The Whitley Apartment Building Is For Sale

The Whitley Apartment Building Is For Sale

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

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

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)

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.