve got the first look at what’s coming to the site of the former RunTex store at S. 1st and Riverside Drive.  Demo permits were approved last month, and fencing has been erected around the site.

In its place, a six-story cousin (some might say “clone”) of The Crescent apartments – just down the street – is planned, called “Broadstone on the Lake.” It will feature 119 affordable units and 207 market rate ones, for a grand total of 326 apartments, according to city records.

The building is being designed by Kelly Grossman Architects, who designed the Hill Country Galleria, The Crescent and 404 Rio Grande.

Broadstone on the Lake rendering3

Broadstone on the Lake, Elevation Drawings

I’m not going to lie. While I’m thrilled about packing in some more density into the core, I’m pretty “meh” about the whole faux-urban motif of the design.  Some might say that level of design is better suited for a series of outlet malls in San Marcos.  But, let’s remember that the Broadstone apartment housing brand, much like the Millennium apartment housing brand coming to Rainey Street, is a national chain of apartment complexes, and it is what it is.

Thankfully, The Catherine – a 19-story, $68 million, 300-unit residential tower beginning to be constructed next door – has some design panache.  Formerly nick-named “StreetLights at Barton Springs” that building is next iteration of the Aquaterra condominium project, which fell victim to the lending withdraw of the 2008 recession.

(Also, also… the Hyatt Town Lake is removing a substantial amount of surface parking, and building a seven-story parking garage and ballroom behind the Sherry Matthews building. Austin Towers profiled the development there this past February.)

A note about RunTex

Although RunTex was a tenant and was going to get booted anyway, the poetic tragedy of the demolition coinciding with the apparent troubles of the RunTex business and brand is too dramatic to not mention here.

RunTex was founded 25 years ago, and as a fellow entrepreneur who knows about blood and sweat in pursuit of a dream, I can’t help but feel a twinge of sadness for all the people whose lives are intertwined with the bricks and pavement about to be wiped from the earth there.

It is important, though, to note that I used the word “evolve” in the first sentence of this post.  Change isn’t easy, but the development of the site is a natural and healthy evolution for downtown Austin.





9th Annual Downtown Living Tour – May 19th, 2013 – Reserve Your Tickets

9th Annual Downtown Living Tour – May 19th, 2013 – Reserve Your Tickets

DLT 2013 Header

The 9th Annual Downtown Living Tour is a couple of weeks away.  Produced by the Downtown Austin Neighborhood Association (DANA), the tour is a great way to tour downtown living, at your own pace, all in one day!

Get your DLT tickets now

This year, although the tour will still be self-guided, the tour will also have shuttle service to facilitate access to each tour stop (nice!), and will showcase the following buildings:

  1. The Whitley Apartments
  2. The Shore Condos
  3. Park West Residences
  4. 360 Condos
  5. Avenue Lofts (one of the few Art Deco buildings downtown)
  6. The Four Seasons Residences -RECEPTION – (VIP only, and only open from 4pm-5pm)
  7. Brazos Lofts (check out the history, formerly Capital Chevrolet)
  8. Towers of Town Lake (Penthouse, VIP only, only open from 1-4pm)
  9. Capital Studios (to-be-built Foundations Communities project designed by Dick Clark Architecture)
  10. LBJ’s apartment at JJ Pickle Building (VIP only, only open from 1-4pm)
  11. More stops to be announced!

There are some stops of particular note, primarily the official office suite of President Lyndon Baines Johnson at the JJ Pickle Building, an office suite he used during his presidency and the site of such landmark meetings as the Cold War discussions on December 6, 1966, which culminated in the first agreement with the Soviet Union to limit nuclear weapons, known as the Strategic Arms Limitation Treaty (SALT).

The JJ Pickle building itself is part of a two-block complex of Federal Buildings in downtown Austin, and was designed by Texas Firms  Page-Southerland-Page and Brooks & Barr, and is textbook 1960s high-rise design.

Here are a few exclusive pictures of the interior of the office suite, which is remarkably intact.

The LBJ Suite is only open to VIP ticket holders, and there a very limited amount of VIP tickets – so we would recommend…

Get your DLT tickets now

 





UT student housing, not condos, coming to 17 & Guadalupe

UT student housing, not condos, coming to 17 & Guadalupe

17&Guad birdseye

About a month ago, the Downtown Austin Blog had a post hinting at the redevelopment of the abandoned, sad-looking Arby’s at 17th and Guadalupe, received with some skepticism.

Guess what? It’s going to be developed into an 80-unit student housing apartment complex and they want to do it fast.

About a quarter of the block at 1715 Guadalupe has been an abandoned fast food restaurant with its onsite parking use for contract parking. Recently, it has been sold to a developer for mid-rise student housing, with below grade parking.

Here’s the catch: The construction schedule requires work to begin by March 15, in order for the project to be ready for UT student move-in this August. The entire project area will have underground parking, which will required about two months of demolition, excavation and grading work.

It will be interesting to see if this still becomes student housing if the project deadlines cannot be met. Initially, this lot was going to be redeveloped into downtown mixed-use and someone literally scratched out “condos and retail” on the site plan application and wrote “apartments”.

UT had record freshman enrollment this past year, and if the market said lending was easier for that use, then that’s how the chips fall.

There’s likely to be universal consensus that a mid-rise student complex will be great for adding some life back into that part of town, and be especially good for the adjacent Dive Bar and Arturo’s coffee shop.

But, like cutting into an overcooked, yet still tasty steak, the current plan leaves bit sadness about what could have been.

Street-level retail and condo owners, which would have been vested in the community, would have been much juicier than student housing. Not to mention: the site is zoned for DMU-CURE and not in the Capitol View Corridor, which means density could have been packed in there.

We’ll also not that unlike other apartment projects percolating around the core, this one – because it is student housing – is unlikely to be converted into condos at a later date.

On the other hand, having student housing bleeding into downtown does it’s own unique part to keep the core vibrant, and really adds a level of affordability and youthfulness to downtown, which a luxury high-rise condo tower would not.





Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 4/18/14 9:41 AM PDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

Information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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