701 and 711 W 7th Street in downtown Austin were seeking an upzoning to CBD. 701 W 7th is zoned “GR – general retail” and 711 W 7th is zoned “GO – general office”. Both zoning definitions cap building height at 60 feet. [Read more…] about Upzoning Sought And Supported On W 7th Street
Archives for June 2011
NEWS FLASH: According to a source at City Hall, the Austin Transportation Department is slated to give a big presentation June 14 that will be “a substantial briefing” on urban rail and begins to start answering Uncle Lee’s 30 crucial questions and “then some.”
The mayor has pushed a 2012 bond election funding a first leg for a new mode of mass transit in Austin.
For the first time since the bubble burst, the average price per square foot of a downtown Austin condo has increased four months in a row. Last month, downtown Austin closed 62 condos* with 29 more pending!
In May, we counted 41 closings of new-construction condos from the Four Seasons Residences, W Hotel, Austonian, Spring Condos, and Barton Place. The W takes the cake with 15 closings in May.
On the other hand, the number of resales comes in at 21 units closed – a strong showing – averaging a price of $334 per square foot. We also count 29 resales pending as of May 31st! So, we can expect next month’s closing count to be similarly strong.
The 2nd Street shopping district is likely to get a jolt from patrons still paying off college loans with a new Urban Outfitters clothing store.
I shop exclusively at Kohl’s, but allegedly Urban Outfitters’ new spot is a big deal because their only other Austin location is not so far away on Guadalupe Street, up near the University of Texas main campus. Perhaps they are targeting the PBS Austin City Limits crowd from shows taped there?
Jokes aside, this is a vindication that downtown Austin is becoming a destination and not in the way of “urban pioneers” loading up on Gatorade and PB&J to venture out of suburbia, like they do in Ohio.
For a number of reasons, Urban Outfitters joins the ranks of business interests investing in downtown Austin.
Cole Broadhead, a principal at Retail Solutions, said the folks at Urban Outfitters “do their homework.”
“Those deals take a long time,” he said. “They do a ton of research.”