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.)

 





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

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

whats missing from this picture.jpg

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)





Whitley: Downtown Luxury Apartments

Whitley: Downtown Luxury Apartments

Whitley Austin

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.

Whitley Austin - Lobby RenderingThe 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

Whitley Austin Apartments - Pool Deck





Banger’s in Rainey Street District Downtown Austin – MENU, Review, Video, Pics

Banger’s in Rainey Street District Downtown Austin – MENU, Review, Video, Pics

BangersHouse

Today was the grand opening of Banger’s Sausage House & Beer Garden in the Rainey Street District of Downtown Austin.  Our office at the The Shore Condos is just a stone’s throw away, so we wanted to support one of the most anticipated venues coming to the ‘hood. We went, had a beer and some grub, and really just enjoyed the perfectly chill vibe, despite the crazy, terrible, make-me-want-to-stab-my-eyes-out heat.

Some will say this is Rainey Street’s answer to  [Read more...]





BY THE NUMBERS (June): Downtown Austin Condo Sales

BY THE NUMBERS (June): Downtown Austin Condo Sales

downtown austin condo price trends

In June, we observed downtown Austin condo prices averaging $381/ft for resales and $590/ft for new-luxury sales. With no new projects planned, a chunk of downtown Austin’s condo inventory is removed every month.

Pricing in Austin’s urban core continues to trend up for three reasons:

1) Shrinking inventory emboldens sellers
2) Low interest rates – hovering at 3.40% – enticing buyers
3) Migration patterns into Texas, specifically Austin, more specifically downtown Austin

Combined sales of new construction and resales removed 41 units from inventory in June, representing $25,156,400 total sales volume.

Currently, there are 94 resales and 172 new construction units available for sale in the downtown Austin core.

downtown austin condo price trends

June 2012 Resale Statistics

- # of resale transactions = 28
- avg price per foot = $381
- avg sales price to list price (SP/LP) = 91%
- avg days on market (DOM) = 17 days
- Total resales volume =  $12,829,900

June 2012  New Construction Statistics

- # of new construction transactions = 13
- avg price per foot = $590
- Total new construction sales volume =  $12,326,500

Downtown Austin New Construction Closings

ProjectDate of
1st Closing
# of
Closed Units
(Clerk)
# of
Original Units
(TCAD)
% Units
Closed
# of
Remaining Units
Average
# of Days
Per Sale
Trending Completion Date (estimated)
TOTALS29847063%172
Four Seasons ResidencesMay 7, 201010414870%446March 2013
W Hotel ResidencesJanuary 10, 20119715961%624February 2013
The AustonianJune 10, 2010
97163
60%666August 2013
The data was updated on July 1st, 2012. Any closings since then are not reflected. Only deed records counted. Data does not reflect units currently under contract. Deed records for parking spaces and storage units have been removed. Combined units were divided into their respective original units.




Fishing Pier Coming to Lady Bird Lake in Rainey Street, Downtown Austin

Fishing Pier Coming to Lady Bird Lake in Rainey Street, Downtown Austin

Rainey Street Pier Core Health

The focus is on inclusion.  That’s what Nicole Harmon of Core Health Foundation, a non-profit spin-off of Core Health (a for-profit facility focusing on rehabilitation of those suffering with brain injuries), tells me. The project is a fishing pier, located on the northern shore of Lady Bird Lake, just south of the Holiday Inn off I-35 in the Rainey Street District.  The project has been in the works for over 8-years, but was officially approved in 2010, and construction is expected to be complete in 2013.   And while the driver and primary purpose of this project is for [Read more...]





BY THE NUMBERS: Downtown Austin Highrise Sales

BY THE NUMBERS: Downtown Austin Highrise Sales

downtown austin real estate prices

In light of the recent Statesman article highlighting new construction sales, I thought this would be a good time to update our trending chart for downtown condos.

Combined sales of new construction and resales of downtown Austin condos delivered a seasonally strong 46 transactions representing $26,720,149 total sales volume in March.

Currently there are 95 resales and 197 new construction condos available for sale in the downtown Austin core.  That’s not many.  Within the past 12 months, we’ve seen 201 resales and 186 new construction sales.

In the chart below, that little red trend line for average resale price per foot gets steeper each month as we see more resales in the top-tier buildings.  By this time next year, you will be able to count the total availability of new construction condos on two hands.

downtown austin real estate prices

March 2012 Resale Statistics

- # of resale transactions = 29
- avg price per foot = $364
- avg sales price to list price (SP/LP) = 97%
- avg days on market (DOM) = 32 days
- Total resales volume =  $12,038,599

March 2012  New Construction Statistics

- # of new construction transactions = 17
- avg price per foot = $554
- Total new construction sales volume =  $14,681,550

Downtown Austin New Construction Closings

ProjectDate of
1st Closing
# of
Closed Units
(Clerk)
# of
Original Units
(TCAD)
% Units
Closed
# of
Remaining Units
Average
# of Days
Per Sale
Trending Completion Date (estimated)
TOTALS52171873%197
Four Seasons ResidencesMay 7, 20109914867%496March 2013
Spring CondosAugust 17, 200924724899%1 (5 reported)4June 2012
W Hotel ResidencesJanuary 10, 20119115957%684February 2013
The AustonianJune 10, 2010
84163
52%797November 2013
The data was assembled on May 1st, 2012. Only new construction sales counted. Data does not reflect units currently under contract. Combined units were divided into their respective original units.

 





Sutton Company Proposes Towers In Rainey Street District

Sutton Company Proposes Towers In Rainey Street District

Sutton Company Development on Rainey Street

The Statesman broke the story publicly yesterday that the Sutton Company intends to build a multi-tower 40+ story mixed-use project at the north end of the Rainey Street District. The assemblage includes 9-10 lots wrapping Rainey Street, Driskill Street, and East Ave. We’ve mocked-up a footprint of the site (below).

Sutton Company Site - Rainey Street

The renderings show two point towers, both over 40 stories, and a third office tower in the background.  As a Downtown/Rainey Street neighbor, I’d love to see this project happen. This is exactly the type of concept envisioned for Rainey back when zoning was changed to CBD.

Sutton Company Development on Rainey Street

This is the second major residential concept proposed for the Rainey Street District within the past couple of months.  The other being the Austin Skyhouse proposed by Andrews Urban/Novare.  If built, a portion of the ad valorem taxes from these projects would contribute to the Waller Creek TIF district.





Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 10/25/14 2:47 AM PDT. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

Information being provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

This IDX solution is (c) Diverse Solutions 2014.