Real Estate

For Sale: 360 Condos Penthouse

Jude Galligan | April 14, 2010 |

We love penthouses. There is only one top floor in any building, and this space is currently the highest occupied residence in Austin, Texas. Located on the 43rd floor, this two-story unit includes a private rooftop terrace. 2,022 ft, 2bd/2ba, and dramatic views by the truck load. Owned by Taylor Andrews, who along with Novare, developed the 360 condos. Link to photos and listing.

Before you jump to more information below, did you see that you can now search for downtown Austin lofts and condos on DAB? You can always click the link in the top right corner labeled “Property Search“.

Shoal Creek Walk Moves Through Planning Commission

Jude Galligan | April 5, 2010 |

Schlosser Development’s Shoal Creek Walk concept, to be located where a large surface level parking lot currently exists, has agreed to include an affordable housing component (in addition to $2.3MM in green-scaping concessions) in order to receive the Planning Commission’s recommendation for a height variance to 350 ft. The building is intended primarily as an office tower, but has included 90 residential units at the top. Schlosser may pay a $3 per foot (for all area greater than 687,000 ft) fee in lieu of actually building the affordable dwellings.

Progress at 800 W 6th Street

Jude Galligan | March 31, 2010 |

There’s progress at the corner of W 6th Street and West Ave. The corner lot – 800 W 6th Street (tcad) – and adjacent lots, formerly home to Page Southerland Page, have been assembled and are owned by Cypress Real Estate Advisors. For years, the corner lot served as a tire repair shop. Not exactly the highest and best use. Last week that tire repair shop was torn down.

In 2007 and 2008, Cypress was planning a residential tower. The land is not in a CVC, but is not zoned CBD, and they would have needed variances in order to build what they wanted. The project never got any legs as this was when the economy began to tank.

According to an article by Jacob Dirr (pdf) at the ABJ this past February, Cypress is planning a six-story, Class A, office building. They do not need any variances, but do need an anchor tenant before construction begins.

It’s possible we’ll see the demolition of the PSP building in the next couple of months. Short run use is likely to be a surface level parking lot.

-Jude

Sneak Peek: Austin's Four Seasons Residences

Jude Galligan | March 18, 2010 |

Austin four seasons lawn — On the trail: a beautiful spring day on the Four Seasons lawn

Over the weekend we were able to take a guided tour of downtown Austin’s Four Seasons Residences. What we have are raw snap shots of views, as captured in the middle of a construction area. Anytime a building provides access prior to completion I am especially grateful, and it speaks to their confidence in the project. Like our tour of the Austonian last week, it was requested that we not photograph the interiors until construction is complete, which we respected. You can get a sense for what the interiors of Austin’s Four Seasons Residences will look like here.

As we see it, the Four Seasons is betting that true luxury buyers are seeking something warmer, more rooted in tradition and familiar with the Four Seasons brand, as opposed to the sleek monolithic aesthetic of the W, or the high profile of the Austonian. I’ve always been excited about this project, and the building did not disappoint. Smart layouts, impressive views, and most evident was the level of amenities that would come with home ownership. Being connected to the Four Seasons has its perks.

west facing terrace with views of the city and lake

The terraces are incredible in every unit. Unlike many buildings that provide terraces which do no more than defy you furnish one of them, these are large and airy spaces that could be used as outside rooms. The west facing terraces (above) were my favorites and are available with the Austin and Upper Combo West floor plans.

Like Austin’s W Hotel Residences, the Four Seasons is oriented length wise along Lady Bird Lake. This orientation maximizes the desirable southern sunlight. Half way up the building, the views shift from living “in the city” to “above the city”. In my experience, there are buyers that seek out the former and the latter. In general, the lower floors will provide better value and a sense of living in the mix of city life.

We’ve confirmed that the 11,000 ft penthouse (31st floor) of the building has been purchased for an undisclosed amount. We estimate ~$8-9MM [for the shell space] based on pricing released last year. Interestingly, it is rumored that as part of the deal the Four Seasons agreed to increase the height of the top floor, and perhaps the building, by two feet.

Austin penthouse at the Four Seasons — Entire penthouse (31st floor) purchased. Estimated purchase price between $8-9MM for the shell space.

In our office we discuss how the personalities of the “luxury bunch” are different. Using comical generalizations, W buyers might tell you that “Our family splits time between Austin and Zermatt”. Austonian buyers might tell you that “Our company just raised $20MM in VC and is planning its IPO next year.” The Four Seasons buyer might tell you “I’m a fifth generation Texan, fourth generation Longhorn, and my roots run deep. Hook’em!”

Thanks to Ian Stonington for setting this up. Ian is a consummate professional that knows everything about his building, including the answers to the most esoteric questions, like “who makes the light switch?”.

Full Slideshow @ Flickr

-Jude

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Views From Austin’s Only 55th Floor: The Austonian

Jude Galligan | March 12, 2010 |

Jude Galligan - 55th floor of Austonian — Jude @ the Austonian (55th floor, southeast corner)

After several weeks of the weather foiling our plans, myself and KevinFromTexas at SkyscraperPage, were escorted to the 55th floor of the Austonian where we could take photos of the building’s city views (they kindly asked us to not take photos of the interiors until they were complete). As has been common this season, a storm started rolling in as we were setting up, and the wind was a little too intense for this photographer’s novice hand to get the tripod to support itself. I think we came through with some interesting perspectives. If you’re interested in more photos of the Austonian, make sure to checkout SkyscraperPage’s Austonian Thread and Flickr. Thanks to Cile, Sarah, and Trey at the Austonian for facilitating the tour!

You can see the 55th floor terraces here – this amazing photo is taken from the crane positioned high above the top of the building!

-Jude