Fifth & West Residences: The Next Austin Condo Tower

Fifth & West Residences: The Next Austin Condo Tower

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

Seaholm Condos Move From Reservations To Contracts

Seaholm Condos Move From Reservations To Contracts

According to a press release sent to Downtown Austin Blog, 80% of the reservations for the under-construction Seaholm condos have become full contracts.

Last October nearly all 280 residences at the Seaholm condos were snapped up in a matter of days of the project being announced.  The resulting frenzy of buyers trying to reserve units became a bit of a cluster, leaving subsequent people interested with the singular option of joining a wait list.  Now, I expect, many of those existing Seaholm “wait-listers” will very happily absorb the remaining 20% (56 units) prior to the building’s opening next year.

Seaholm was the first downtown Austin condo project announced post-recession.

When announced last year there were precisely zero competing high-rise condo proposals, no remaining inventory from the last building cycle, nor were there many downtown resales to whet buyers’ appetites.  Combined with below market rate pricing [relative to the newer downtown towers], the swell of interest in Seaholm was not at all surprising.  Seaholm’s rapid absorption reflects superb timing.

Trader Joe’s, the national grocery chain anchoring the development, should be open by the time the residences begin to receive their certificates of occupancy next year.  We’re stoked to see that the Seaholm “district” will be immediately active with retail and residents upon the building’s opening.  The entire development will be a solid addition to the increasingly pedestrian fabric of downtown Austin.

Interestingly, Seaholm could be getting a neighboring tower within a couple of years, too. Earlier this month Constructive Ventures announced a revitalized proposal for a 50+ story tower caddy-corner to Seaholm.

-Jude

Renderings courtesy of STG Design

Seaholm condos – Northwest elevation.  Renderings courtesy of STG Design

 

 

 

Development Team Closes On Block 1

Development Team Closes On Block 1

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

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