Railyard District

Jude Galligan | May 7, 2013 | 1 Comment

Downtown News and Rumor Round-up

Rainey Street District hotel breaking ground next month?

If you’ve been around downtown Austin since 2006, you’ve been hearing about the Hotel Van Zandt.

It was a sister development to the Shore Condos, sharing the northern end of the site. Hotel Van Zandt was initially planned to be a $100 million, 29-story hotel and condo tower. The scope has been reduced to 16 stories and will include just the hotel component.

We’ve heard all of this before. Developers are now telling the Statesman they plan to get going next month. This is the same thing they told the ABJ in March, which is a sign that it is indeed ready to roll.

Hotel Van Zandt was initially planned to be a $100 million, 29-story hotel and condo tower. The scope has been reduced to 16 stories and will include just the hotel component.

Statesman has more

New Travis County courthouse up for debate

The ongoing debate for whether or not Travis County will enter into a deal for a public-private partnership to build a new courthouse downtown could be coming to a head.

Recently, the Statesman profiled some of the issues associated with the project, and on Tuesday the Commissioner Court talked to the finalists for the deal: URS and Broaddus and Associates.

The court did not take a vote when it discussed it at a hearing this past Tuesday, but is taking the issue back up this Tuesday.

The new courthouse could rise 17 stories next to Republic Square. Earlier this year, commissioners decided they will hold a bond election to finance the courthouse, but no date is certain.

If the deal ever falls through, or the public does not approve the bonds, it would put a lot that is not encumbered by capitol view limits back into the private market.

Statesman has more

Austin is a finalist to host the X Games

ESPN announced that Austin is one of four finalists to host the 2014, 2015 and 2016 X Games. The games would be held at the Circuit of the Americas, but without a doubt, we can expect something related downtown. If – of course – Austin ends up taking the cake.

For the record, I think it will.

Austin is competing with Chicago, Detroit, and Charlotte, N.C. I think both COTA and Gov. Perry will roll out the red carpet and offer just as competative package of any tax breaks the other cities and states can offer. From a ticketing and marketing perspective, the folks at ESPN must know that Austin is going to have the best draw among the kids and also know that marketing machines like Nike and Samsung already have the ground troops and past experience to tackle Austin from a marketing perspective, due to SXSW.

ESPN is sending envoys here next month and expects to pick a winner this summer.

KXAN has more

The saga of an expensive parking garage coming to a close?

For you readers who are devotees of downtown palace intrigue, the saga of Whittington v. City of Austin could finally be coming to a close.

The case started almost a decade ago, in relation to the public-private partnership the city got into to build the Hilton next to the convention center. The city seized Harry’s downtown lot and he sued them for it.

After a series of trials, the case made it all the way up to the Texas Supreme Court, which sided with the city.

Got to give it to the man, he knows how to dig in and raise hell. Although, he must have asked himself several times over the past few years: What would that lot have been worth today if the city hadn’t tied it up in litigation 10 years ago?

Maybe now, they will put all of that vacant retail space, which wraps the ground level of the garage, to good use.

ABJ has more

Filed Under: austin news, Railyard District, Rainey Street District

Jude Galligan | March 8, 2013 | Leave a Comment

Royal Blue Grocery Announces Next Location @ The Whitley

Big news for those living and working on the east side of Congress Ave. Royal Blue proprietor, George Scariano, confirms with DAB that the lease is officially signed with The Whitley!

This will be the locally loved grocer’s fourth location. The 2300 ft store will anchor the Railyard District, and we can expect an opening in July.

The store will be a full blown coffee shop, offering beer & wine, with an on-site kitchen serving baja-style seafood tacos, tacos al pastor, and flattop burgers.

We can’t wait!

Filed Under: around town, austin small business, downtown austin, Railyard District

Jude Galligan | January 25, 2013 | 5 Comments

Why Are Prices Surging At The Railyard Condos?

[Full disclosure: I am currently listing a unit for sale at the Railyard]

The Railyard condos are unique. The two low-rise buildings sit on two of the best sites in downtown Austin, and have usually been more affordable than the newer, sexier high-rises. Part of the appeal is location: situated across from the Austin Convention Center, 100 feet from the MetroRail, one block from Congress Avenue, three blocks from competing luxury towers, the Austonian and Four Seasons. The Railyard has enviable proximity to most anything in downtown Austin.

Remember last year’s NIMBY fury over Austin’s Short Term Rental ordinance (pdf)?

You would be in good company if you assumed that all of downtown Austin’s condos and apartments were making money on STRs.

You would be wrong, though.

