austin apartments

Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin

Jude Galligan | February 1, 2012 |

foundation communities site for capitol terrace — Foundation Communities site for Capitol Terrace 11th @ Trinity

Walter Moreau is a developer with a unique vision.

Walter’s vision is to bring housing into downtown Austin for people who earn $15.00 per hour, or less.

Say what?!

Proposed is a 135 efficiency-style apartment building (for rent) at the southwest corner of 11th & Trinity. The site is currently a surface level parking lot. It is intended that 27 of the units will be reserved for people with absolutely no income, specifically clients of Caritas, Trinity Center, ARCH, and the Salvation Army.

Musicians can afford it. Many downtown workers, including State employees can afford it. Veterans on disability can afford it. Initially, the average rent would be between $400-650 per month, all bills paid.

Walter is the Executive Director of Foundation Communities (FC), a nonprofit affordable housing developer. FC has a track record of success. Established in 1990, FC is owner and manager of 13 communities all around Austin and built with support of local neighborhood associations. They are a long term owner, have never sold one of their properties, and claim they never intend to. Last year FC opened M Station on MLK: the first LEED for Homes Platinum apartment building in the entire country!

Here’s the rub: FC cannot build an affordable housing community without the express support of the immediate neighborhood association. In this case, it’s either DANA or the DAA.

I was invited by FC to tour their other buildings, which was needed because I wasn’t really educated about affordable housing. Elliott McFadden, the communications director for FC (also the publisher of Austin On Two Wheels), succinctly explained what affordable housing isn’t. [Read more…] about Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin

New Rainey Street Apartment Tower Proposed: The Austin Skyhouse

Jude Galligan | January 10, 2012 |

According to an administrative site plan application filed with the city, the Austin Skyhouse is a proposed downtown Austin mixed-use apartment tower at 47 Rainey Street. If built, the tower could deliver 15,000ft of retail and 320 apartments to downtown Austin’s red hot rental market.

The ~1.4 acre site, shown below, is directly north of the Legacy apartments (187 units), and across the street from the Milago Condos (240 units). The CBD zoned property has long been expected to be developed into a tower, so this shouldn’t be received with much surprise.

According to the application: “The applicant is proposing to construct Apt. Tower/Retail and Garage/Retail with associated improvements.” The applicant is familiar to downtown Austin development – Novare/Andrews Urban – the same team who developed the successful 360 Condos.

Since Milago has the dominant lake and city view for the first twelve floors, we’ll hopefully see a tall tower over podium design where most of the units’ views would clear Milago’s roof. Given the parking challenges in the Rainey Street district, perhaps we’ll see extra parking included in the design which could be available to visitors to the neighborhood.

This is the latest of several proposed downtown Austin high rise projects catering to renters. Riverside Resources is under construction of their 20 story building at 3rd Street & San Jacinto. 7 Rio looks like it is being repurposed as a rental product and could break ground this year.

(UPDATE 1: Novare is building the Skyhouse concept in Atlanta on what looks to be a similarly configured site. UPDATE 2: we’ve confirmed the tower will be 23 stories and could break ground as early as May.)

7 Rio Reanimated

Jude Galligan | December 20, 2011 |

Remember the plans for the 7 Rio condo high rise? It’s back in play, with a new scaled down plan focused on renters rather than buyers.

The original proposal by CLB Partners was an attractive 32-story point tower. According to an updated site plan application filed in late October, developer/applicant CWS is seeking entitlements for a “24-story building with approximately 221 multi-family units [for rent] and associated ground floor uses, along with parking and utility improvements.” 198,612ft total and the plan does call for retail, or some commercial use on the ground level.

The building will be situated along W. 7th Street, including the southeast corner of 7th Street and Rio Grande. In previous plans for 7 Rio, I recall the inclusion of Ranch 616, but the latest footprint looks to leave it untouched.

7 Rio has spent at least four years on the City’s Downtown Austin emerging project poster, and it is still there as of the most recent publishing with the attached description: “Plans are on hold for a 32-story condominium tower at W. 7th Street and Rio Grande by Dallas-based development company CLB Partners. The 158-unit project will also have about 7,400 square feet of new retail space on the ground floor. The project, being designed by local architectural firm Rhode:Partners, is expected to cost more than $50 million.” I expect that info will be updated soon.

Interestingly, in the comments to the site plan application, it reads: “Parkland fees will be required for payment at $650/unit.” This yields $143,650 to City of Austin Parks & Recreation‘s coffers. I’d like to see that money stay in downtown Austin, and used for downtown public open space. [Read more…] about 7 Rio Reanimated

Lease Restrictions: A Noble Idea That Can Backfire On Owners

Jude Galligan | October 14, 2011 |

Lease restrictions are typically birthed with noble intent – to foster owner-occupancy and ensure that buyers can get loans for properties within the community.

When new lease restrictions are forcibly applied to limit rental activity in buildings and neighborhoods, it is a taking of property rights which can set off litigation from disgruntled owners.

This issue has impacted me as a property owner, and I’m familiar with the emotions and frustrations felt by advocates and antagonists to lease restrictions. A recent situation with a buyer was frustrating enough that I want to share my experience (which is not unique) about how lease restrictions can adversely impact current owners, sellers, and buyers.

Lease restrictions will do two things, guaranteed:

1) limit the number of renters in a community
2) limit the number of buyers for properties within a community

Whitley Paper Is Coming Down

Jude Galligan | September 21, 2011 |

Thanks to a reader tip, we’ve learned that demolition of the former Whitley Paper warehouse is more than just speculation.

Demolition of the half-block site will begin Monday, September 26th according to a notice distributed to neighbors.

This will be the first visible steps towards Riverside Resources building their apartment tower at 3rd & San Jacinto. [Read more…] about Whitley Paper Is Coming Down