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DANA Hosting Discussion On Affordable Housing (Thursday February 16th)

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foundation communities site for capitol terrace

With the proposed Foundation Communities development needing support of the neighborhood, DANA invites its membership to come out for a special presentation by the CEO of Foundation Communities and a discussion on development proposed for 11th & Trinity Street that would be the first affordable housing project proposed Downtown in over 45 years and which will include Permanent Supportive Housing. DANA board members will be looking for feedback on the design and operational proposals.

When: Thursday, February 16th, 6pm 
Where: St. Mary’s Cathedral, Bishop’s Hall, 203 E 10th St  Austin, Texas 78701

More Info

 

Austin Bike Zoo Needs Your Help | Support the Arts in Downtown Austin

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Readers, I’m guessing by now that you’ve been to G’Raj Mahal – one of my favorite restaurants in all of Austin. I’m betting you enjoyed the food immensely, loved the fact that you could bring your own alcohol, and reveled in the open atmosphere of the trailer / restaurant / Indian food sensation. I’m also guessing you’ve noticed the rather large and fantastic white “snake” bike that hangs out at G’Raj Mahal.  And you probably were, like, “What is that thing?”

Here’s a picture, just in case you have no earthly idea what I’m talking about: [Read more…] about Austin Bike Zoo Needs Your Help | Support the Arts in Downtown Austin

Capitol Terrace: An Affordable Housing Development Proposed In Downtown Austin

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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!

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

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

2011 Recap of Downtown Austin Condo Sales

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Challenged to articulate a narrative around 2011 downtown Austin real estate data, I’ve been keeping this post under wraps for a couple of weeks.  Data is useful to me and my clients, but these numbers have little meaning without context and history.

How do I convey that the best news is no news at all?

Stability in the downtown condo market continues to be the story. Stability attracts the timid buyers from the sidelines. Those additional buyers embolden timid sellers to enter the market.

What forces are creating stability downtown? Low interest rates, shrinking inventory, and multi-generational demand for urban lifestyle. We can see the outcome of stability in the chart below: the gradually upward sloping trend line.

downtown austin condos - 10 years of resale data
downtown austin condos - 10 years of resale data

In 2011, if you were a seller in downtown Austin, then you did slightly better than sellers in 2010.  If you were a buyer in downtown Austin in 2011, then you were more focused on lifestyle and proximity, rather than the post-bust discount pricing found in 2008-2009.

Highlights

Looking back on the downtown Austin condo market in 2011, we see $77,688,824 in total resales over 200 resale transactions.  Combined with an estimated $120,000,000 in downtown new construction sales from another 200 transactions, 2011 reflects a healthy real estate market, gradually trending up. [Read more…] about 2011 Recap of Downtown Austin Condo Sales

New Rainey Street Apartment Tower Proposed: The Austin Skyhouse

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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.)

[Read more…] about New Rainey Street Apartment Tower Proposed: The Austin Skyhouse

Waller Creek Update Reveals Actual Tunnels!

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Today the City of Austin released the latest issue of Waller Creek Tunnel Project Updates.  Don’t yawn – just check out the pics of real tunnels – under downtown Austin!

OK, so the massive middle-earth boring machine shown on page two is stock footage, but I confirmed with Carolyn Perez that the other photos are indeed from Waller Creek improvements, which is great to see.  

Combined with the parallel Sabine Street promenade effort and earnestness of the eponymous Conservancy, the Waller Creek District is becoming the most exciting part of downtown Austin to watch.

You can download the newsletter here: Waller Creek – winter 2012 newsletter (pdf)

7 Rio Reanimated

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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 austin apartment site7 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

Survey Says: Sabine Street Promenade Is A Go!

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Another win for Austin and a much needed boost for the neighborhood surrounding E. 6th Street.

Back in September, DAB stopped just shy of begging readers to weigh in on CAMPO’s survey of the public about which projects should be awarded grants; specifically, advocating support for granting funds to Austin bike share and streetscape improvements to Sabine and E 6th Street.  Yesterday, we were excited to learn that CAMPO approved funding for Austin bike share system.

CAMPO has also awarded $2.7 million for the construction of a Sabine Street promenade, that will involve the development of sidewalks, bike lanes and pedestrian amenities between downtown Austin’s 4th and 7th Streets.

sabine street promenade

This idea was originally framed as part of the implementation of the Waller Creek District Master Plan.  It progressed last year as the mobility bond package was approved by voters, and the Sabine Street promenade was bundled with improvements planned for “dirty 6ixth”, ostensibly to provide connectivity between Waller Creek and Congress Ave by way of Austin’s most historic street. [Read more…] about Survey Says: Sabine Street Promenade Is A Go!