Fifth & West Residences: The Next Austin Condo Tower

Fifth & West Residences: The Next Austin Condo Tower

view from east

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 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.

Capitol View Corridor

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

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





Development Team Closes On Block 1

Development Team Closes On Block 1

Rendering by SCB from August 2013.  SCB builds some very classy buildings, btw

According to a City of Austin release, representatives with the City’s Economic Development and the project development team closed on the GWTP property (aka “Block 1) on January 31st.  The development team is Trammell Crow, the Hanover Company, and Pacific Life Insurance.

Block 1 is a pivotal downtown waterfront development.  It will improve connectivity with Second Street through to Nueces Street, the new Central Library, and the Seaholm District.

Orientation of Block 1

Orientation of Block 1

Summary of what we know about Block 1:

  • Located at Cesar Chavez and San Antonio Street.
  • Total project size is approximately 1.7 million square feet of mixed use development.
  • Block 1 totals 1.776 acres of land
  • 38 floor three-tiered mixed-use tower
  • expect 440 apartments, including 50 affordable units
  • 40,000 square feet of office and retail space.

The residential component is still being referred to as apartments for rent, and given Hanover’s participation we’ll take that at face value.  (Hanover developed the Ashton).  We should see site work commence in February with public streets and utility work, including the extension of Second Street.

Back in August we caught a glimpse of what Block 1 tower could look like.  According to today’s release, the development team continues to signal it will be a 38 story building with a three-tier design, which is consistent with the rendering and elevations we’ve seen.

If you look at the downtown skyline from the south (78704), you’ll notice there’s a giant gap in the skyline between the AMLI on 2nd to the east and 360 Condos to the west.  This project should fill that gap nicely.

More importantly, the walkable connectivity this project brings cannot be understated.  It’s literally creating more “grid” and that’s perhaps the greatest upside this project can deliver to city-dwellers. 

-Jude

South and East Elevation Drawings for Block 1 by Solomon Cordwell Buenz (SCB)

South and East Elevation Drawings for Block 1 by Solomon Cordwell Buenz (SCB)

Rendering by SCB from August 2013.  SCB builds some very classy buildings, btw

Rendering by SCB from August 2013. SCB builds some very classy buildings, btw





Trinity Tower: Planning a 39 Story, 350 Unit Highrise

Trinity Tower: Planning a 39 Story, 350 Unit Highrise

Trinity_Place_site

Last year we discovered planning efforts for an apartment tower with the working name of “Trinity Place.”   The forlorn metal building on the corner of Trinity and Cesar Chavez was acquired by World Class Capital Group.

Since then, there hasn’t been a peep out of the site leaving many of us wondering what would happen there.  We’ve now discovered some proof-of-life based on public records filed by the engineering team.

99trinity_current2

corner of Trinity @ Cesar Chavez

The name “Trinity Place” has been scrapped, it is now dubbed “99 Trinity Tower” and is being proposed as a mixed-use residential skyscraper seven stories taller than the neighboring Four Season Residences.

The applicant is proposing a 39-story tower with ~14,000 square feet of restaurant on the ground level.  Those are unchanged specs from last year.  Above that, the first 8 floors will be dedicated for parking, with the remaining floors being dedicated to about 350 residential units.

Even with the Lakeside Apartments to the south, the structured parking garage will allow clear lake views for most of the residential units above.

The project is proposing Great Streets standards along Trinity St., and to build a hike and bike trail to connect to the existing Lady Bird Lake Trail.

While we know what is being proposed, it still remains to be seen if it will come to fruition in the end.  The applicant is trying to nail down the base floor-to-area ratio (FAR) provided by the zoning, and navigate restrictions within the Waterfront Overlay “North Shore Central” district and will have to wait for the city, which could take some time if history serves as a guide.

The ball is rolling on this site.  The demolition permit was issued to scrape the dilapidated metal structure for whatever lands there.  We are excited to see more.

