Jude Galligan

Austin Fairmont Hotel To Break Ground November 3rd

Jude Galligan | October 24, 2014 |

Some people, myself included, were beginning to think downtown Austin’s Fairmont Hotel was becoming development vaporware. Back in March there was proof-of-life when they began fencing off the site.

Today, according to a press release sent to DAB, the Fairmont Austin, the first hotel providing direct access to the Austin Convention Center, is announcing that it has secured financing and will break ground on November 3, 2014.

Colony Capital has stepped in with project financing for the $370 million luxury hotel, which is expected to open June 3, 2017.

The site, located at the northeast corner of Cesar Chavez & Red River is a 1.74-acre parcel situated along the bank of Waller Creek. The hotel will be notable for having a direct connection to the Austin Convention Center, via an arial promenade being designed by Thomas Phifer and Partners (the firm selected by the Waller Creek Conservancy to develop a master plan for the Waller Creek district).

The finished building will no doubt add to downtown Austin’s skyline. At 595 feet tall, it will be second tallest structure in downtown Austin – the tallest being the 56 story, 680-foot Austonian.

Summary of what we know about the Fairmont Hotel…

Number of rooms = 1,066
Number of stories = 37
Square Feet = 1.4 million
Building Height = 595 feet
Delivery = June 2017

-Jude

Fairmont_Rendering_Oct2014_final — Fairmont Hotel, Red River @ Cesar Chavez, southwest POV

Fifth & West Residences: The Next Austin Condo Tower

Jude Galligan | October 14, 2014 |

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 dog park

residence interior

building entrance

view from east

view from north

[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.

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

Downtown Austin Streets Are Safer With Uber & Lyft

Jude Galligan | September 22, 2014 |

Update: 10/16/2014: The TNC Ordinance passed Council with a 6-1 Vote. Council member Chris Riley’s press release HERE.

We celebrated A’s birthday this past weekend with friends and family hanging out with us at the Shore condos, and later crawling Rainey Street. Everyone had a great time… and plenty to drink.

As we wrapped up the evening I observed 6-7 people use Uber to get themselves home safely.

I was struck by how effortless ride sharing is, and that it effectively keeps a percentage of drunk drivers off the streets of Austin. Remarkable.

I think back to just last year, when getting a cab was a non-trivial event. I’ve always been frustrated with taxis in Austin. They are notoriously difficult to locate, arrive late, or didn’t arrive at all. The result is that people would make the poor decision to just drive themselves after having a night on the town.

In cities where ride sharing is embraced, I fully expect to see data showing a drop in the number of DWIs.

Austin leadership should pay attention, and we’ll be watching as this topic goes before Austin City Council on the 25th.

-Jude

Hard Hat Tour Photos of Seven Apartments (née 7 Rio), Scheduled To Open This Winter

Jude Galligan | September 11, 2014 |

Admittedly, I was one of the disappointed spectators when the original concept, proposed as “7Rio”, was reduced to 23 stories.

Still, for the past 18 months, or so, many of us have been eagerly watching the construction site at the corner of 7th @ Rio Grande. Earlier this year I speculated that Seven could even “go condo,” but it appears that multi-family development continues to have legs.

Now that downtown Austin’s Seven Apartments is approaching completion, and will be delivering residences this winter, we were invited to take a hard-hat tour of the tower. This would be a great opportunity to get some insight into a new community that’s about to open in our neighborhood. I could also start to compare how Seven will compete with existing downtown Austin apartments for rent.

I love taking hard-hat tours. There’s no better opportunity to see the guts of a building. For me, riding up the bone-jarring ear-splitting construction elevator adds to the excitement. Peeking through the elevator’s diamond perforated sheet metal, accepting your fate as it creeps higher, you get a unique sense for how each additional floor impacts your perspective of what’s around you.

Here’s what we know about Seven:
Average Residence Size = 924 sf
Average Price per SqFt = $3.05 per month
Number of floors = 23
Number of residences = 220 (172 1bds, 48 2bds)

More pictures from the tour after the jump!

Seaholm Condos Move From Reservations To Contracts

Jude Galligan | August 27, 2014 |

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