Downtown condos have home owners associations (HOAs). HOAs have rules, and in downtown Austin those rules are usually antagonistic to short term rentals. Breaking those rules could result in a $1000 per day fine by the HOAs. Despite the fact that the STR ordinance does not regulate apartments and condominiums, last year’s fight with the City of Austin to regulate STRs wasn’t going to impact most of us living in downtown because of these HOA rules.

The Railyard condos are very, very unique.

This past November, just a month after Austin’s new Short Term Rental ordinance took effect, an enterprising Railyard owner recognized the Railyard’s bylaws did not forbid short term rentals and put together a fund to purchase several units.

The investment rationale is simple: opening up your condo as a vacation-rental-by-owner (aka. VRBO) during SXSW, ACL, F1 (just to name just the big opportunities, not to mention conventions) can yield more rent during those events than the total rent from a typical 12 month lease! Same for Railyard owner-occupants who can lease their place out for a few nights, take a vacation, and make a couple thousand bucks.

The economics of Railyard ownership shifted overnight. Word quickly spread to the owners and a handful of Realtors. In the previous year (Nov 2011 – Nov 2012), 1bd/1ba units at the Railyard condos were trading at an average of $285/foot, and units with at least 2bd/2ba units were trading at an average of $275/foot.

Going forward, expect sale prices at the Railyard condos to be 20-25% more than last year, reflecting the new economics of embracing downtown short term rentals. Owner-occupants are getting in on the action, too.

Offering the flexibility to lease your condo on a short term basis is a privilege that makes the Railyard unique among downtown condos. This privilege has significant value.

STRs can be a win-win for owners and associations. The key is balance and monitoring the impact on residents.

The Railyard HOA is smart to approach STRs with reasonableness and attach fees to the process. These extra fees will help fund their operations, building improvements, and keep HOA dues low for homeowners. Homeowners, who are also able to capitalize on their property.

I’ll stop short of advocating that all downtown buildings should permit STRs – I don’t agree with that. However, there are several buildings that should be paying attention to what the Railyard is doing. It seems reasonable for more HOAs to experiment with loosening their STR rules, monitor the process, use the money for building improvements, and course correct as needed.

-Jude

Filed Under: austin condos, austin lofts, city council, downtown austin, Railyard District

Jude Galligan | December 18, 2012 | 5 Comments

What’s Missing? Clues To Downtown Austin’s Next Apartment Tower

What’s missing is a clue to what might become downtown Austin’s next apartment high-rise.

Back in August we discovered the old warehouse on the corner of Trinity and Cesar Chavez had been acquired by World Class Capital Group, and quickly conceptualized into an apartment tower, with the working name of Trinity Place.

For decades, two small billboards stood at the eastern edge of the lot. If you were heading east or west on Cesar Chavez you wouldn’t have missed them. As of this week, those billboards have been taken down!

Now, WCCG would not decide to forfeit that steady billboard lease without a good reason. I speculate this is a signal that development efforts are progressing.

Trinity Place conceptual footprint – Cesar Chavez @ Trinty (pdf)

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

amber gugino | November 5, 2012 | 2 Comments

87 Rainey Street Downtown Austin Update: NO VA (not NOVA) to Open End of 2012 (Hopefully).

Remember that mega post I did on what’s happening on Rainey Street? In the post, I talked about 87 Rainey Street located in the Rainey Street District of Downtown Austin, and how I had not heard any updates on just what exactly was going on in that space. Well, that must have hit Brad Sorenson‘s (the head chef of the new concept, perhaps more widely known for his stint on The Next Food Network’s Star) Google Alerts, because he promptly posted a comment on the Blog saying things were still a go for the restaurant concept.

Which was great, but I wanted more info – so I emailed him and asked if we could meet. I was actually very surprised when he said okay.

So we met. Last week. And, let me just say this – the guy OOZES affability. He’s also real, real tall.

I was absolutely charmed, I will admit – but not only by him as a person, but also by what he told me about NO VA.

First off, NO VA is the name (there’s a space in between “O” and “V”, 2 words), not NOVA, as it’s previously been reported. There’s actually a cute little story behind the name, too, Brad tells me. ”No va” is what the owner of the business said when he looked at the house at 87 Rainey Street when he initially purchased it, in late 2009. He said “No va”, because, at the time, [Read more...]

Filed Under: austin bars, austin condos, austin lifestyle, austin neighborhoods, austin restaurant reviews, austin small business, austin towers, austin towers and high rises, downtown austin, Railyard District, small business

Jude Galligan | September 24, 2012 | 7 Comments

Whitley: Downtown Luxury Apartments

Developers of the Whitley have launched their marketing website for the forthcoming 16-story, 266 unit downtown Austin apartment high rise. AustinTowers broke the news in July that the apartment building, currently under construction in the Railyard District, would be branded as “Whitley” – a hat tip to the Whitley Paper company that used to occupy the site.