***Below, DAB has mocked up a building envelope showing [extremely crudely!] how a 39 story building could fit onto the site, and how it would add to downtown Austin skyline.

99trinity_massing_crude

a crude massing by DAB of how a 39 story building would fit on the 99 Trinity site

99trinity_massing_crude2

At 39 stories, the tower would be taller than the neighboring Four Seasons Residences





A Glimpse Of What Block 1 (Green Water) Will Look Like

A Glimpse Of What Block 1 (Green Water) Will Look Like

GreenWaterNow

It’s been a long time coming for the $500MM Green Water Treatment Plant redevelopment, situated along Cesar Chavez, bounded to the west by Shoal Creek, and to the east by Silicon Labs.  We’ve stumbled upon good reason to be excited that development could begin soon.

Back in May, when a site plan application was submitted to the city, we shared with you that the first phase of the new Green Water development – a residential highrise known simply as Block 1 – was moving from possibility to reality.

greenwaterorientation

Block 1 is the NW corner of Cesar Chavez @ San Antonio Street

But I, along with nearly everyone else, was kind of confused about what exactly was being planned and how close the Green Water vision was going to match the original vision after a tree preservation snafu at City Council.  This has been resolved and the plan is to incorporate the trees into the design.

Updated elevation drawings were submitted to the city which show a building that steps back from Cesar Chavez.

We can expect that the first phase will be a 38 40-story mixed use building with a total of 446 units. Majority one-bedroom, but included efficiencies, two-bedrooms and three-bedrooms, ranging from about 450 square feet to 2,000.   It is anticipated these will be apartments (for rent).

greenwaterelevations

South and East Elevation Drawings for Block 1 by Solomon Cordwell Buenz (SCB)

At street level, we should see 14,000 square feet of retail, 15,000 square feet of restaurant space, and another 23,000 of office space.

The project is being developed by Trammell Crow and designed by Solomon Cordwell Buenz (SCB), an award winning architecture, interior design and planning firm with offices in Chicago and San Francisco, who has some very classy buildings all over the world.

If you spend some time perusing SCB’s design portfolio, I think you can start to feel some excited anticipation for this on the Austin skyline.  No doubt, numerous tourists and passers by of what has become a fenced off lawn have wondered just what is going there.

While we can now see the profile the development, we eagerly anticipate some updated renderings.





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

 





More Downtown Austin Apartment & Condo Projects Emerging

More Downtown Austin Apartment & Condo Projects Emerging

north_shore_lofts_austin2

It seems like almost every direction we look around downtown Austin, construction cranes are deployed, helping concrete and steel skeletons reach to the sky.  Notably the JW Marriott hotel, across from the Austonian, has three cranes in place and will soon take shape.  But that’s just the newly visible construction: in and around downtown Austin there’s upwards of 8 million square feet of construction planned or underway.

Sometimes we forget to look outside of the downtown core.  Still, there on the far wings of downtown Austin, even more construction is (literally) on the horizon and DAB is here to give you a first look.

North Shore Lofts
More Rainey Street District development is on the way, joining the Sutton Towers, Austin Skyhouse and the (perpetually-stalled) Hotel Van Zandt. Not much is known at this point, but a new multifamily development is planned on a vacant plot of land on the north shore, next to the Holiday Inn right by I-35.

If built, the views of Lady Bird Lake would be incredible (and protected).

This site, addressed 16 North I-35, was rezoned from downtown mixed-use (DMU) to central business district (CBD) in 2005, and at the time was owned by Tom Calhoon, of Calhoon Properties.

Coming Soon: "North Shore Lofts"

Coming Soon: “North Shore Lofts”

West Campus Apartments
Don’t be fooled by the name, this project, at 17th and Guadalupe is not actually in “West Campus“, and is also planned to have condos.  Since as long as I can remember, this area near the Dog and Duck Pub, is one of the most run-down areas remaining in downtown, with a lot of properties sitting idly in disrepair.

