downtown Austin's neighborhood and real estate blog
Not much info has been released about the design of Riverside Resources’ 20 16-story apartment building under construction at 3rd & Brazos (in the newly monikered Railyard District).
The video below is a virtual flyover of the building, and provides more insight into the design. (update: the video settings have been changed to private)
Let it be known as the Railyard District, that part of downtown Austin, south of 5th Street and sandwiched between Congress Ave and the Austin Convention Center. You could straddle the convention center and include the area east, around Moonshine, too.
It’s an interesting mix of conventioneers and locals, both feeding on chicken and waffles at Max’s Wine Dive.
For decades, the district has been anchored by the Railyard condos, and recently flanked by the Four Seasons. Soon, these will not be the only full time residences.
In the past couple of years we’ve seen improvements and new businesses open in the neighborhood, including AF1 Racing, Vince Young Steakhouse, Hank’s Garage (which is gone), and Skinny’s Ballroom.
Walking around a post-SXSW absent is the hyper-pedestrianism of the past 10 days, and I observe a “coming soon” sign. I see more as I keep walking. In one lap around the Railyard district, I counted nine businesses or projects “coming soon”!
Nine!
What’s COMING SOON to the Railyard District? [Read more...]
Foundation Communities’ proposed downtown Austin affordable housing development will no longer be referred to as Capitol Terrace, but rather Capital Studios. Yes, the spelling is correct.
DAB has obtained draft drawings of the development at 11th & Trinity. These are intended to show massing and different uses within the building. There might be small changes to the final design – the colors are for clarity and do not represent how the skin of the building will look.
With the proposed Foundation Communities development needing support of the neighborhood, DANA invites its membership to come out for a special presentation by the CEO of Foundation Communities and a discussion on development proposed for 11th & Trinity Street that would be the first affordable housing project proposed Downtown in over 45 years and which will include Permanent Supportive Housing. DANA board members will be looking for feedback on the design and operational proposals.
When: Thursday, February 16th, 6pm
Where: St. Mary’s Cathedral, Bishop’s Hall, 203 E 10th St Austin, Texas 78701
Foundation Communities site for Capitol Terrace 11th @ Trinity
Walter’s vision is to bring housing into downtown Austin for people who earn $15.00 per hour, or less.
Say what?!
Proposed is a 135 efficiency-style apartment building (for rent) at the southwest corner of 11th & Trinity. The site is currently a surface level parking lot. It is intended that 27 of the units will be reserved for people with absolutely no income, specifically clients of Caritas, Trinity Center, ARCH, and the Salvation Army.
Musicians can afford it. Many downtown workers, including State employees can afford it. Veterans on disability can afford it. Initially, the average rent would be between $400-650 per month, all bills paid.
Walter is the Executive Director of Foundation Communities (FC), a nonprofit affordable housing developer. FC has a track record of success. Established in 1990, FC is owner and manager of 13 communities all around Austin and built with support of local neighborhood associations. They are a long term owner, have never sold one of their properties, and claim they never intend to. Last year FC opened M Station on MLK: the first LEED for Homes Platinum apartment building in the entire country!
Foundation Communities site for Capitol Terrace 11th @ Trinity
Here’s the rub: FC cannot build an affordable housing community without the express support of the immediate neighborhood association. In this case, it’s either DANA or the DAA.
I was invited by FC to tour their other buildings, which was needed because I wasn’t really educated about affordable housing. Elliott McFadden, the communications director for FC (also the publisher of Austin On Two Wheels), succinctly explained what affordable housing isn’t. [Read more...]
According to an administrative site plan application filed with the city, the Austin Skyhouse is a proposed downtown Austin mixed-use apartment tower at 47 Rainey Street. If built, the tower could deliver 15,000ft of retail and 320 apartments to downtown Austin’s red hot rental market.
The ~1.4 acre site, shown below, is directly north of the Legacy apartments (187 units), and across the street from the Milago Condos (240 units). The CBD zoned property has long been expected to be developed into a tower, so this shouldn’t be received with much surprise.
According to the application: “The applicant is proposing to construct Apt. Tower/Retail and Garage/Retail with associated improvements.” The applicant is familiar to downtown Austin development – Novare/Andrews Urban – the same team who developed the successful 360 Condos.
Since Milago has the dominant lake and city view for the first twelve floors, we’ll hopefully see a tall tower over podium design where most of the units’ views would clear Milago’s roof. Given the parking challenges in the Rainey Street district, perhaps we’ll see extra parking included in the design which could be available to visitors to the neighborhood.
This is the latest of several proposed downtown Austin high rise projects catering to renters. Riverside 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 year.
(UPDATE 1: Novare is building the Skyhouse concept in Atlanta on what looks to be a similarly configured site. UPDATE 2: we’ve confirmed the tower will be 23 stories and could break ground as early as May.)
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. [Read more...]
Lease restrictions are typically birthed with noble intent – to foster owner-occupancy and ensure that buyers can get loans for properties within the community.
When new lease restrictions are forcibly applied to limit rental activity in buildings and neighborhoods, it is a taking of property rights which can set off litigation from disgruntled owners.
This issue has impacted me as a property owner, and I’m familiar with the emotions and frustrations felt by advocates and antagonists to lease restrictions. A recent situation with a buyer was frustrating enough that I want to share my experience (which is not unique) about how lease restrictions can adversely impact current owners, sellers, and buyers.
Lease restrictions will do two things, guaranteed:
1) limit the number of renters in a community
2) limit the number of buyers for properties within a community
Thanks to a reader tip, we’ve learned that demolition of the former Whitley Paper warehouse is more than just speculation.
Demolition of the half-block site will begin Monday, September 26th according to a notice distributed to neighbors.
This will be the first visible steps towards Riverside Resources building their apartment tower at 3rd & San Jacinto. [Read more...]
Amid a few weeks of rumors and hearsay, Downtown Austin Blog has confirmed that Windsor Communities has closed on their purchase of The Monarch apartment building from ZOM/ZRS. Back in 2007 ZOM was planning a 29 floor, 300+ unit building as a condominium along Shoal Creek (801 W 5th Street).
During construction, the national economy tanked. To the chagrin of several purchasers whose contracts would have to be cancelled, the Florida based developer astutely reset and decided operate the building as an apartment building. That has turned out to be a fortuitous decision.
It would have been difficult to predict how successful downtown Austin would be in weathering the recession. As it turns out, downtown Austin apartment rents have strengthened – a result of diminishing inventories and [relatively] tight lending standards still affecting the for-sale market.
The buyer, Windsor Communities, is on a roll. They also acquired the Legacy On The Lake back in April, which is recently operating at ~96% occupancy.
Thanks to Kenny Chan for the heads up!
Jude Galligan, Broker at REMAX Downtown Austin, 512-226-3414
Recent Comments
who is the owner and when does agora open?
so who is the owner of AGORA? and when does it open?
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Specific sales data is reserved for our clients. Any REALTOR, myself included, can assist you outside of the blog.
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