On the new website, we learn the 6th floor will host a mezzanine level pool deck. The website also reveals certain amenities that suggest the building is targeting luxury apartment renters, by including a “Dog Park with Artificial Grass and Dog Washing Machine”, “Guest Suites Available”, and “Oversized Private Garages Available”. Make sure the checkout the construction timelapse video.

The Whitley’s site plan includes 10,000ft of retail space at the ground level. CBRE is handling the commercial leasing with retail space being quoted at $36ft NNN.

Completion should be Q2 2013.

The address of the Whitley is officially:
301 Brazos Street (Brazos @ 3rd)
Austin, TX 78701

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

Jude Galligan | August 9, 2012 | 3 Comments

New Apartment Tower At 97 Trinity?

Based on conceptual plans filed with the City of Austin, national real estate developer Wood Partners could be entering the downtown Austin apartment market with a tower at the southeast corner of Trinity @ Cesar Chavez. Recently, it was announced that the one-acre site was sold from Hixon Properties to World Class Capital Group.

The plans refer to the project as “Trinity Place.”

Even with the Lakeside apartments to the south, a 6-9 story structured parking garage would allow clear lake views for most of a residential tower. Lakeside is an aging structure, so perhaps this is an opportunity for the City to partner with a developer to provide a modernized affordable housing component. Also, I think the Convention Center could be interested this site for future expansion. Either way, it’s exciting to see something happening on this site.

Trinity Place conceptual footprint – Cesar Chavez @ Trinty (pdf)

Filed Under: austin apartments, austin towers and high rises, development, downtown austin, lady bird lake, Railyard District

amber gugino | April 15, 2012 | 4 Comments

2012 Downtown Living Tour – Showcasing Downtown Austin

Next Sunday, April 22, 2012, from 11am-5pm, is the 2012 Downtown Living Tour. The Tour is a showcase of homes located in Downtown Austin, and is put on by the Downtown Austin Neighborhood Association (it’s DANA’s only fundraiser, and helps keep the organization chugging throughout the rest of the year). A portion of proceeds this year will also go to The Health Alliance for Austin Musicians (HAAM).

The 2012 Downtown Living Tour has [Read more...]

Filed Under: 2nd Street District, 6th Street Historic & Entertainment District, austin condos, austin neighborhoods, austin news, austin open houses, austin retail, austin towers, austin towers and high rises, Congress Avenue District, downtown austin, Downtown Austin lofts, condos, apartments, high rises, life in austin, Railyard District, Rainey Street District

amber gugino | April 2, 2012 | 6 Comments

Wanderlust LIVE – Open House on April 13th

We wrote about the changing face of the Railyard district not too long ago, and one of the new establishment mentioned was Wanderlust, a new Yoga Studio and Live Music Venue that’s opening soon on the northeast corner of 4th and Brazos.

Well, we’ve recently learned a bit more about the concept and wanted to share…..

So a short summary of the back-story – apparently, Austin locals Ashley Spence Clauer and Joanna Kutchey were so inspired by the Wanderlust Festival, that they decided to bring it to Austin!

And here are some excerpts from a press release sent by their marketing department directly to our office:

Located in a revamped historic warehouse in the heart of the entertainment district of downtown Austin, Wanderlust LIVE’s impeccably designed space is not your average yoga studio. Featuring two studios—one for regular classes and one with a built in stage and top of the line sound and lights—the 6,000 square foot Wanderlust LIVE will offer Austinites a new place to rock out, consciously.

……

Truly bringing the festival experience home, Wanderlust LIVE will feature organic eats by Austin’s Blenders and Bowls—serving healthy and delicious organic acai bowls, natural fruit smoothies, coffee, tea and more. The studio’s outdoor patio seating will provide ample space to eat, relax after class or sip a beverage at Wanderlust happy hour. At all live music and other special nighttime events, attendees also may enjoy organic beer and hand picked biodynamic wines. And inside, the Wanderlust LIVE Boutique will offer specialty yoga gear and apparel.

It looks like this place is going to have a few uses – retail, restaurant / bar, live music venue, and yoga studio. What’s not to love? And, they’ll be hosting an open house on April 13th, the Friday before they open to the public.

I know that I’m getting a little excited about it after reading about it – and will definitely want to check it out!

Filed Under: austin neighborhoods, austin news, austin recreation, austin retail, austin small business, downtown austin, life in austin, miscellaneous, Railyard District, retail, small business, urban family

Jude Galligan | March 29, 2012 | 4 Comments

Virtual Flyover Of The 3rd & Brazos Apartment High Rise

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)