Last time this site was anything productive it was an Arby’s.

Hopefully, this project will spur additional redevelopment of the low-density legacy buildings all around here. A few blocks north, the UT School of Business is building a new center next to the Player’s Club, which will also expand the AT&T Conference center, which might help energize the area, too.

-Jude

1715 gdlp current

Coming Soon: “West Campus Apartments”





BREAKING: Sales Of New Downtown Austin Condos Average More Than $1,000,000

BREAKING: Sales Of New Downtown Austin Condos Average More Than $1,000,000

downtown-austin-condo-pricing-data-2012

For the first time, the average sales price of a new condo in downtown Austin is more than $1,000,000.

It’s not news that residences cost more than $1,000,000.  It is news when we’re talking about averages!  To be clear, we are focusing on new construction only, not resales (which have also had a banner year, and we’ll cover that in a future post.)

In 2012, the Austonian, Four Seasons Residences, W Hotel Residences, and Spring Condos (which in 2012 closed out their sales), accounted for 124 sales.

According to builder reports assembled by Capitol Market Research for new construction condos sold during the past 12 months:

  • average price = $1,061,682
  • average size = 1,701 ft.
  • number new condos sold = 124

The data is provided to us monthly as an aggregate of the above four buildings.  Anonymizing individual building sales was the only way to convince the developers to share their sales data.  To qualify the average price, we can approximate a median price using the 12 monthly aggregate records we have.

  • median monthly average price = $1,044,181 (min $777,813 to max $1,687,857)

The refrain which began in 2010 continues: there are no new downtown Austin condos being built.  Nor have we seen any new site plans for downtown condos.  Inventories continue to decrease (by 124 units in 2012) and residences are selling quickly at prices close to the asking price.  An ancillary effect of this shrinking inventory is rising prices for resales.

By my estimation, when compared against TCAD records, only 115 new construction units remain.  If interest rates remain low, the downtown Austin real estate market is on a trajectory to complete sales of new construction condos in 2013.

I’ll continue to provide detailed analysis of 2012 results over the coming weeks, including resales and analysis of building-by-building performance.

-Jude





Marathon Planning Effort Pays Off: 7 Rio Site Plan Permitted, Awaiting Construction

Marathon Planning Effort Pays Off: 7 Rio Site Plan Permitted, Awaiting Construction

7rio-siteplan-approval

An Englishman once said: “You can’t always get what you want, but if you try sometimes, well you just might find you get what you need.”

And so it was for the folks behind a tower planned at Seventh & Rio Grande, named 7 Rio, who this month saw the City of Austin approve a site plan, allowing construction to move forward.

It was exactly one year ago that DAB posted that the 7 Rio apartments still had legs.

The project was one of a handful of [for sale] condo projects that took a back seat when lenders got squeamish in the midst of the Great Recession. In 2008, on the eve of the housing-crisis fallout, the builders projected a 3Q08 groundbreaking on a 34-story luxury residential 158-unit “point-tower” building.

That vision has been scaled back, and what is coming is a shorter building, with 24-stories, but packing in about 70 more apartments [for rent].

7rio-austin-site-rendering

original rendering of 7rio has since been scaled back

Part of the site is in the Capitol View Corridor, but a point-tower over podium design could have gone up as high as 50 stories. Given that demand remains so high for units in the urban core, this feels like a bit of a missed opportunity for CWS Capital Partners – the Orange County, California based developer – to create something striking, and the Austin community to reap some additional property tax and density.

One other observations is that the current site plan application says only “residential & parking,” while the initial proposal included 7,300 square feet of retail space.

Site vs. CVC

I’m just hoping CWS doesn’t sacrifice developing an inviting, pedestrian/shopper friendly building, for something barren of storefronts.

It is nice to see a project developed by a great local architect Brett Rhode getting off the ground, and we’ll all accept that the client calls the shots. (Note: Rhode: Partners portfolio still shows specs for the first design.)

 





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